Hedge Fund Manager To Fork Over $120M

Law360, New York (February 12, 2007, 12:00 AM EST) -- A judge has ordered a former hedge fund manager to shell out nearly $20 million in fines and penalties for defrauding investors through his firm, International Management Associates LLC.

U.S. District Court Judge Charles Pannell Jr. on Friday entered a default judgment against Kirk S. Wright ordering him to pay disgorgement of $17 million, interest of $2.7 million, and a civil penalty of $120,000 for his role in a scheme that ran from 1997 through early 2006.

Wright had failed to answer a motion by the...
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