Soreide Law Group investigates whether to bring possible disputes on behalf of investors against securities broker Dale Edward Wright (CRD#: 1142615, Henrico, Virginia). Notably, ten investors made disputes involving Wright's sales practices. Not only that, but the Commonwealth of Virginia fined Wright $50,000 for allegedly causing clients to buy life insurance to use as investment tools in violation of Virginia law.
Evidently, a client of Cambridge Investment Research filed a dispute about Dale Wright’s life insurance sales and investment strategies. Namely, this August 2021 dispute alleges that Wright provided unsuitable investment advice resulting in damages. It appears that Cambridge Investment Research denied this client’s dispute.
A second Cambridge Investment Research Inc. client came forward regarding Dale Wright’s sales practices. This January 2019 FINRA Arbitration Claim alleges violation of Virginia Securities Act, negligent representation, breach of fiduciary duty, and unsuitable transactions by Wright. Supposedly, Wright caused the client to experience damages on oil and gas securities transactions. Consequently, Cambridge Investment Research Inc. agreed to pay the client $40,000 to resolve this matter.
Additionally, a client of Cambridge Investment Research took issue with Dale Wright’s sales of insurance products. Mainly, the September 2018 dispute focuses on Wright’s purportedly unsuitable investment strategies, which he marketed to the client. Therefore, Cambridge Investment Research paid the client $27,500 in an April 2019 settlement of this dispute.
Notably, a Cambridge Investment Research client filed a FINRA Arbitration Claim in January 2018 concerning Dale Wright's life insurance recommendations. Supposedly, Wright told the client to buy life insurance and borrow against the policy to get funds for investing. Not only that, but Wright told the client to refinance their homes to get additional funds for investments. The client claims that Wright made misrepresentations when he recommended that the client buy life insurance to access funds for investments in other securities. It appears that this complaint was settled in March 2019 via Cambridge Investment Research’s payment of $190,000 to the client.
Did Dale Wright cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many United States investors who incurred losses because of their financial advisors and securities brokers. Please note that Wright denies all allegations of his sales practice violations.
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