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Serious Fraud Office criticised for closing Weavering Capital investigation - Telegraph

The agency said it had abandoned the search for $500m (£313m) of losses at Weavering – more than two years after the dawn arrests of executives Magnus Peterson and Edward Platt. The pair, who maintained a company chalet in Verbier, were thought to be the first British hedge fund managers to be arrested in connection with the SFO investigation.

On Thursday, lawyers from the fund's liquidators, Jones Day, criticised the SFO and said its decision was "deeply disappointing to Weavering's investors and creditors".

Barnaby Stueck, of Jones Day, who is leading a separate civil case against Weavering's directors, said the SFO's decision raised "serious questions about the ability and will of British prosecuting authorities to bring criminal charges in substantial fraud cases".

Mr Peterson, the former head of trading for SEB, the Swedish bank, set up Weavering in 1998. His wife was also on the board.

Weavering's flagship $639m Macro Fixed Income fund, which was registered in the Cayman Islands, was liquidated in February 2009 after it failed to meet investors' demands for withdrawals. The SFO was called in shortly afterwards and, in May, Mr Peterson was arrested in a dawn raid on his home by City of London police.

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