Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Donald Wright (Wright) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Wright was employed by Silver Oak Securities, Incorporated at the time of the activity. If you have been a victim of Wright’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on January 22, 2025.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Donald Anthony Wright (‘Wright’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that On December 17, 2024, a judgment was entered by consent against Wright and Retirement Specialty Group, permanently enjoining them from future violations of Section 17(a) of the Securities Act of 1933 (‘Securities Act’), Section 10(b) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, and permanently enjoining Wright from directly or indirectly participating in the issuance, purchase, offer, or sale of any security, subject to certain exceptions, as set forth in the judgment entered in the civil action entitled Securities and Exchange Commission v. Donald Anthony Wright, et al., Civil Action Number 2:24-CV-00065, in the United States District Court for the Middle District of Tennessee, Northeastern Division. The Commission’s complaint alleged that Wright and Retirement Specialty Group misused and misappropriated investor funds obtained from clients and at least one non-client through the fraudulent offer, recommendation, and sale of fraudulent promissory notes. In selling the notes, Wright and Retirement Specialty Group made material misrepresentations and omissions concerning the nature and safety of the investments, the planned use of proceeds, and his relationships with the issuers. Wright also failed to disclose multiple conflicts of interest and misappropriated client assets. After defrauding his clients, Wright repeatedly misled them about the status of their investments and repayments.
