The Serious Fraud Office has issued criminal proceedings against the founder of Weavering Capital, following a decision in July by the SFO’s new director David Green to reopen the investigation into the events leading up to the hedge fund's 2009 implosion.

According to a statement from the SFO, Magnus Peterson, the founding director of Weavering Capital (UK) Limited, has been hit with six criminal charges: two offences of false accounting, one offence of fraudulent trading, one offence of fraud by abuse of position and two offences of forgery.