Dennis F. Wright Reportedly Accused of Siphoning More than $1.5 Million
Dennis F. Wright, a Lewisberry stockbroker and insurance salesman, has been accused of stealing more than $1.5 million from at least 28 customers from the mid-1990s to 2012, according to federal charges filed on September 30, 2014. Court records stated that Wright, 68, “targeted his childhood friends and/or members of his community, unsophisticated and inexperienced investors who trusted Wright to honestly represent their financial interests.” In 1989, Wright started Wright Associates, a sole proprietorship, and was reportedly an agent for AXA Equitable Life Insurance Co. from 1983 until June 14, 2012, his date of termination.
Dennis F. Wright Allegedly Accused of Lying to His Customers
Records show that Wright is accused of lying to his customers, coaxing them to transfer funds from existing investments, such as AXA annuities, into what he presented as a legitimate AXA-managed account. Said account did not actually exist, and Wright instead was really, allegedly, putting the funds into a bank account for personal use, then engaged in “an elaborate scheme of concealment,” the records say. Clients then started requesting withdrawals from the bogus account, records show, and Wright paid them, “often times in amounts which exceeded the total amounts actually provided by the clients to Wright.”
Wright Has Tentative Agreement with the U.S. Attorney’s Office
Wright has allegedly made a tentative agreement with the U.S. Attorney’s Office to plead guilty to the securities fraud count, which holds a penalty of up to 25 years in prison, records show. The proposed deal also reportedly requires him to agree to pay full restitution.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys are investigating the case of Dennis F. Wright, and are preparing to take action on behalf of victimized investors. The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of the Dennis F. Wright case, or any investment fraud or misconduct, may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Dennis F. Wright
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!