SEC charges Balboa with fraud in multiple regulatory swoop

Thu Dec 8, 2011

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The SEC has charged Michael Balboa, the former manager of the Millennium Global Emerging Credit Fund that collapsed in October 2008, with fraud as part of what the US regulator describes as a 'multiple' series of charges against hedge fund firms and individuals.

Millennium Global Emerging Credit, run by former Salomon, Greenwich and Rainbow man Balboa at London-based Millennium Global Investments, had been an apparent high-flier in the emerging market hedge fund universe before collapsing suddenly in October 2008.

Until the end of September 2008, Millennium Global Emerging Credit had appeared to be one of the stars in its space, and in the European hedge fund industry generally - gaining 19% to the end of September, returning 25% on a rolling 12-month basis and achieving an annualised return from its launch in December 2006 of some 25%.

At the time, it was thought that a sharp increase in margin calls by...

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