Monday, 22 December 2014
Last updated 5 hours ago
Dec 19 2013 | 2:40am ET
Former hedge fund manager Michael Balboa did decidedly worse during his second time before a jury than his first.
Balboa was convicted of defrauding investors in his Millennium Global Investments hedge fund, five months after the jury in his first trial were unable to reach a verdict. This time, it took jurors just four hours to agree that Balboa was guilty of manipulating the value of Nigerian debt held by his hedge fund, which collapsed in 2008, costing investors $1 billion. Prosecutors alleged he and two brokers inflated the bonds' value, and then hid those valuations from Millennium's auditor while simultaneously trumpeting them to clients.
Balboa faces up to 20 years in prison when he is sentenced. He will remain under home confinement until then.
According to prosecutors, Balboa's fraud enabled Millennium to collect $6.5 million in fees it was not entitled to.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.