{"id":5469,"date":"2013-06-19T00:00:00","date_gmt":"2013-06-19T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/06\/former_millennium_global_inves"},"modified":"2022-05-04T14:13:21","modified_gmt":"2022-05-04T19:13:21","slug":"former-millennium-global-inves","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-millennium-global-inves\/","title":{"rendered":"Former Millennium Global Investments Portfolio Manager Accused of Fraud Involving Nigerian Sovereign Debt Markups"},"content":{"rendered":"

According to prosecutors, Michael Balboa, an ex-Millennium Global Investments Ltd. portfolio manager, took part in a 10-month financial scam that involved marking up the Nigerian sovereign debt in funds he oversaw.<\/p>\n

The federal government contends that Balboa and three unnamed co-conspirators engaged in a scheme in which he provided bogus mark-to-market quotes to a valuation agent that then inflated the market prices at month-end for Nigerian warrants. As a result, one fund\u2019s total valuation for the Nigerian warrants was able to go from over $12 million at the start of 2008 to over $84 million in August of that year. Balboa\u2019s Millennium Global Emerging Credit Fund is now insolvent.<\/p>\n

He allegedly overstated the value of the securities positions and illiquid securities in the funds, which caused him to earn performance and management fees that were not legitimate. Balboa also purportedly lied to investors repeatedly about how the funds were faring.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to prosecutors, Michael Balboa, an ex-Millennium Global Investments Ltd. portfolio manager, took part in a 10-month financial scam that involved marking up the Nigerian sovereign debt in funds he oversaw. The federal government contends that Balboa and three unnamed co-conspirators engaged in a scheme in which he provided bogus mark-to-market quotes to a valuation […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-5469","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nFormer Millennium Global Investments Portfolio Manager Accused of Fraud Involving Nigerian Sovereign Debt Markups — Investor Lawyers Blog — June 19, 2013<\/title>\n<meta name=\"description\" content=\"According to prosecutors, Michael Balboa, an ex-Millennium Global Investments Ltd. portfolio manager, took part in a 10-month financial scam that involved — June 19, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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