On October 1, 2014, the US Attorney's office filed charges against Dennis Wright for securities fraud. Wright is a former agent with AXA Equitable Life Insurance Company ("AXA"), and operated Wright Associates of Lewistown, Pennsylvania.
Allegedly, from the early 1990's through June of 2012, Dennis Wright encouraged his clients at AXA to liquidate their securities and other assets. Wright allegedly promised that he would invest their money in what he claimed were managed funds but instead he never invested the funds. Wright allegedly deposited his clients funds into his own business operating account totaling $1,533,416, from at least 30 of AXA's clients.
Wright, 68, has agreed to plead guilty, and if convicted of the securities fraud charge faces a maximum of 25 years in prison, a fine of $1 million, and a supervised release term of five years.
Another civil lawsuit was filed against Wright by the United States Securities and Exchange Commission (SEC) in the United States District for the Middle District of Pennsylvania.
If you or a family member have become victims of fraud, contact an attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552.
Soreide Law Group, PLLC, will represent Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).
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