The trader was named by media as Kweku Adoboli, who posted this photo of himself on his Facebook page. STORY HIGHLIGHTSNEW: Kwaku Adobili, in police custody, has a Thursday hearingNEW: The 31-year-old suspect didn't enter a plea Credit rating agency Moody's says it is reviewing UBS for a possible downgradeUBS itself reported the suspected rogue trader to police, officers say London (CNN) -- Police charged a bank trader with fraud Friday, a day after he was arrested in connection with the discovery of unauthorized deals at Swiss banking giant UBS. City of London Police said Kwaku Adoboli appeared in court later Friday, charged with two counts of false accounting and one charge of fraud by abuse of position. During the proceedings, Crown Prosecutor David Levy said this was in connection with losses in excess of $1.5 billion. Separately, UBS said Thursday that it estimated its losses at around $2 billion. The suspect was not obliged to and did not enter a plea. Clad in a V-neck sweater, a crisp white shirt, and gray slacks, the suspect wiped his eyes from time to time but otherwise did not appear visibly upset. The court ruled that Adoboli will remain in police custody until his next hearing, set for Thursday. Adobili can apply for bail during next week's proceeding. A commital hearing has been set for October 28.
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