To describe the fraudulent activity of investment manager Kirk S. Wright and to discuss its implications for investors and professional associations.
Describes how Mr Wright established and built his fund business, how he solicited investors, how he falsified financial reporting to investors, how investors discovered his fraud and filed lawsuits, how the US Securities and Exchange Commission (SEC) and the Federal Bureau of Investigation (FBI) took disciplinary action, and how National Football League (NFL) players unsuccessfully sued the NFL and its players’ union for recommending Mr Wright’s firm. Draws lessons from the story for investors and associations.
Since hedge funds are not as strictly regulated as other investment vehicles, investors need to take extra steps to not fall prey to unscrupulous fund managers.
Detailed, informative case study.
Muhtaseb, M. (2015), "National Football League faces hedge fund manager fraud: implications for professional associations and investors from the case of international management associates", Journal of Investment Compliance, Vol. 16 No. 3, pp. 49-54. https://doi.org/10.1108/JOIC-01-2015-0013Download as .RIS
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