U.K. FCA Bans Ex-Hedge Fund Founder Peterson

Weavering Capital (UK) Ltd. founder Magnus Peterson became the second convicted financier in two weeks to be banned from the industry, as the U.K. Financial Conduct Authority sought closure in two of the country’s biggest scandals following the financial crisis.

Peterson, who was sentenced to 13 years in prison in January for a string of fraud offenses that cost his clients about U.S.$536 million see WSLR, February 2015, page 29, can’t take a position that involves any regulated activity, the FCA said Oct. 26.

The ruling follows a similar FCA action Oct. 16 against Kweku Adoboli, the trader who ...