Ex-portfolio manager given four year prison sentence

Prison Bars

Former Millennium Global Investments portfolio manager Michael Balboa was sentenced to four years in prison for defrauding investors by inflating the value of Nigerian sovereign debt by $80m.

Bloomberg News reports that Balboa, convicted in December in a retrial in Manhattan federal court, had faced a possible life sentence because of the size of his fraud. The U.S. said investors lost more than $390m based on Balboa’s misstatements.

The life sentence recommended under non-binding federal guidelines 'vastly overstates the seriousness of the offense', U.S. District Judge Paul Crotty said in imposing a lesser term Monday.

The judge also rejected the recommendation by U.S. probation officials for a 12-year sentence. He said leniency was warranted because Balboa, 45, was the sole means of his family’s support and because of his history and character.

To access the complete Bloomberg News article hit the link below:

Ex-Millennium Fund Manager Gets Four Years in Prison

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