Widespread shock and disbelief have greeted the decision by
the UK’s Serious Fraud Office to drop its
investigation into the collapse in 2009 of Weavering Capital,
the London-based hedge fund manager run by Magnus Peterson.
Lawyers involved in the liquidation said the decision
"raises serious questions about the ability and will of British
prosecuting authorities to bring criminal charges in
substantial fraud cases", while investors and other hedge fund
managers were bemused and angered by the SFO’s
decision to abandon what had appeared to be a relatively
The decision is all the more surprising given that a civil
trial against Peterson and Weavering is due to begin in the UK
High Court in a few weeks time – and in the wake of
the recent and highly damning judgment by the...