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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
UBS weighs synthetic risk transfer amid capital boost proposals
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge