The Financial Conduct Authority (FCA) has today banned Magnus Michael Peterson, the former head of the hedge fund Weavering Macro Fixed Income Fund Limited, from performing any function related to any regulated activity. On 19 January 2015 Mr Peterson was convicted of a range of fraud offences through his hedge fund resulting in losses to clients of approximately $536m. Mr Peterson was sentenced on 23 January 2015 to a total of 13 years’ imprisonment at Southwark Crown Court.
These crimes were committed when Mr Peterson was approved by the FCA to perform various controlled functions - between 31 July 2003 and 31 March 2009.
Mark Steward, Director of Enforcement and Market Oversight at the Financial Conduct Authority, said:
"Mr Peterson defrauded investors who should have been able to trust him. Over a prolonged period he purposely used investors’ money to prop up his business, and then lied in order to cover up his deception. To protect consumers and markets we have banned Mr Peterson from working in financial services.
Notes to editors
- The Final Notice for Mr Peterson[1].
- Serious Fraud Office (SFO) Press Release, 23 January 2015: Magnus Peterson sentenced to 13 years in prison[2].
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[3].