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Michael Steinberg Wasn't The Only Hedge Fund Manager Having A Bad Day Yesterday


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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