Hedge Fund Fraud

ATLANTA (AP) _ A former hedge fund manager was convicted
Wednesday of operating an investment scheme that bilked clients,
ranging from former NFL players to his mother, out of millions of dollars. Federal prosecutors said some of the money was used to fund a lavish lifestyle.

37-year-old Kirk Wright of Marietta faces a life sentence after a federal jury in Atlanta found him guilty of mail fraud, securities fraud and money laundering.

The charges relate to the 2006 collapse of Wright's Atlanta-based hedge fund company, International Management Associates. According to authorities, Wright and his company collected more than $150 million spread across thousands of client accounts since 1997.

Wright already has been hit with a $20 million judgment as part of a civil suit filed by the Securities and Exchange Commission.

A sentencing hearing was scheduled for August 26th.


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