How Did His Scheme Work?

Wright and his firm fraudulently sold more than $2.4 million of promissory notes, according to the SEC.

“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,” the SEC stated. “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.”

In 2015, Wright was “permitted to resign” from his last broker-dealer, Silver Oak Securities Inc., due to “failures to follow firm procedures regarding advertising,” according to Broker Check.

Wright sold the $2.4 million in fraudulent promissory notes from 2021 to 2023, according to Broker Check. He raised the money, at least in part, to support his efforts to acquire a faith-based media marketing company.

“Specifically, several entities told Wright that they could help him secure financing for this acquisition, but insisted that he first transfer certain amounts to them as a prerequisite,” according to Wright’s Broker Check profile.

“Lacking these funds himself, Wright generated the required capital by having his advisory clients and at least one other investor purchased promissory notes supposedly issued by these entities, or the note issuers,” the Broker Check profile read.