Shock as SFO drops investigation into Weavering collapse

Fri Sep 9, 2011

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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 clear-cut case.

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...

ISSN: 2151-1845 / CDC10004H

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