FINRA Issues Sanctions To Philip Wright

Soreide Law Group is currently investigating potential claims on behalf of investors who sustained financial losses through Philip Paul Wright (CRD: 2453688, Eden Prairie, Minnesota). Wright worked for BrokerBank Securities, Inc. from May 20, 2004, to March 30, 2021. Specifically, FINRA expelled BrokerBank Securities on August 18, 2023. Notably, Wright has been subject to various regulatory sanctions. This includes a permanent bar from FINRA. Moreover, he also faced disciplinary action from the state of Michigan for failure to reasonably supervise a securities agent.

Wright Sanctioned By FINRA For Permitting An Unregistered Individual To Engage In Securities Business

Evidently, on August 18, 2023, FINRA issued Case: 2022074278301 barring Philip Wright. The regulatory action alleged that Wright permitted an unregistered individual to participate in the sale of bonds and preferred shares of a single issuer through his employer, BrokerBank Securities, Inc. It appears that the unregistered individual was statutorily disqualified, yet was allowed to associate with the firm.

Notably, Wright, as the majority owner, CEO, CCO, and Financial and Operations Principal of his firm, allegedly engaged in a contractual relationship with an individual who was not registered with FINRA. Specifically, this individual was responsible for introducing nine clients to BrokerBank Securities. Those individuals made securities purchases totaling over $1.8 million. Wright and his firm also permitted a statutorily disqualified person to associate with them. They paid the individual a total of $101,598 derived from commissions generated by the clients' purchases. Importantly, Wright failed to provide FINRA with requested documents during its investigation, affecting multiple areas including suitability of investments and due diligence procedures.

Philip Wright Sanctioned By Michigan For Failure To Reasonably Supervise A Securities Agent

Also, a Michigan regulator issued Case: 342743 on February 3, 2021, taking disciplinary action against Philip Wright. Allegedly, Wright failed to reasonably supervise a securities agent who committed violations of the Securities Act and other related rules. Specifically, the final resolution involved an Administrative Consent Agreement and Order, and a monetary penalty of $2,500 was levied against him, which he has evidently paid in full.

Have You Suffered Financial Losses With Philip Wright?

Did you experience losses because of Philip Wright? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered money for investors throughout the United States, works on a contingency fee basis, and advances all costs. Wright and brokerage firms he worked for, particularly BrokerBank Securities, Inc., deny accusations of sales practice violations.