Court Auctions Hedge Fund Managers Assets

WEST PALM BEACH, FL (HEDGECO.NET) – The assets of arrested hedge fund manager Kirk Wright, formerly of supposed hedge fund, International Management Associates, are being püt up for auction next week. Wright was indicted last month in federal court on 21 counts of mail fraud and three counts of securities fraud. The July 28 auction of Wright’s assets was ordered by the U.S. Bankruptcy Court.

Wright and his company were accused of collecting between $115 million and $185 million from at least 500 investors since 1997 and misleading some of them through false statements and documents, to believe the value of those investments was increasing. Wright was arrested in Miami in May after spending three months on the lam as a fugitive.

Clients that Wright was indicted for scamming include several prominent National Football League players, former Denver Bronco and Georgia Bulldog star Terrell Davis and his pro teammates Steve Atwater, Rod Smith, Ray Crockett, Blaine Bishop and Al Smith. Wright’s mother also is among the victims he is alleged to have scammed.

Up for auction will be Wright’s six-bedroom house, which underwent $1 million in renovations last year, as well as a condominium, office building, and a series of cars, including an Aston Martin, a Bentley and a 1967 BMW.

Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net

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