Dale Edward Wright of Henrico, Virginia, a stockbroker formerly registered with Cambridge Investment Research Inc., is identified in a customer initiated investment related written complaint on August 4, 2021, where the customer sought compensatory damages founded on allegations of unsuitable investment advice involving life insurance policies and investment strategies when Wright was registered with Cambridge Investment Research Inc.
FINRA Public Disclosure reveals that Wright has been identified in nine additional customer initiated investment related disputes concerning accusations of his harmful activities while employed by Cambridge Investment Research and National Planning Corp. On March 31, 2016, a customer initiated investment related arbitration claim regarding Wright’s activities was resolved for $50,000.00 in damages based upon allegations of the customer being provided with unsuitable recommendations about life insurance, including borrowing against the policies to invest in stocks. FINRA Arbitration No. 15-01224 (March 31, 2016).
On April 17, 2018, a customer initiated investment related FINRA arbitration claim concerning Wright’s conduct was settled for $70,000.00 in damages supported by accusations of breach of contract and breach of fiduciary duty in regard to insurance transactions through Wright at Cambridge Investment Research. FINRA Arbitration No. 17-00664 (April 17, 2018). According to the claim, Cambridge Investment Research violated Virginia Securities Act. The securities broker dealer is accused of negligent supervision and negligence concerning Wright’s insurance transactions.
Wright is also the subject of a customer initiated investment related arbitration claim which was resolved for $190,000.00 in damages founded on allegations of Wright inappropriately recommending for customers to buy life insurance and then borrow against the policies to acquire funds for investment purposes. FINRA Arbitration No. 18-00044 (March 7, 2019). The claim alleges that the customers were also advised to refinance their homes to get more funds for investing. Accusations also include misrepresentation by Wright at Cambridge Investment Research.
On April 4, 2019, another customer filed an investment related complaint involving Wright’s conduct in which the customer requested $45,000.00 in damages based upon accusations of unsuitable investment strategies by Wright while at Cambridge Investment Research.
Wright is also referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages supported by allegations of breach of fiduciary duty, fraud, and violation of Virginia Securities Act relating to oil and gas investments by Wright during the time that he was associated with Cambridge Investment Research. FINRA Arbitration No. 18-04218 (October 2, 2019). The claim also alleges that the alternative investments were negligently represented by Wright and that transactions were unsuitable.
Wright was fined $50,000.00 by Commonwealth of Virginia State Corporation Commission Bureau of Insurance according to an Order containing findings of Wright having customers buy life insurance for investment tools, violating the Code of Virginia Sections 38.2502(1) and (7), 14 VAC 5-41-30, and 38.2-1831. Case No. INS-2019-00100 (July 22, 2019).
Wright was registered with Cambridge Investment Research between November 22, 2011, and September 25, 2019.
