Attorney General James Announces Arrest And Indictment Of  Couple In $650,000 Securities Fraud Scheme

Attorney General James Announces Arrest And Indictment Of  Couple In $650,000 Securities Fraud Scheme 

David and Ramona Wright Allegedly Used Money Obtained from Over Two Dozen Investors for Personal Expenditures, Including the Purchase of a 53-Foot Yacht, Two Lincoln Navigators, and Rolex Watches 

UTICA – Attorney General Letitia James announced today the indictment of David Wright, 53, President of Wright Wellness Solutions, Inc., and Ramona Wright, 54, Secretary/Treasurer of Wright Wellness Solutions, Inc. (both formerly of Sherrill, New York) on two indictments charging them with defrauding over two dozen individuals in a $650,000 investment fraud scheme. The Wrights, who were arrested in Myrtle Beach, South Carolina where they were staying on a yacht they allegedly purchased with the stolen money, were arraigned today on both indictments before Oneida County Court Judge Robert L. Bauer. 

“Allegedly defrauding dozens of individuals out of hard-earned money, all for personal gain is a cowardly act that cannot and will not go unanswered in the State of New York,” said Attorney General Letitia James. “My office will continue to work diligently to root out and hold accountable anyone who steals from New Yorkers. 

According to statements made by prosecutors and documents filed in court today, the Wrights allegedly solicited and obtained over $650,000 in investments in Wright Wellness Solutions from over two dozen individuals for the development, marketing, and sale of a rehabilitative hospital bed called “The Klossner” and promising lucrative and swift returns on investment.  

The Wrights allegedly used the investment money almost exclusively for personal gain, including the purchase of a $145,000 53-foot yacht they named the “Mad Hatteras,” $120,000 to purchase, fuel, and maintain two luxury vehicles, over $100,000 in cash withdrawals, the purchase of two Rolex watches, and self-dealing transfers to other companies the Wrights owned. Additionally, the Wrights allegedly gave themselves unauthorized loans of investment money and falsely omitted those loans from the financial statements of the company.   

The Wrights are jointly charged with two counts of Grand Larceny in the Third Degree, a class D felony, one count of Scheme to Defraud in the First Degree, a class E felony, and one count of securities fraud under General Business Law Section 352-c(6) (the Martin Act), a class E felony.  Ramona Wright is also charged with one count of Falsifying Business Records in the First Degree, a class E felony.   

The Wrights were arraigned today in Oneida County Court before the Hon. Robert L. Bauer. Bail for both David Wright and Ramona Wright was set in the amount of $300,000 bond or $150,000 cash. Both defendants are next scheduled to appear in court on April 10, 2019.  

If convicted of all counts, David Wright faces up to 6 to 18 years in state prison, and Ramona Wright faces up to 7 1/3 to 20 years in state prison.   

The charges against the defendants are allegations and the defendants are presumed innocent unless and until proven guilty.    

The Attorney General’s criminal investigation was initiated after a complaint made to the Office’s Investor Protection Bureau.  The Attorney General’s Office thanks the Horry County Sheriff’s Office in South Carolina for their assistance in locating and arresting the defendants, as well as the Oneida County District Attorney’s Office. 

The case is being prosecuted by Special Counsel Benjamin S. Clark and Assistant Attorney General Andrew Tarkowski of the Attorney General’s Criminal Enforcement and Financial Crimes Bureau, with the assistance of Legal Support Analyst Joseph Conniff.  The Criminal Enforcement and Financial Crimes Bureau is led by Bureau Chief Stephanie Swenton and Deputy Bureau Chief Joseph G. D’Arrigo. The Division of Criminal Justice is led by Chief Deputy Attorney General for Criminal Justice José Maldonado. 

The Office of the Attorney General’s investigation was conducted by Investigators Joel Cordone and David Buske, under the supervision of Supervising Investigator Richard Doyle and Deputy Chief Investigator Antoine Karam.  The Investigations Bureau is led by Chief John Reidy.  Audit work was performed by Principal Forensic Auditor Meaghan Scotellaro. The Forensic Audit Section is led by Deputy Chief Sandy Bizzarro and Chief Edward J. Keegan.