Zamansky Investigates Millennium Global Emerging Credit Fund, Michael Balboa and Gilles T. DE Charsonville
Zamansky LLC (”Zamansky”) announces that it is investigating the collapse of the Millennium Global Emerging Credit Fund (the “Millennium Fund”). On December 1, 2011 the United States Securities and Exchange Commission (”SEC”) filed a civil action against Michael Balboa, the portfolio manager, and Gilles T. De Charsonville, an independent broker. The SEC alleged that Balboa and De Charsonville conspired to provide fraudulent mark-to-market quotes for two of the Millennium Fund’s securities to its independent valuation agent. The fraudulent quotes by Balboa and De Charsonville inflated the Millennium Fund’s reported monthly returns and overall net asset value (”NAV”). The SEC alleges that the Millennium Fund falsely overstated its NAV by $163 million and, in so doing, generated millions in illegitimate management and performance fees and attracted $410 million in new investor funds. Separately, Balboa is under federal indictment.
In late 2008, the Millennium Global Emerging Credit Fund collapsed and subsequently filed for bankruptcy in Bermuda, and its investors suffered a total loss. Zamansky is investigating whether the role of third-parties in the Millennium Fund’s valuation process, and potential legal claims that can be asserted for aiding and abetting the conspiracy to falsify NAV. Zamansky has experience representing investors victimized by fraudulent pricing schemes in private equity funds, hedge funds and mutual funds. Zamansky also has experience litigating claims of aiding and abetting fraud, securities fraud, investment advisor fraud and breach of fiduciary duty.
If you were an investor in the Millennium Global Emerging Credit Fund, and wish to discuss your rights, please contact us for an evaluation.
Please contact Jake Zamansky at (212) 742-1414, or by email firstname.lastname@example.org.
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