Weavering Trial Date Set

May 8 2013 | 8:46am ET

The founder of collapsed hedge fund Weavering Capital will go on trial for fraud in a year-and-a-half—but not before the U.K.'s Serious Fraud Office faces a trial of its own.

A British judge set a provisional trial date for Magnus Peterson for October 2014. He also schedule an abuse of process hearing for Nov. 8 of this year, a hearing at which he said the SFO would face "quite serious criticism" in the trial.

At question is the SFO's decision in 2011 to drop its probe into Weavering after two-and-a-half years. Peterson was only charged criminally in the US$600 million scam after a London court ruled that he had misled clients and fined him US$450 million.

Weavering collapsed in 2009 when it failed to meet redemptions and it was found that the firm's assets consisted of only a single swap agreement with a company controlled by the hedge fund itself.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of