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Weavering Founder Appears in Court Over Hedge Funds Collapse

(Bloomberg) Weavering Capital (UK) Ltd. founding director Magnus Peterson appeared in a London court today facing six charges of fraud, forgery, fraudulent trading and false accounting over the collapse of the hedge fund in 2009.

Judge Michael Snow ordered Peterson, 49, to appear at a higher criminal court in 12 weeks and surrender his passport. The defunct fund had about $640 million under management in late 2008 before discovering the counterparty for its biggest trading position was controlled by the fund’s manager.

Prosecutors at the Serious Fraud Office dropped their initial criminal probe into Peterson over concerns it wouldn’t win a conviction. The SFO reopened the case in July.

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