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Ex-Millennium Fund Manager Balboa’s Bond Fraud Trial Starts

(Bloomberg) Ex-Millennium Global Investments Ltd. portfolio manager Michael Balboa’s securities-fraud trial, in which he is accused of participating in a scheme involving Nigerian sovereign debt, began in federal court in New York.

Balboa, who worked at Millennium from December 2006 to October 2008, was named in an indictment unsealed in March. He is charged with five counts including two counts of conspiracy and one count each of securities fraud, wire fraud and investment adviser fraud, U.S. District Judge Paul Crotty told jurors today.

Prosecutors said Balboa, who was based in London, and two unnamed co-conspirators participated in a 10-month scheme in 2008 in which he sent “phony mark-to-market quotes” to an independent valuation agent who inflated month-end market prices for Nigerian warrants…read full article

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