Thu, Sep 3, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

British prosecutors face scrutiny over hedge fund Weavering case

Wednesday, May 08, 2013

From Komfie Manalo, Opalesque Asia – The UK’s Serious Fraud Office (SFO) is likely to face intense pressure once the trial of the collapsed hedge fund Weavering Capital goes underway, Judge Alistair McCreath was quoted as saying by Reuters.

McCreath set a provisional date for the criminal trial of Weavering Capital’s founder Magnus Peterson for October 2014, and a provisional date for an abuse of process hearing for November 8. He cautioned the SFO that they would likely face "quite serious criticism" in the trial over their handling of the case, said Reuters.

Weavering Capital was once the oldest hedge fund in the UK with assets over $600m. The hedge fund’s investors lost millions of dollars when it collapsed at the height of the credit crisis.

In a surprise move, the SFO announced in 2011 that it would suspend its investigation into the collapse of Weavering Capital after two and a half years "over concerns it wouldn’t win a conviction," said Bloomberg.

David Green, who assumed the directorship of the SFO in mid-2012, announced soon after that he would reopen the criminal investigation into the 2009-collapse of Weavering, 10 months after the original probe was dropped.

According to Reuters, "the decisi......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  3. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner