Tuesday, 26 July 2016
Last updated 36 min ago
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.