Hedge Fund Reader : Manager’s Assets Go Under Hammer

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July 21, 2006

Manager’s Assets Go Under Hammer

I guess it takes the most hard-hearted of crooks to scam their own mothers, but that is what Kirk Wayne Wright has done. Not only did the hedge fund manager defraud a number of pro NFL players, he also took his flesh-and-blood for a ride.

The long arm of the law caught up with him finally, and Wright was indicted last month in a federal court on 21 counts of mail fraud and three counts of securities fraud. More than 500 investors fell into his net, netting him over $185 million.

But, as we know, crime never pays. So the erstwhile manager’s assets are going under the hammer later this month according to a ruling from the U.S. Bankruptcy Court. Lining up the auction block will be a six-bedroom lake house in Cobb County, a swanky condo in Atlanta, an office building, a baby grand piano, and a list of automobiles including an Aston Martin, a Bentley, and a vintage 1967 BMW.

Some lifestyle this!

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July 21, 2006 in Gossip & Scandal | Permalink