Dennis Wright, Securities Fraud, Pennsylvania 2023

Former AXA Agent Charged with Securities Fraud in Pennsylvania

Dennis Wright, a 68-year-old resident of Lewistown, Pennsylvania, has been charged with securities fraud by the United States Attorney’s Office. Wright, who operated Wright Associates in Lewistown, is accused of fraudulently inducing AXA clients to liquidate their securities and other assets based on false representations and promises.

According to the information filed by the United States Attorney’s Office, Wright allegedly told clients that he would invest their monies and funds in what he purported to be ‘managed funds,’ when in fact, he never invested the funds, but instead deposited the client funds into his business operating account.

The information alleges that as a result of these false and fraudulent representations and promises, Wright received funds totaling approximately $1,533,416 from at least 30 AXA clients via account transfers, withdrawals, and other means. Wright has agreed to plead guilty under the terms of a plea agreement filed with the information.

If convicted of the securities fraud charge, Wright faces a maximum penalty of 25 years in prison, a fine of $1 million, and a supervised release term of five years. Wright is currently a defendant in a parallel civil case filed by the United States Securities and Exchange Commission in the United States District for the Middle District of Pennsylvania.

The case was investigated by the Federal Bureau of Investigation with the assistance of the Securities and Exchange Commission. Prosecution of this matter has been assigned to Assistant United States Attorney George J. Rocktashel.

Wright, who operated Wright Associates in Lewistown, Pennsylvania, has been charged with one count of securities fraud. The crime allegedly occurred from the early 1990s through June 2012.

Defendant: Dennis Wright

Criminal Charge: Securities Fraud

City and State: Lewistown, Pennsylvania

Date: Not specified

Sentence: Wright has agreed to plead guilty under the terms of a plea agreement filed with the information. If convicted, he faces a maximum penalty of 25 years in prison, a fine of $1 million, and a supervised release term of five years.

Dollar Amount: $1,533,416

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