The Serious Fraud Office (SFO) has issued criminal proceedings against Magnus Peterson, the founder of hedge fund Weavering Capital UK.
Peterson has been charged with six offences:
- Two offences of false accounting contrary to Theft Act 1968;
- One offence of fraudulent trading contrary to Companies Act 1985;
- One offence of fraud by abuse of position contrary to the Fraud Act 2006;
- Two offences of forgery contrary to of the Forgery and Counterfeiting Act 1981.
Proceedings were issued on 11 December and the first hearing will take place at Westminster Magistrates’ court on 7 January 2013.
Weavering went into administration on 19 March 2009. Its primary function was to act as investment adviser to a Cayman Islands incorporated hedge fund, Weavering Macro Fixed Income Fund.
Liquidators were appointed over the Macro Fund on 19 March 2009 which was understood to have funds under management of around $639 million (£396 million) in late 2008.
The SFO assisted by the City of London Police conducted property searches and arrested two men in May 2009.