Court Upholds $20M Ruling Against IMA Founder

Law360, New York (January 10, 2008, 12:00 AM EST) -- The founder of a collapsed hedge fund who bilked investors, including several professional football players, of millions of dollars has lost his bid to have a $20 million default judgment against him thrown out.

In an opinion handed down on Jan. 8, the U.S. Court of Appeals for the Eleventh Circuit denied a motion filed by International Management Associates Group founder, Kirk Wright, asking the court to overturn the default judgment in the securities fraud case filed against him by the U.S. Securities and Exchange Commission....
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