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Peter Young is found unfit to face fraud trial

Former Morgan Grenfell fund manager Peter Young, accu sed of committing a £220m fraud in 1996, was found unfit to stand trial at a Southwark Crown Court hearing last week.

The two-week hearing heard that Young, who now dresses as a woman and prefers to be called Beth, has attempted to castrate himself several times over the past few years.

The most recent incident in August nearly led to his death from a severe infection.

A trial to establish whether Young committed fraud is being held this week, after which the court would be allowed to order medical treatment if he is found culpable. A further trial to establish the facts of the case will be held at the Old Bailey next year but no verdict of guilty or innocent will be made.

The criminal trial of two others embroiled in the case – former stockbroker Eric Lana gaker and former Morgan Grenfell fund manager Stew art Armer – will go ahead as planned next autumn.

Young, 42, first came under suspicion four years ago after an investigation by the Serious Fraud Office into dealings within the European and European growth funds which he managed. It was revealed that he had been breaching Imro regulations by investing as much as a third of the funds into unlisted global companies.

He is also alleged to have used dividends from shares within the funds to pay for a £450,000 home in Amersham, Buckinghamshire.

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