Judge revokes bond for hedge fund manager accused in fraud scheme

Macon Telegraph – A federal judge revoked bond Thursday for a hedge fund manager accused of bilking investors ranging from NFL players to his own mother out of millions of dollars after a prosecutordisclosed the suspect kept a journal in which he mused about the best place to flee.

U.S. District Judge Clarence Cooper said no amount of bail he could set would guarantee that Kirk Wright would appear in court to face fraud charges.

Cooper’s decision to detain Wright pending trial reverses a magistrate judge’s ruling in Florida to allow Wright to remain free if he posted $1 million bond.

A group of people who say they were victims of Wright’s scheme clapped and cheered when Cooper announced his ruling in federal court in Atlanta. The group included former Denver Broncos safety Steve Atwater and former Philadelphia Eagles safety Blaine Bishop.

“That’s why I came. I wanted to see him,” Bishop said afterward. “He was a coward and wouldn’t look at anyone, which is what he is.”

Atwater said “most definitely” when asked if he was satisfied with the judge’s ruling. The two are among a group of seven current and former NFL players who have sued the league and the players union seeking to recover the $20 million they lost in the scheme.

Read Complete Article

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated. Bookmark the permalink.

Comments are closed.