{"id":42726,"date":"2014-06-24T07:14:24","date_gmt":"2014-06-24T11:14:24","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=42726"},"modified":"2014-06-24T07:14:56","modified_gmt":"2014-06-24T11:14:56","slug":"hedge-fund-balboa-manager-gets-4-years-in-prison","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2014\/hedge-fund-balboa-manager-gets-4-years-in-prison.html","title":{"rendered":"Hedge Fund Manager Balboa Gets 4 Years In Prison"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/jail.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-37265\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/jail.jpg\" alt=\"jail\" width=\"218\" height=\"308\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/jail.jpg 283w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/08\/jail-212x300.jpg 212w\" sizes=\"auto, (max-width: 218px) 100vw, 218px\" \/><\/a>New York (HedgeCo.Net) &#8211;\u00a0<span style=\"color: #333333;\">A \u00a0portfolio manager for the now collapsed hedge fund\u00a0Millennium Global Investments has been sentenced to 4 years in prison and 3\u00a0years of supervised release, The Wall Street Journal reports.<\/span><\/p>\n<p><span style=\"color: #2d2b2c;\">Michael Balboa, a London-based hedge fund manager, was convicted in 2013 for providing fake valuations on Nigerian warrants at the height of the financial crisis. The scheme generated millions of dollars in management and performance fees for which he earned as much as $6.5 million, prosecutors said.<\/span><\/p>\n<p><a href=\"http:\/\/online.wsj.com\/articles\/money-manager-gets-4-years-in-prison-for-overstating-sovereign-debt-1403556173?tesla=y&amp;mg=reno64-wsj&amp;url=http:\/\/online.wsj.com\/article\/SB10001424052702304003604579642770941272360.html\" target=\"_blank\">WSJ<\/a> reports: &#8220;Prosecutors said Mr. Balboa overvalued the warrants by as much as 13 times the known trading price.\u00a0The warrants were one of the fund&#8217;s two largest holdings, prosecutors said. As a result, the hedge fund&#8217;s net assets were overstated in communications to investors, prosecutors had said.\u00a0The fund collapsed in October 2008 after suffering nearly $1 billion in losses.&#8221;<\/p>\n<p><span style=\"color: #333333;\">Balboa\u00a0was also ordered to<span style=\"color: #2d2b2c;\">\u00a0pay more than $390 million in restitution and forfeit $2.2 million.<\/span><\/span><\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<a style=\"color: #743399;\" title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a style=\"color: #743399;\" href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a style=\"color: #743399;\" title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211;\u00a0A \u00a0portfolio manager for the now collapsed hedge fund\u00a0Millennium Global Investments has been sentenced to 4 years in prison and 3\u00a0years of supervised release, The Wall Street Journal reports. Michael Balboa, a London-based hedge fund manager, was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-42726","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=42726"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42726\/revisions"}],"predecessor-version":[{"id":42729,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/42726\/revisions\/42729"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=42726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=42726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=42726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}