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Weavering Founder Charged With Fraud Over Hedge Fund’s Collapse

Weavering Capital (UK) Ltd. founding director Magnus Peterson was charged by British prosecutors with fraud and fraudulent trading over the collapse of the hedge fund in 2009.

Peterson, 49, was also charged with false accounting and forgery in the six years leading up to Weavering’s demise, the Serious Fraud Office said in an e-mailed statement today. The fund had about $640 million under management in late 2008. It collapsed in March 2009 and was put into administration.

Weavering was an English incorporated firm whose primary function was to act as investment adviser to the Cayman Islands-based Weavering Macro Fixed Income Fund Ltd., the SFO said. Peterson, a Swedish citizen living in Kent, England, is scheduled to appear in Jan. 7.

The SFO reopened its probe into Peterson and the collapse of the hedge fund in July after the agency’s previous director closed the case last year.

Peterson’s lawyer, Monty Raphael, didn’t immediately respond to a request for comment.

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