FCA bans UK hedge fund manager

Sentenced earlier this year

clock • 2 min read

The Financial Conduct Authority (FCA) has banned Magnus Peterson, head of the collapsed Weavering hedge fund that lost £350m of investor cash, from the financial services industry.

The former head of the Weavering Macro Fixed Income fund was convicted of a range of fraud offences through his hedge fund, resulting in losses to clients of approximately $536m (£350m). On 23 January he was sentenced to a total of 13 years' imprisonment at Southwark Crown Court, having been found guilty of eight counts of fraud, forgery and furnishing false information. Mark Steward, director of enforcement and market oversight at the FCA, said: "Mr Peterson defrauded investors who should have been able to trust him. Over a prolonged period he purposely used investors' money to prop ...

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