Reuters: U.S.: Jury deadlocks in London fund manager's fraud trial

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Jury deadlocks in London fund manager's fraud trial Jul 2nd 2013, 15:56 NEW YORK | Tue Jul 2, 2013 11:56am EDT NEW YORK (Reuters) - A jury was unable on Tuesday to reach a verdict on whether a London-based portfolio manager was criminally responsible for what the federal government called his role in a scheme to overvalue his hedge fund's assets by $80 million. Michael Balboa, 44, had worked at Millennium Global Investments Ltd from December 2006 until October 2008, when the hedge fund he managed collapsed. Prosecutors accused him of inflating the value of securities tied to Nigerian sovereign debt owned by the fund and manipulating the valuation process to make the fund look healthier. They said Balboa netted $6.5 million in fees based in part on the fund's performance. U.S. District Judge Paul Crotty in Manhattan discharged jurors after they had deadlocked in deliberations that began last Thursday.

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