Wednesday, 1 April 2015
Last updated 1 hour ago
May 19 2009 | 2:03am ET
Being arrested is just one of several hundred million problems for Magnus Peterson.
The CEO of collapsed hedge fund Weavering Capital has had a US$475 million claim filed against him, according to a creditors’ report filed this weekend. The figure includes both the hedge fund’s losses—Weavering collapsed in March after being unable to meet more than US$100 million in redemption requests a month earlier—and performance fees paid over the years.
Weavering’s alleged victims aren’t only going after Peterson, who was released on bail on Friday after being taken in for questioning, but also his family: Wife Amanda and their five children have been listed as co-defendants in the civil suit.
Liquidator PricewaterhouseCoopers found last month that Peterson had invested a substantial amount of Weavering’s US$639 million in assets in interest-rate swaps whose counterparty was a British Virgin Islands company controlled by Peterson. The Serious Fraud Office, which arrested Peterson and another Weavering employee on Friday and searched their houses, says Weavering used those swaps to hide losses and inflate the fund’s value.
And the US$475 million may only be the beginning: According to the report, Weavering owes “non-preferential creditors £5.4 million (US$8.2 million), as well as £1.5 million (US$2.3 million) in taxes, £800,000 (US$1.2 million) to employees and £2 million (US$3 million) to other creditors.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…