Former Sherrill Couple Sentenced For Securities Fraud
State Attorney General Letitia James is announcing the sentencing of a former Sherrill couple in a securities fraud scheme.
David and Ramona Wright pleaded guilty earlier this year to grand larceny and securities fraud.
David Wright was sentenced to 2 to 6 years in state prison and Ramona Wright was sentenced to five years probation.
As part of their sentence, the Wrights also forfeited nearly $400,000 in up-front restitution to the victims of their crimes, including a $175,000 yacht purchased with investor money.
“The Wrights stole, defrauded, and conned their friends and neighbors out of hundreds of thousands of dollars just to live a lavish style and commit what could be only be described as great wrongs,” said James. “Not only are we making things truly right for their victims by commandeering all funds and assets this couple have, but we are securing up-front restitution and monthly payments to get individuals back as much money as possible. Anyone who attempts to prey on innocent New Yorkers is on notice that my office will be unwavering in prosecuting these crimes and holding bad actors accountable.”
The AG's Office say in 2009, the Wrights — who were heavily indebted and facing potential foreclosure on their home in Sherrill — created Wright Wellness Solutions, Inc., which they headquartered at their home. The couple claimed the corporation would develop, market, and sell a rehabilitative hospital bed patent they had obtained the rights to by trading shares in the corporation to an unsuspecting inventor named Carl Klossner. Between 2009 and 2015, the Wrights solicited and obtained $760,000 in investments from over two dozen individuals in Wright Wellness Solutions, Inc., telling investors they needed the money for research and and development of the hospital bed patent and promising lucrative and swift returns on investment.