NFL Players Go After Assoc. That 'Approved' H.F. Manager

Jun 30 2006 | 6:18pm ET

Seven current and former National Football League players, who were allegedly defrauded out of a total of $20 million by hedge fund manager Kirk Wright and his now defunct International Management Associates, are going after the association that "approved" him as an investment advisor.

This week, the players filed suit in an Atlanta court alleging that the NFL Players Association, which runs a program that vets financial professionals and provides its members with a "safe list" of financial advisors and money managers, did not conduct sufficient background checks on Wright.

Numerous calls to the NFLPA were not returned, however, in an in-depth interview in March with the then director of the program, Ron George told FINalternatives, "Mr. Wright had passed all of the screens: He passed a criminal background check, he had insurance, he didn't have a history of regulatory discipline."

George is no longer with the NFLPA and a new director has not yet been chosen.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...