NFL players say hedge fund fumbled
Broncos-heavy investors sue money managers, say they were misled, kept in the dark and can't withdraw their money.
NEW YORK (CNNMoney.com) - A group of current and former National Football League players is suing an Atlanta-based hedge fund for a number of misdeeds, including failing to let them withdraw their money, according to a recent article.
The players say they have invested over $15 million with International Management Associates LLC and that the fund misled them about its investment style, didn't provide any accounting or auditing, forged checks deposited into the players' accounts and won't let them take their money out, a recent report in the Wall Street Journal said.
A Georgia judge has frozen the fund's $150 million in assets and revoked the passports of the fund's principals, who as of Saturday hadn't been seen in 24 hours, the Journal reported.
The Journal named the players as Terrell Davis, Steve Atwater, Rod Smith, Ray Crockett, Blaine Bishop and Al Smith, who are all either current or former members of the Denver Broncos, and fellow NFL-er Clyde Simmons.
The fund, which has posted strong returns over the last five years, said it is inundated with investors seeking to withdraw their money after the recent departure of two partners, according to the Journal.
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