Written by The White Law Group• October 15, 2019• 1:40 pm• Current Investigations, Securities Fraud Articles

Dale E. Wright Broker Investigation

Financial Advisor Dale E. Wright, Cambridge Investment Research in Henrico, VA

Are you concerned about your investments with Dale E. Wright in Henrico, VA? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to public disclosures on July 22, 2019, financial advisor Dale E. Wright was sanctioned by the Commonwealth of Virgina State Corporation Commission Bureau of Insurance for allegations that “the advisor encouraged clients to purchase Life Insurance Policies for the purposes of using the policies as investment tools.” He has reportedly been ordered to pay a $50,000.00 fine and $16,300.00 in restitution and is allegedly “on probation with the Bureau through June 30, 2021,” according to regulatory disclosures.

According to his FINRA BrokerCheck report, Wright was reportedly affiliated with Cambridge Investment Research in Henrico, VA from 2011 until 2019. His broker record indicates 9 customer complaints have allegedly been filed and settled against him. Allegations include fraud and “unsuitable investment strategy,” among others.

In a complaint reportedly filed on January 2018, “Claimants allege advisor recommended them to purchase life insurance policies and borrow against the policies. In addition to the life insurance, Claimants allege the advisor recommended they refinance their home and invest additional funds from that transaction. Claimants allege advisor made unsuitable recommendations and misrepresentations with respect to the purchase of life insurance to provide funds for investment in other securities.”

The damage amount requested was reportedly $500,000.00 and the matter allegedly settled for $190,000.00, according to Wright’s broker report.

Investigating Potential Claims

The White Law Group is investigating potential lawsuits regarding the liability that Wright’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Virginia. Our attorneys have recovered millions of dollars from many brokerage firms in the past.