A jailed former hedge fund boss who was convicted of a range of fraud offences which led to clients losing about £350m has been banned today.

The Financial Conduct Authority has issued the ban to Magnus Michael Peterson, the former head of Weavering Macro Fixed Income Fund Limited.

He has been barred from performing any function related to any regulated activity.

On 19 January 2015 Mr Peterson was convicted of a range of fraud offences and was sentenced on 23 January 2015 to a total of 13 years’ imprisonment at Southwark Crown Court.

Mark Steward, the FCA’s director of enforcement and market oversight, 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.”

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.

The FCA’s final notice document, which was published this morning, stated: “The authority has concluded, on the basis of the facts and matters and conclusions described in the Warning Notice issued to Mr Peterson on 7 August 2015, and in the Decision Notice, that Mr Peterson is not a fit and proper person to perform any functions as his conduct demonstrates a clear and serious lack of honesty, integrity and reputation.

“Specifically on 19 January 2015 Mr Peterson was convicted of: furnishing false information relating to accounts; trading with intent to defraud a creditor; obtaining a money transfer by deception; two counts of making a false instrument; fraud by abuse of position; dishonestly making a
false representation to make gain for self/another or cause loss to other/expose other to risk; and carrying on the business of a company with intent to defraud creditors or for other fraudulent purpose, for which he was sentenced on 23 January 2015 to 13 years’ imprisonment.”