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Weavering: SFO brings criminal charges against founder

Company and Financial Law

The Serious Fraud Office announced today that it is bringing criminal charges against Magnus Peterson, founder of hedge fund Weavering Capital.

The SFO had dropped its investigation into Weavering, but re-opened it in July 2012 under its new director David Green QC, as we reported here.

The SFO’s initial decision to drop the case was particularly odd given the Cayman Grand Court’s civil findings against two of the fund’s directors – discussed in this post – and the UK High Court’s finding in a civil case that Magnus Peterson had committed fraud and breached his duties of care, as we covered in this post.

See also:FSA seeks to ban hedge fund chief and fine him £3 million


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