Weavering hedge fund founder convicted of fraud

The former head of Weavering Capital, the hedge fund that collapsed in 2009 leaving investors with losses of $530m, has been convicted on eight counts of fraud and forgery. Magnus Peterson had already lost a $450m civil case brought in 2012 by Weavering’s creditors; the High Court found that swaps trades it had entered into “were indeed shams” and he was made bankrupt. After that decision, the Serious Fraud Office (SFO) reopened its investigation, previously halted in 2011 on the basis that the chances of achieving a conviction were too low.