Thursday, 2 April 2015
Last updated 12 hours ago
Jun 12 2013 | 9:52am ET
Accused hedge fund fraudster Michael Balboa has gone on trial in New York.
Balboa, who was based in London, faces conspiracy, securities fraud, wire fraud and investment advisors fraud. According to prosecutors, Balboa invested in illiquid bonds, some in Nigeria and Uruguay, which he and two brokers then inflated in value. Those bogus values were then hidden from Millennium Global Investments' independent auditor and trumpeted to Millennium's clients in monthly newsletters. The fund, which claimed to manage US$844 million, collapsed in 2008; Balboa was paid 40% of the fees the fund earned, which amounted to some US$6.5 million.
The two brokers were not charged criminally, although one, Gilles De Charsonville, was sued by the Securities and Exchange Commission.
Millennium Global liquidated Balboa's fund during the financial crisis, costing investors some $1 billion.
Balboa faces up to 20 years in prison if convicted of securities fraud.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…