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

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...