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Boss of UK hedge fund Weavering convicted in fraud case

Reuters – The boss of collapsed UK hedge fund Weavering could be jailed for up to 10 years after being found guilty of fraud by a London court on Monday, giving Britain’s Serious Fraud Office (SFO) one of its most senior financial scalps since the credit crunch.

Magnus Peterson, 51, was found guilty of eight counts of fraud, forgery, false accounting and fraudulent trading and was acquitted on seven other charges after a 12-week trial that delved into the complex world of hedge fund investing. The fraud cost investors $536 million.

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