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 .
Kwaku Adoboli faces four charges involving fraud and false accounting . The trader at Swiss bank UBS was arrested last week . UBS says it has lost $ 2.3 billion in unauthorized trading . TL;DR A South African man who allegedly defrauded a major U.S. financial institution of more than $1 million is being held on bail after he appeared before a judge for the first time since his arrest earlier