A New York couple swindled more than two dozen of their friends and acquaintances out of $760,000 so that they could live a lavish lifestyle, even buying a massive yacht, local officials in a sentencing press release.
David Wright, 53, and his wife Ramona, 54 both pleaded guilty in the Oneida County Court in September, New York Attorney General Letitia James announced in a press release.
Identified as the President of Wright Wellness Solutions, Inc., David Wright was charged with two counts of grand larceny and one count of felony security fraud under the Martin Act.
David Wright, 53, and his wife Ramona, 54 both pleaded guilty in the Oneida County Court in September
The husband was sentenced to two-to-six years in a state prison while his wife was sentenced to five years probation
His wife – the Secretary/Treasurer of Wright Wellness Solutions, Inc. – pleaded guilty to one count of grand larceny and one count of felony security fraud under the Martin Act.
The husband was sentenced to two-to-six years in a state prison while his wife was sentenced to five years probation, according to the latest release.
‘The Wrights’ actions could only be described as wrong,’ said Attorney General Letitia James. ‘I’m proud to announce that the Wright couple will no longer be able to defraud investors out of their hard-earned money, and will have to spend their time in prison thinking about how they could have acted right.
‘My office is committed to ensuring investors are protected from financial predators that seek to defraud and abuse New Yorkers.’
From 2009 to 2015, the Wrights solicited and obtained $760,000 in investments from over 24 individuals for their corporation – Wright Wellness Solutions, Inc.
The Wrights used the funds to purchase a 53ft Hatteras yacht that they called the ‘Mad Hatteras’
According to court filings and the couple’s indictment, the Wrights created their company in 2009 as they were facing possible foreclosure on their home and immense debt.
The couple headquartered the company from their Sherill, New York, home and claimed that the corporation ‘would develop, market, and sell a specific rehabilitative hospital bed, to which they had obtained patent rights.’
From 2009 to 2015, the Wrights solicited and obtained $760,000 in investments from over 24 individuals for their corporation.
Investors were told that the money would be used for ‘research and development of the hospital bed patent and promising lucrative and swift returns on investment.
The couple claimed that the corporation ‘would develop, market, and sell a specific rehabilitative hospital bed’, pictured
The couple also purchased two Lincoln Navigators, two BMWs, Rolex watches and a timeshare in Orlando, Florida. The Wrights also used some of the money to pay for their daughter’s wedding at a yacht club in Florida (Ramona pictured left)
The Wrights, instead, used the funds to purchase a 53ft Hatteras yacht that they called the ‘Mad Hatteras.’
The couple also purchased two Lincoln Navigators, two BMWs, Rolex watches and a timeshare in Orlando, Florida. The Wrights also used some of the money to pay for their daughter’s wedding at a yacht club in Florida.
According to the release, the couple also funneled some of the funds to another business – called CNY Telecom, LLC. They also used the money to regularly dine out at fast food restaurants.
The Wrights are said to have finessed their close friends and long-time acquaintances out of multiple investments. The bulk of these investors were residents of Upstate New York.
In 2014, the Wrights began living full-time on their yacht as it was docked in Myrtle Beach, South Carolina
In 2014, the Wrights began living full-time on their yacht as it was docked in Myrtle Beach, South Carolina.
Attorney General James initiated a civil asset forfeiture proceeding against the couple in June of 2019. She also initiated the process for the couple’s companies before Judge Bernadette Clark in the Oneida County Supreme Court.
The Wrights have already forfeited nearly $400,000 in up-front restitution, including the approximately $175,000 they got for the sale of their yacht.
Ramona Wright will have to make monthly payments to the victims as a condition of her parole.