The bad news for the hedge fund industry just keeps coming.
[Kirk] Wright is on the lam after federal officials charged him with fraud, claiming he sent statements saying that his funds, managed by Atlanta-based International Management Associates, had over $150 million invested when the accounts in question held only $150,000 — about the only money the SEC has been able to find in the funds.
Hedge funds used to be a great place to invest if you had billions of dollars to manage, like a University. I hope that investment managers at these institutions were smart enough to get out of any dangerous hedge funds at the right time.
Updated January 16, 2010 and originally published April 3, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.