Monday, 24 October 2016
Last updated 25 min ago
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.