Following his conviction on eight counts of fraud, forgery, false accounting and fraudulent trading Ulf Magnus Peterson, the former head of Weavering Macro Income Fund Limited, has been sentenced to 13 years in prison.

The fund subsequently collapsed in March 2009, leading to net losses for investors of approximately US$536 million.

A hearing has been scheduled to determine whether to disqualify Mr Peterson as a company director.

This is one of the first hedge fund prosecutions of its kind by the Serious Fraud Office to arise out of the 2008 financial crisis.

A copy of the press release is available. http://bit.ly/1BzV7Qg