Thursday, 31 July 2014
Last updated 4 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…