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UK asset manager charged in hedge fund case

Dow Jones – Prosecutors in Manhattan alleged that Michael Balboa, a former managing director at London’s Millennium Global Investments, directed two others to substantially inflate the prices for some debt held by the Millennium Global Emerging Credit Fund between January 2008 and October 2008.

The debt in question is a Nigerian government warrant, a type of security in which the Nigerian government would make semiannual payments to holders based on the price of oil. The warrant was one of the two largest holdings of the fund, prosecutors said.

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