Mistrial Declared In Balboa's Securities Fraud Trial

Law360, New York (July 2, 2013, 8:24 PM EDT) -- A federal judge on Tuesday declared a mistrial in the securities fraud case against former hedge fund manager Michael Balboa, after the jury deadlocked.

The jurors in a note indicated they could “not reach agreement,” U.S. District Judge Paul A. Crotty said. They had deliberated since Thursday.

“If you can’t reach a verdict unanimously, that is something we have to recognize,” the judge told the jurors before dismissing them.

Balboa, a former manager at Millennium Global Emerging Credit Fund, is accused of deliberately overvaluing the fund...
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