The founder of hedge fund Weavering Capital, Magnus Peterson, was sentenced to 13 years in prison after being convicted of fraud and other charges, including false accounting and fraudulent trading, following a three-month trial.
Weavering’s collapse in March 2009 – losing its investors £357 million – led to a Serious Fraud Office (SFO) investigation. The investigation prompted the prosecution and conviction.
The end of this case marks a strong start to 2015 for the SFO; with January also seeing its first Bribery Act conviction. It comes at a time when the SFO has come in for criticism for the way it functions.