A group of investors are suing their financial advisor, claiming it endorsed a fraudulent hedge fund manager without proper background checks. But these aren’t just any investors. They are real heavyweights. Literal heavyweights. Former NFL players who say the National Football League and its players association failed them.
According to the Rocky Mountain news:
The football players said in a June 23 lawsuit that they relied on the recommendation before parking about $20 million in funds offered by Kirk Wright, head of International Management Associates...
Wright, a Harvard-educated money manager, was arrested recently at a Miami hotel and charged with fraud. The Atlanta businessman is accused of hiding massive losses from investors after raising up to $185 million.
The NFL denies wrongdoing. Which is exactly what we would do if a bunch of football players were coming after us.
Players sue NFL in hedge fund case [Rocky Mountain News]