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Ex-Millennium Portfolio Manager Convicted

Dec 18, 2013
Jing Chen

Former Millennium Global Investments portfolio manager has been convicted of fraud and conspiracy for inflating his hedge fund’s assets by manipulating the value of Nigerian debt.

Reuters reported that U.S. jurors issued the guilty verdict for London-based Michael Balboa after a two-week trial before U.S. District Judge Paul Crotty in Manhattan after a mistrial earlier this summer.

The U.S. Department of Justice alleged that Balboa, who worked at Millennium from December 2006 until October 2008, inflated the value of warrants tied to debt in Nigeria so he could collect more in fees.

Balboa’s sentencing date was not disclosed.


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