UPDATE 1-London Police charge man over $2 bln UBS fraud

Fri Sep 16, 2011 9:31am EDT

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LONDON, Sept 16 (Reuters) - London police probing a $2 billion loss at Swiss bank UBS charged trader Kweku Adoboli with fraud on Friday.

Adoboli, 31, who was a UBS director of exchange traded funds, will appear before City of London Magistrates court later on Friday.

Police said that shortly before 1 p.m. (1200 GMT) prosecutors had approved charges being brought against Adoboli, from Bethnal Green in east London.

"City of London Police has since charged the 31-year-old with fraud by abuse of position and false accounting," police said in a statement.

"The City of London Police investigation is ongoing and officers continue to work in close collaboration with the FSA (Financial Services Authority), SFO (Serious Fraud Office) and CPS (Crown Prosecution Service)."

The statement said no further details would be issued.

Adoboli was arrested in the early hours of Thursday. (Reporting by Michael Holden; editing by Keith Weir)

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