Kirk Wright made white a name for himself. Having found his way on to the NFL Player's Union's list of recommended money managers, Wright, as my grandmother would say, fell in butter. He had it good. Only one problem...he was a total phony (well, that diploma from Harvard was real).

Between 1997 and 2006 Wright raised $185 million for his International Management Associates hedge fund management company. The money came from a pool of 500 investors, including many NFL players. Wright lived the high life on their money while giving vague assurances of amazing returns. Later he filed bogus financials to cover his tracks.

When it was clear he was busted, he took flight and played fugitive for a few weeks before coming to his current berth at an Atlanta-area detention center. Wright is awiating trial on multiple fraud counts and could face some lengthly time behind bars.

In the interim U.S. District Court Charles Pannell has levied over $20 million in fines and restitution to be paid back by Wright.

Further details via HedgeCo.

-- MDT

Labels: Fraud, hedge fund, Kirk Wright, NFL