Accused UBS bank trader to stay in custody for a month

Kweku Adoboli, a trader for the Swiss investment bank UBS, arrives at the City of London Magistrates Court.Kwaku Adoboli faces four charges involving fraud and false accountingThe trader at Swiss bank UBS was arrested last week UBS says it has lost $2.3 billion in unauthorized tradingAdoboli has not yet entered a plea to the charges

London (CNN) -- A bank trader accused of fraud in connection with a $2.3 billion loss in unauthorized trading reported by Swiss giant UBS is "sorry beyond words," his lawyer said Thursday.

Kwaku Adoboli was remanded in custody until October 20 by the City of London Magistrates' Court.

In a statement to the court, lawyer Patrick Gibbs said his client was "sorry beyond words for what happened here."

His client "went to UBS himself," the lawyer said.

Adoboli faces a charge of fraud by abuse of position between January and September 2011, causing losses in excess of $1.5 billion, and two counts of false accounting.

A new charge of fraud by abuse of position from October 2008 to October 2010 was also added Thursday.

Adoboli's legal team has not applied for bail and he has not yet entered a plea on the charges.

The 31-year-old was first charged Friday, a day after he was arrested in connection with the discovery of unauthorized deals at UBS.

The Financial Services Authority, the Serious Fraud Office and the Crown Prosecution Service are also involved in investigating the case.

UBS said no client positions were affected by its $2.3 billion loss.

But the "unauthorized trading by a trader in its investment bank" could cause UBS to post a loss in the third quarter of this year, it said.

The loss would potentially be among the largest ever to a bank in unauthorized trading.

CNN's Erin McLaughlin contributed to this report.

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Trader held over unauthorized UBS deals

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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