Ex-SFO Chief May Be Called In Weavering Hearing

Jan 27 2014 | 1:04pm ET

The former head of the U.K.'s Serious Fraud Office may have to testify at a pre-trial hearing in the case against Weavering Capital founder Magnus Peterson.

Richard Alderman led the agency at the time of Weavering's collapse in 2009. Two years later, the SFO dropped its investigation into Peterson. Alderman left the agency the following year.

Alderman's successor, David Green, reopened the case a few months later, after Peterson was found liable for a US$600 million fraud in a London civil case. Peterson, who is set to face trial next year, was criminally charged with misleading investors in December 2012.

Peterson is set to argue at the February hearing that reopening the case against him was an abuse of process by the SFO, due to submissions he had made in the civil case, and because the case was not officially accepted by Alderman personally. Peterson, who was hit with four new criminal counts on Friday, is representing himself in the case.

The SFO closed its initial probe into Weavering in September 2011, deciding it was unlikely to win a conviction in the case.

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