Charges against hedge fund founder
Magnus Peterson, the founding director of Weavering Capital, was charged with two offences of false accounting, one of fraudulent trading, one of fraud by abuse of position and two offences of forgery, all alleged to have taken place between 2003 and 2009.
Weavering was primarily an investment adviser to a Cayman Islands incorporated hedge fund, Weavering Macro Fixed Income Fund. When the fund collapsed in March 2009, investors were left with hundreds of millions of dollars of losses.
Advertisement
Hide AdAdvertisement
Hide AdThe SFO made two arrests in May 2009 before dropping its initial investigation last September. However, in July the SFO reopened the case.
The department, which is responsible for investigating and prosecuting serious and complex fraud, previously said the investigation concerned transactions between the fund and a related Weavering company which inflated the net asset value of the fund.