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Benedicte Gravrand, Opalesque Geneva:
The final hearing in the Weavering civil case, which took place on Wednesday, 30 May 2012 at London’s High Court, handed down a judgement in favour of the plaintiffs. Magnus Peterson, founder of Weavering, was found guilty of fraud and breach of duty of care towards investors; and three other directors (Peterson’s wife Amanda, Edward Platt and Charanpreet Dabhia,) were reportedly found guilty of negligently permitting fraud to happen.
"I am very pleased to report that we have won on every material claim. Judgment will be in the sum of at least $450m against all four defendants," Robert Milroy, Investment Director at Collins Stewart Wealth Management told Opalesque.
Mr. Milroy was himself a principal at Corazon Capital, a fund of hedge funds, before Corazon was acquired by discretionary multi-manager Collins Stewart Wealth Management in March 2010.
Corazon had invested in the failed Weavering Fixed Income Macro fund.
"[The Weavering fund] was working in the fixed income space, it was making reasonable returns (between 6 and 10% p.a.) and we were happy this was going to be a reasonably low-risk investment. But what was on the tin was not what was inside the box," Mr. Milroy...................... To view our full article Click here
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