The former boss of failed hedge fund Weavering, the collapse of which cost investors $536 million (356.91 million pounds), was sent to jail for 13 years on Friday, one of the longest for fraud in Britain.
Reuters reports that Magnus Peterson, 51, was found guilty by a London court this week on eight counts of fraud, forgery, false accounting and fraudulent trading but was acquitted on seven other charges after a 12-week trial that delved into the complex world of hedge fund investing.
Peterson was sentenced by Mr Justice Smith, who said that 'sophisticated dishonesty on this scale' called for the maximum possible sentence, a statement from Britain's Serious Fraud Office (SFO) said.
Swedish-born Peterson had pitched his flagship fund to institutions and wealthy individuals as a low-risk investment offering stable returns.
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