Maybe the heat or the air-conditioning made the first jury lethargic. Or maybe the second wasn’t interested in debating the finer points of the various fraud statutes both before and after Christmas. Either way, it took the latter less than four hours to do what the former couldn’t accomplish in four days: find hedge-fund manager Michael Balboa guilty on all counts.

A U.S. jury on Wednesday found former London-based portfolio manager Michael Balboa guilty of fraud over a scheme to inflate his hedge fund’s assets and management fees by manipulating the value of Nigerian debt.

Jurors issued their verdict on the former Millennium Global Investments Ltd manager after less than four hours of deliberation, following a two-week trial before U.S. District Judge Paul Crotty in Manhattan….

He faces up to 20 years in prison for fraud, and will have home confinement with electronic monitoring before he is sentenced. An earlier trial ended in July in a mistrial.

U.S. jury convicts ex-Millennium Global manager of fraud [Reuters]

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  1. Posted by Guest | December 19, 2013 at 4:45 PM

    bad day for mikes around the world accused of securities fraud.

  2. Posted by Guest | December 19, 2013 at 4:54 PM

    Leeme guess. He said that he was putting money in an investment idea he got in an email from a director of the state-owned Nigerian National Petroleum Corporation who was looking to transfer $20 million to the fund's bank account – money that was budgeted but never spent. In exchange for transferring the funds out of Nigeria, the fund would get to keep 30% of the total…..

  3. Posted by M. Scott | December 21, 2013 at 8:28 PM

    when the son of the deposed king of Nigeria emails you directly, asking for help, you help!