(PRWEB) May 09, 2013
Zamansky & Associates LLC updates investors in the Millennium Global Emerging Credit Fund (“Millennium Fund”) about the criminal and civil proceeding by the Securities & Exchange Commission (SEC) against Michael Balboa, the former fund manager.
On March 19, 2003, United States Attorney Preet Bharara filed a Superseding Indictment against Michael Balboa which was assigned case number 12-CR-196 (S.D.N.Y.). In this Superseding Indictment, the Grand Jury added the charge of investment adviser fraud to prior charges of securities fraud, wire fraud and conspiracy to commit securities fraud and wire fraud.
The SEC also has pending charges against Michael Balboa and Giles T. de Charsonville. The case is SEC v. Balboa and de Charsonville, 11-CV-8783 (S.D.N.Y.). The Complaint filed by the SEC on December 1, 2011, alleges that the two defendants engaged in a fraudulent scheme to overvalue two illiquid and sizeable positions in the Millennium Fund. On March 6, 2012, the Court stayed this proceeding until 30 days after the conclusion of the criminal proceeding.
Zamansky & Associates LLC represents the plaintiff in a proposed class action lawsuit that was filed on behalf of investors in the Millennium Fund. The case is 1:12-cv-03835-PAC Marylebone PCC Limited-Rose 2 Fund v. Millennium Global Investments, Ltd et al.
What Millennium Fund Investors Can Do
If you are a Millennium Fund investor and would like more information about the criminal or SEC proceedings against Balboa, or more information about the proposed class action filed by our law firm, you may email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and class action litigation. Our attorneys represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414