Erez Law is currently investigating former Cambridge Investment Research, Inc. broker Dale Wright (CRD# 1142615) regarding investment losses due to suitability concerns. Dale Wright has been registered with Cambridge Investment Research, Inc. in Henrico, Virginia from 2011 to 2019.
In July 2019, the Commonwealth of Virginia State Corporation Commission Bureau of Insurance sanctioned Dale Wright to pay a $50,000 civil and administrative penalty and fine as well as $16,300 in restitution regarding, “The Bureau alleges that the advisor encouraged clients to purchase Life Insurance Policies for the purposes of using the policies as investment tools, violated Code of Virginia sections 38.2502(1) and (7), 38.2-1831 (1)and 14 VAC 5-41-30.”
Dale Wright Customer Complaints
Dale Wright has been the subject of 10 customer complaints between 2005 and 2021, one of which was closed without action, according to his CRD report. The most recent complaints are regarding:
January 2019. “Client alleges violation of the Virginia Securities Act, fraud, negligent representation, breach of fiduciary duty, and unsuitability.” The customer sought $112,164 in damages and the case was settled for $40,000. The complaint was regarding oil and gas investment losses and took place while Dale Wright was registered with Cambridge Investment Research, Inc.
September 2018. “Clients allege they have incurred damages resulting from unsuitable investment strategies marketed to them.” The customer sought $45,000 in damages and the case was settled for $27,500. The complaint was regarding insurance investment losses and took place while Dale Wright was registered with Cambridge Investment Research, Inc.
June 2018. “Claimants allege RR recommended a ruinous investment strategy where they leveraged their home equity to purchase whole life insurance policies, then advised to borrow from the insurance policies and invest the borrowed funds in an investment account.” The customer sought $100,000 in damages and the case was settled for $65,000. The complaint was regarding insurance investment losses and took place while Dale Wright was registered with Cambridge Investment Research, Inc.
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 customer sought $500,000 in damages and the case was settled for $190,000. The complaint was regarding insurance investment losses and took place while Dale Wright was registered with Cambridge Investment Research, Inc.
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 customer sought $500,000 in damages and the case was settled for $190,000. The complaint was regarding insurance investment losses and took place while Dale Wright was registered with Cambridge Investment Research, Inc.
March 2017. “Client alleges violation of Virginia Securities Act, breach of fiduciary duty, negligence, negligent supervision and breach of contract relating to life insurance policies.” The customer sought $130,000 in damages and the case was settled for $70,000. The complaint was regarding insurance investment losses and took place while Dale Wright was registered with Cambridge Investment Research, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cambridge Investment Research, Inc. may be liable for investment or other losses suffered by Dale Wright’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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