Police Arrest Man In Swiss Bank Trading Fraud Probe

Posted September 15th, 2011 at 6:50 am (UTC-5)
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Police in London say they have arrested a man accused in a trading scheme that allegedly cost Swiss bank UBS about $2 billion.

Police say the man was taken into custody Thursday on the suspicion of abusing his position to commit fraud.

UBS had announced earlier Thursday that actions of the suspected rogue trader could cause overall losses during the third quarter of this year.

The investigation is ongoing.

UBS also has staff in the United States.