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Kweku Adoboli, the Ghanaian UBS trader alleged to have lost $2bn (�1.3bn) in unauthorised trading, today wept when he appeared before a court charged with fraud and false accounting. Kweku Adoboli, 31, appeared before City of London Magistrates this afternoon, accused of carrying out unauthorised deals while working for the Swiss City firm. The trader, from east London, was arrested yesterday over a �1.3 billion fraud at banking giant UBS. During the fifteen minute hearing, the well-built Ghanaian was handed a tissue from the clerk as he wiped a tear away. The fraud charge against him read: 'While occupying a position, namely being a senior trader with Global Synthetic Equities, in which you were expected to safeguard, or not to act against, the financial interests of UBS Bank, you dishonestly abused that position intending thereby to make a gain for yourself, causing losses to UBS or to expose UBS to risk of loss.' The alleged fraud offence took place between January 1 and September 14 this year, the court heard. Adoboli, son of a former Ghanaian official for the United Nations, was arrested at his desk in a swoop by police in the early hours of Thursday. A City of London Police statement said: 'At 12.56 the CPS authorised the charging of Kweku Adoboli, from Bethnal Green. 'City of London Police has since charged the 31-year-old with fraud by abuse of position and false accounting. He remains in police custody and is due to appear at City of London Magistrates this afternoon.' The police inquiry is ongoing, a spokesman added. Adoboli is believed to have blown the whistle on himself about the unauthorised deals. UBS's internal controls were unaware of the the huge losses allegedly generated by 'rogue trader' Kweku Adoboli, 31, who allegedly confessed to bosses about the huge losses. UBS are then believed to examined his trading positions and called City regulator the Financial Services Authority (FSA) and the police, according to the BBC. After his arrest at his desk in the early hours of Thursday, Adobli has hired City experts Kingsley Napley, the law firm which advised Nick Leeson, the man who brought down Baring's Bank in the 1990s, according to Sky News. The revelations is set to add to fears about the risks taken by investment banks and heighten calls for greater regulation in the banking industry. Adobli's last Facebook message, which was believed to have been left on Tuesday, September 6, read: �Need a miracle.� He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it is understood the bank were not aware of the suspected fraud. The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The �1.3billion figure easily dwarfs the �827million lost by rogue trader Nick Leeson, who served more than three years in a Singapore prison for forging documents and deceiving the bank's auditors. It equates to about the same amount UBS is seeking to save by cutting 3,500 jobs worldwide. Speculation was mounting that he may have been caught out after the Swiss Central Bank unexpectedly devalued the franc last week, producing mammoth losses on one of his currency trades.