Wednesday, May 17, 2006

Fugitive Hedge Fund Manager Arrested

Kirk Wright, who is accused of defrauding clients in hedge funds he managed, has been arrested in a Miami hotel, according to a Wall Street Journal story (here).  Among the investors who put money into Wright's firm were a number of former NFL players and many African-American professionals in the Atlanta area, and the losses appear to be over $100 million.  Wright was charged in a single-count information in the Northern District of Georgia with securities fraud, and with his arrest a much more extensive indictment is likely to be handed up by a grand jury in the near future.  According to the Journal, Wright recently left $30,000 in cash with his former wife to pay alimony and child support, and was arrested with $28,000 in cash.  That's a start, but I suspect that hopes for recovering any significant amounts of investor money will not pan out. (ph)

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