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Weavering Founder Pleas Not Guilty

Feb 06, 2014
Jing Chen

London hedge fund manager Magnus Peterson has pleaded not guilty to 16 criminal counts of fraud, false accounting and forgery.

Financial Times reported that Peterson, the founder of the now-defunct Weavering Capital, entered his not guilty pleas on Wednesday at Southwark Crown Court. His trial is scheduled for 2015.

Britain’s Serious Fraud Office (SFO) charged Peterson in 2009 with fraud after Weavering collapsed leaving investors - including charities and pension funds - with losses of more than $500 million. In 2012, a London court ruled that Peterson was guilty of fraud and breach of duty of care toward investors—including misrepresenting the financial health of the hedge fund to blue-chip counterparties and advisers--and handed down a $450 million judgment in favor of Weavering’s liquidators.

Weavering Capital collapsed in 2009 after the firm was unable to meet $223 million in redemption requests. That happened as authorities started looking into a multi-million dollar derivatives trade by the firm’s main fund with an offshore company controlled by Peterson.

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