May 26 (Bloomberg) -- Kirk S. Wright, the hedge-fund manager for National Football League players who was found guilty last week of money laundering and fraud, committed suicide in a jail in Georgia, the Associated Press reported, citing an investigator for the Fulton County Medical Examiner's office.

Wright, 37, hanged himself in the Union City jail on May 24, AP said. No foul play is suspected, investigator Betty Honey told AP.

A federal jury in Atlanta on May 21 convicted Wright, the founder and chief executive officer of the International Management Associates hedge fund, for money laundering and fraud that cost investors more than $150 million. Wright faced a possible life term in prison and a fine of as much as $16 million.

Atlanta-based IMA collapsed in February 2006 after investors including former NFL players Terrell Davis and Clyde Simmons received bad distribution checks and sued. Wright, who went into hiding, was arrested three months later in Miami Beach, Florida, where he was staying under an alias.

To contact the reporter on this story: Meg Tirrell in New York at mtirrell@bloomberg.net.

Last Updated: May 26, 2008 12:15 EDT