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Boss of UK hedge fund Weavering jailed for 13 years for fraud

[LONDON] The boss of collapsed UK hedge fund Weavering was sentenced to a total of 13 years in jail on Friday after being found guilty of fraud by a London court this week, a spokeswoman for Britain's Serious Fraud Office said.

Magnus Peterson, 51, was found guilty on 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 US$536 million.

REUTERS