UK Hedge Fund Manager Charged In Stock Fraud Case

Law360, New York (December 1, 2011, 8:22 PM EST) -- A London-based financial executive was arrested Thursday and charged with securities fraud for allegedly conspiring to overvalue the now-defunct $850 million hedge fund he managed.

U.S. prosecutors say Michael Balboa, 42, conspired to mislead accountants about the value of Nigerian investments held by the Millennium Global Emerging Credit Fund, a hedge fund that invested in emerging countries until its collapse in October 2008.

The scheme led accountants to overvalue the fund by more than $80 million, prosecutors say, while Balboa, who worked as its portfolio manager...
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