Saturday, 28 March 2015
Last updated 1 day 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.
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…