Feds Target Balboa's 'Lies' In Close Of Asset Inflation Trial

Law360, New York (June 26, 2013, 8:25 PM EDT) -- Federal prosecutors on Wednesday wrapped up a case against former hedge fund manager Michael Balboa, who they claim ripped off investors by conspiring to inflate the value of illiquid assets held by his emerging markets fund, saying he "chose to lie" in the asset valuation process.

In closing arguments in Manhattan, Assistant U.S. Attorney Jason H. Cowley urged jurors to convict Balboa on five counts stemming from allegations that he overvalued the $850 million Millennium Global Emerging Credit Fund, a London-based fund that invested in risky,...
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