Atlanta Business Chronicle – Marietta resident Kirk Sean Wright, who ran International Management Associates and International Management Associates Advisory Group, was indicted Thursday on charges of mail fraud.<\/p>\n
Wright, who had been the subject of a search by federal law enforcement, was also charged in a criminal complaint issued by a U.S. Magistrate Judge on March 10, relating to the collapse of investment funds operated by Wright’s Atlanta companies, International Management Associates (IMA) and International Management Associates Advisory Group (IMAAG).<\/p>\n
Wright faces a maximum sentence of 20 years in prison and a fine of up to $250,000.<\/p>\n
Authorities arrested Wright on May 17 in Miami. On May 23, a federal magistrate in Miami initially ruled that Wright be eligible for release if he posted a $1 million corporate surety bond, among other conditions. The U.S. Attorney’s Office in Atlanta immediately appealed that possible release on bond. On May 24, U.S. District Court Judge Beverly Martin in Atlanta issued an order staying Wright’s possible release pending resolution of the appeal.<\/p>\n
“We are seeking to have Wright detained pending trial because we firmly believe he is a significant flight risk and a danger to the community,” said U.S. Attorney David E. Nahmias. “We also continue to investigate all issues relating to the collapse of IMA and IMAAG and identify any other potential victims and witnesses in this case.”<\/p>\n
According to the indictment and other documents that have been filed in this case, Wright was a principal owner of IMA and IMAAG, in Atlanta. IMA and IMAAG operated a series of pooled investment funds, or “hedge funds,” for various investors. Wright allegedly retained principal if not sole authority for trading and investing at IMA\/IMAAG.<\/p>\n