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UK hedge fund boss faces jail after $536 mln fraud conviction

Reuters - UK Focus

LONDON, Jan 19 (Reuters) - Magnus Peterson, founder of failed hedge fund Weavering, was found guilty of fraud-related offences by a London court on Monday, Britain's Serious Fraud Office said, and faces up to 10 years in jail.

Peterson has been remanded in custody and will be sentenced on Jan. 23, a spokewoman for the prosecutor said.

After a 12-week trial that tested the jury's grasp of financial wizardry, 51-year-old Magnus Peterson was found guilty of eight fraud and forgery-related offences over a six-year period that cost investors $536 million. (Reporting by Nishant Kumar and Carolyn Cohn; editing by David Clarke (Toronto: CKI.TO - news) )