SEC and Kirk Wright
For updates.
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"it filed a complaint and an emergency application for a temporary restraining order and other relief in the Northern District of Georgia to halt an ongoing offering fraud involving the sale of investments in seven hedge funds by an Atlanta-based promoter and investment advisers controlled by him. The defendants are Kirk S. Wright (Wright); International Management Associates, LLC (IMA) and International Management Associates Advisory Group, LLC (IMA Advisory) and seven hedge funds; International Management Associates Platinum Group, LLC (Platinum I), International Management Associates Emerald Fund, LLC (Emerald Fund), International Management Associates Taurus Fund, LLC, International Management Associates Growth & Income Fund, LLC, International Management Associates Sunset Fund, LLC; Platinum II Fund, LP (Platinum II), and Emerald II Fund, LP. IMA and IMA Advisory are investment advisers in Atlanta, Georgia, owned and operated by Wright and others."
The allegations are that $155 million is missing. False statements were allegedly prepared in order to deceive the investors. You wonder how this can happen. But it is far more common than believed. And as usual, Charles Ponzi had a pretty good angle on why this happens.
