Wednesday, 27 August 2014
Last updated 7 hours ago
Jul 3 2013 | 2:33am ET
A federal jury has failed to reach a verdict in the fraud case against a former hedge fund manager.
U.S. District Judge Paul Crotty in New York declared a mistrial after jurors spent four days deliberating Michael Balboa’s fate. “If you can’t reach a verdict unanimously, that’s a decision we have to recognize,” the judge said.
Balboa, who worked at London-based Millennium Global Investments, was accused of misleading investors about the hedge fund’s investment in illiquid bonds. Prosecutors said he and two brokers inflated the bond’s value, and then hid those valuations from Millennium’s auditor while trumpeting them to clients.
Millennium collapsed in 2008, costing investors some $1 billion.
The trial lasted about three weeks. Balboa’s lawyer said he expects his client will be retried in the fall.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...