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By New York Post

Former UBS trader Kweku Adoboli pleaded not guilty Monday to all charges related to alleged unauthorized investments which cost the Swiss banking giant around $2.3 billion in losses.

Adoboli, 31, who was originally scheduled to make a plea last month before changing his legal team, pleaded not guilty to two counts of fraud and two counts of false accounting in a London court, according to The Wall Street Journal.

The Ghanaian-born trader was arrested in September of last year after UBS said it discovered his role in alleged rogue deals dated between October 2008 and December 2010.

The scandal led to the resignation of UBS CEO Oswald Grubel shortly thereafter and prompted a strategic overhaul at the firm, as management pledged to scale back riskier operations and put more focus on the bank’s core wealth management business.

Earlier Monday, a report in the WSJ said that British and Swiss regulators were likely to begin enforcement proceedings against UBS for internal shortcomings that allowed Adoboli to make the illicit trades.

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