On Monday a U.S. district court judge in New York sentenced Michael Balboa, a former portfolio manager for Millennium Global Investments, to four years in prison on fraud charges, Bloomberg News reported. Last December, Balboa was convicted of cheating investors by overstating the value of Nigerian debt by $80 million.
The judge, Paul Crotty, ruled that Balboa, 45, must pay $390 million to reimburse investors for losses and must forfeit $2.2 million that he allegedly earned from the fraud, according to the International Business Times.
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