Kirk Wright, a former Atlanta hedge-fund manager and owner of International Management Associates (IMA), was convicted of operating an investment scheme that swindled millions of dollars from clients, many of whom are high-profile former pro football players, family members, and Atlanta's top African-American doctors and entrepreneurs.
Wright has been found guilty of mail fraud, securities fraud and money laundering related to IMA's collapse. He faces a max of 710 years in prison, a $16 million fine and restitution for clients' losses when sentencing takes places in August.
According to prosecutors, Wright and IMA, with offices in major cities nationwide, took more than $150 million from clients from 1997 to 2006 and diverted millions for personal expenses, including cash for himself and family members, jewelry, a $500,000 wedding, house renovations and luxury cars. Prosecutors said beginning in 2001, Wright lied to his clients about the substantial gains in their investments. Opposed to the gains he reported every month, Wright actually lost every dollar his clients gave him.
After IMA collapsed in early 2006. Wright spent several months in hiding and was finally arrested in May 2006. By then, Wright was already fined $20 million by the SEC in a civil suit.
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