Krik S. Wright Order To Pay ~$20 Million in S.E.C. Lawsuit
On February 12th 2007, Bloomberg is reporting that the former head of hedge fund International Management Associates, Kirk S. Wright, has been ordered to pay almost $20 million in a lawsuit brought by the U.S. Securities and Exchange Commission. As reflected in this SEC statement, a U.S. District Court judge in Atlanta has ordered Wright to forfeit $19.8 million and pay a $120,000 fine. "The SEC, in the suit filed last year, alleged that Wright falsified statements about the amount of his firm's assets and inflated the rates of return for the seven hedge funds under his management. Clients, including some NFL players, also sued Wright last year after they couldn't retrieve money from their accounts."