Founder Of Now-Bankrupt Hedge Fund Indicted

Law360, New York (May 26, 2006, 12:00 AM EDT) -- The founder of now-insolvent hedge fund International Management Associates has been formally indicted on charges for mail fraud after over $100 million disappeared from the fund, prompting its Chapter 11 filing.

Kirk Wright, who in February disappeared after IMA investors began complaining that they could not withdraw funds from their accounts, was arrested last week in Miami.

A district court judge in Atlanta stayed a request for release, ensuring that Wright will remain in jail. Bond has been set at $1 million, with prosecutors labeling Wright...
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