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Weavering Founder Appears in London Court

Jan 07, 2013
Jing Chen

The founder of the now-defunct hedge fund Weavering Capital has been ordered by a judge to surrender his passport to U.K’s Serious Fraud Office within seven days.

Bloomberg reported that a judge also scheduled Magnus Peterson, who faces six charges relating to fraud over the collapse of the hedge fund in 2009, to appear at a higher criminal court in about 12 weeks.

Weavering Capital managed about $640 million in assets before it was discovered that the counterparty for its largest trading position was controlled by the fund’s manager.

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