Updated Tuesday, September 30, 2014 as of 5:52 AM ET

Former UBS Trader Adoboli Renews Bid to Appeal Conviction

(Bloomberg) -- Kweku Adoboli, the former UBS AG trader who caused a $2.3 billion loss through unauthorized trading, is trying again to get permission to overturn his convictionand seven-year sentence.

Lawyers for Adoboli are scheduled to ask an appeals court in London today to grant him the chance to argue that the conviction should be thrown out. His initial claim was already rejected by a judge in July 2013, without a hearing taking place.

Adoboli was convicted in November 2012 of two counts of fraud for causing the loss at the bank’s London unit. He argued at trial that managers at Zurich-based UBS pushed him to take too many risks and that rule-breaking at the bank was rampant.

While he admitted causing the loss, he said it wasn’t done dishonestly. Adoboli was ordered to serve at least half of his sentence.

A lawyer for Adoboli, Paul Lennon, declined to comment on the hearing. His firm, Bark & Co., tweeted that the application would be heard today.

The 10-member jury unanimously found Adoboli guilty of one count of fraud during the period in which the loss was caused. He was convicted 9-1 on the second fraud charge, which dated back to 2008, and acquitted of false accounting.

Adoboli, who worked for UBS since leaving college, was accused of hiding the risk of his trades by booking fake hedges and storing profits in a secret account to cover the costs of running the bank’s exchange-traded-funds desk.

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