Hedge Fund Manager For NFL Stars Fined $20 Million

Feb 12 2007 | 4:44pm ET

Disgraced hedge fund manager Kirk Wright, who is accused of defrauding clients including National Football League players, sustained a career-ending blow today. A federal judge in Georgia has ordered Wright to pay a total of $19.9 million in disgorgement and civil penalties for falsifying statements about his firm, according to the Securities and Exchange Commission.

In a span of seven years from February 1997 to February 2006, Wright and his firm, International Management Associates, allegedly falsified statements about the amount of his firm's assets and inflated the rates of return for the seven hedge funds under his management.

Wright’s victims included popular current and former National Football League players, who were blindsided to the tune of $20 million.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note