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Law.com - Smith, Gambrell & Russell and one of its former attorneys are caught up in the expensive brouhaha surrounding International Management Associates, a now-defunct investment firm which bilked pro football players, a former Scientific-Atlanta CEO and other well-heeled investors of some $150 million.
IMA’s bankruptcy trustee, William F. Perkins, told a federal court last month that the law firm and a former counsel from its Washington, D.C., office, C. Gladwyn Goins, represented IMA so poorly that they not only allowed the company’s founder, Kirk S. Wright, to embezzle from investors long after his wrongdoing could have been discovered but also "helped Wright to continue his criminal misconduct."
Those alleged legal missteps cost the company "tens of millions" of dollars, according to the complaint, which demands that the firm and its former counsel pay more than $80 million in damages, plus attorney fees and litigation costs.
FINalternatives- Hedge fund seeder Capital Z Asset Management has hired a Bear Stearns veteran to head up its marketing effort and support its portfolio funds.
James Marrone was named a partner and chief marketing officer at New York-based CZAM. Marrone joins after a decade at Bear Stearns Asset Management, where he led corporate institutional sales. Prior to joining BSAM, Marrone was director of marketing at Capital Management Associates.
“Jim’s appointment underscores out commitment not only to our currently sponsored hedge funds and those that we intend to sponsor, but also to our institutional investors who are interested in seeding the next wave of hedge fund managers,” Christianna Wood, CEO of CZAM, said. “Jim is a respected industry veteran with broad sales and marketing experience of alternative products.”
West Palm Beach (Hedge Co.Net)- Kirk Sean Wright, CEO of hedge fund International Management Associates of Atlanta hanged himself in a Union City jail cell Saturday night.
Wright was convicted by a federal jury on 47 counts of mail fraud, securities fraud and money laundering, stemming from a scam run through his hedge fund, International Management Associates. He collected between $115 million and $185 million for his hedge fund from at least 500 investors since 1997.
The FBI in association with the IRS, DOJ and SEC investigated why requests by current and former NFL players for their funds were ignored.
Wright maintained his innocence until the end, contending that simple mis-management was to blame for his investors’ losses.
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West Palm Beach (HedgeCo.net)- Kirk Wright’s Atlanta-based hedge fund company, International Management Associates, was found to be fraudlent leading to the conviction of the manager, Wright, as the Department of Justice unsealed a March 10 criminal complaint against him.
"The complaint alleges a fraud involving $150 million to $180 million in missing investor assets managed by Wright’s funds, International Management Associates and International Management Associates Advisory Group," said U.S. Attorney David Nahmias in a statement.
The federal complaint charges mail fraud, executed by mailing a set of false asset statements to IMA investor Stephen Atwater. The charge carries a maximum sentence of 20 years in prison and a fine of up to $250,000 on conviction.
According to authorities, Wright and his company collected more than $150 million spread across thousands of client accounts since 1997 and used false statements and documents to mislead some of them to believe the value of those investments was increasing.
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com