International Management Associates Seems to be Missing Money and Its CEO
The Wall Street Journal is reporting in an article entitled Hedge Fund Seems to Be Missing Investment Money and Its CEO that Kirk S. Wright, founder and CEO of Atlanta-based International Management Associates LLC, seems to be missing and only about $150,000 of the supposed $150 million in hedge fund assets have been located in the last week. A warrant was issued for Mr. Kirk Wright’s arrest on Friday, February 24, 2006 who earlier in the week postponed a visit to the SEC's Atlanta office to answer questions last week, saying he needed time to hire local counsel. The article also has further information on two other principals of the International Management Associates firm:
Late last week, the firm's other two principals, Nelson Keith Bond and Fitz N. Harper Jr. -- anesthesiologists employed by International Management since 2000 -- filed court papers denying wrongdoing and seeking access to some of their assets in order to feed their families. In the court papers, Drs. Bond and Harper say prior to leaving the company in recent weeks they were International Management's "principal" and "chief compliance officer," respectively. They have varying titles on the company's Web site and registration documents filed with different states.
In their court documents, Drs. Bond and Harper both said they are cooperating with investigations by the Federal Bureau of Investigation, the U.S. Attorney's office for the Northern District of Georgia, and the SEC. The probes into International Management and its five hedge funds come just as the SEC is requiring such funds -- lightly-regulated investment vehicles for wealthy investors -- to register with regulators for the first time.