UK's SFO charges Weavering hedge fund founder with fraud

LONDON Fri Dec 14, 2012 7:13am EST

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LONDON Dec 14 (Reuters) - Britain's Serious Fraud Office has charged Magnus Peterson, the founder of Weavering Capital, with fraud and forgery, just months after reopening its investigation into the collapsed hedge fund.

The SFO said in a statement that Peterson is charged with six offences. These comprise two offences of false accounting, one offence of fraudulent trading, one offence of fraud by abuse of position and two offences of forgery.

The SFO reopened its probe in July just weeks after damages of $450 million were awarded against the fund's manager in a civil case in Britain's High Court.

Peterson ran the Weavering Macro fund, which was found to have more than $600 million in interest rate swaps where the counterparty was a firm related to Weavering.

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