Reuters reports that Magnus Peterson, the boss of collapsed
hedge fund business Weavering, has been found guilty of defrauding investors
and ordered to pay hundreds of millions of dollars in damages.
London's High Court ruled that Peterson, manager of the
Weavering Macro Fixed Income fund, deceived clients and breached his duty of
care to investors with a strategy that could not cope with the vagaries of
markets at the height of the global credit crisis.
Damages of $450 million were awarded against Peterson,
seated next to a fellow defendant when the judgment was handed down on
Wednesday, and three other directors….
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