Jury Convicts Ex-Fund Manager Balboa Of Inflating Assets

Law360, New York (December 18, 2013, 12:07 PM EST) -- Former hedge fund manager Michael Balboa was found guilty Wednesday of securities fraud for deliberately overvaluing assets held by his London-based Millennium Global Emerging Credit Fund.

A Manhattan federal jury convicted Balboa on five counts of conspiracy and fraud, a court spokeswoman said. The verdict ends Balboa's second trial on allegations that he secretly worked to trick appraisers into overvaluing assets held by his fund.

An earlier trial ended in a mistrial in July after the jury deadlocked. Jurors this time began deliberating Tuesday, and took...
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