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Alternative Market Briefing

Court convicts Magnus Peterson for collapse of Weavering hedge fund

Tuesday, January 20, 2015

Komfie Manalo, Opalesque Asia:

A UK court convicted Magnus Peterson for his role in the collapse of the $600m hedge fund firm Weavering in 2009. The conviction of Peterson is one of the most high profile cases handled by the U.K.’s Serious Fraud Office (SFO).

According to Time Whistle, the Swedish financier who ran the Weavering Macro Fund was found guilty on eight counts of fraud, forgery, false accounting and fraudulent trading.

The decision against Peterson came after six years since the collapse of the Cayman Islands-based Weavering. Investors of the hedge fund lost nearly $536m when Weavering folded up. Investigators found that the entire fund of Weavering consisted of interest-rate swaps where the counterparty was a British Virgin Island-based company owned by Peterson.

Jane de Lozey, joint head of fraud at the SFO, said at a briefing last week ahead of the conviction, "It is an important case, we can’t downplay that. We can’t hide, it’s one of the highest-profile cases."

In August 2011, the Grand Court of the Cayman Islands ordered the directors of the Macro Fund to pay a fine of $111 million each for neglecting their duties as directors.

In December, Peter......................

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