A man who bilked millions from former Broncos players Steve Atwater, Terrell Davis and Rod Smith committed suicide Saturday in an Atlanta suburban jail.
Kirk S. Wright, 37, founder of an illegitimate hedge fund, was convicted Wednesday by a federal jury of bilking $150 million from thousands of clients. He hanged himself Saturday in the Union City, Ga., jail where he was awaiting sentencing of up to 710 years in prison.
Wright started a hedge fund in 1998 called International Management Associates, enlisting Atwater, a former Broncos safety, to help recruit clients.
Atwater invested $2.8 million of his own money into the fund, according to the Securities and Exchange Commission. He additionally raised more than $15 million by signing up several NFL friends including Davis, the Broncos’ star running back who retired after the 2001 season, and Smith, the franchise’s all-time leading receiver.
Wright was showing documents that falsely stated a 27 percent annual return through 2005, according to a SEC complaint, when in fact he was spending clients’ money on jewelry, real estate and luxury vehicles.
Atwater and five other former NFL players have since filed a lawsuit against the NFL and the Players Association claiming the union endorsed Wright and his fund. The union has countersued, saying it does not endorse financial advisers and is therefore not responsible.
The Associated Press contributed to this report.
Mike Klis: 303-954-1055 or mklis@denverpost.com
