Tuesday, 30 September 2014
Last updated 1 hour 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...