Hedge fund boss charged with fraud

The founder of a collapsed $600m (€459m) hedge fund has been charged with a raft of fraud offences, the Serious Fraud Office (SFO) said today.

Magnus Peterson, the founding director of Weavering Capital, was charged with two offences of false accounting, one offence of fraudulent trading, one offence of fraud by abuse of position and two offences of forgery.

The alleged offences took place on various dates during 2003 to 2009.

Weavering was primarily an investment adviser to a Cayman Islands incorporated hedge fund, Weavering Macro Fixed Income Fund.

Investors were left with hundreds of millions of dollars of losses when the Macro fund collapsed in March 2009.

The SFO made two arrests in May 2009, but then dropped its initial two-and-a-half-year investigation last September.

However, in July the SFO reopened its probe.

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.

The reopening of the case was seen as a statement of intent by David Green, the SFO’s new director.

Mr Green took over the department in April and has announced a number of new investigations into potential fraud.

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