Commission has also barred Wright from association with any broker

Donald Anthony Wright, a Cookeville financial advisor and his firm, Retirement Specialty Group Inc. (RSG), were barred from the securities industry by the Securities and Exchange Commission (SEC) Thursday. Wright was charged in 2024 with defrauding investors.

According to charges by SEC, he used a “faith-based” investment model to attract Christian customers while misusing investor funds. RSG’s registration was also revoked, according to official documents on SEC.gov. The complaint says Wright and RSG “misused and misappropriated investor funds obtained from clients and at least one non-client through the fraudulent offer, recommendation, and sale of fraudulent promissory notes.”

In selling the notes, the Commission says Wright and RSG made material representations and omissions concerning “the nature and safety of the investments, the planned use of proceeds, and his relationships with the issuers” and failed to disclose multiple conflicts of interest and misappropriated client assets.

“After defrauding his clients, Wright repeatedly misled them about the status of their investments and repayments. IV. In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondent’s Offer,” according to SEC.

The Commission has also barred Wright from association with any broker, dealer, investment adviser, municipal adviser, transfer agent or nationally recognized statistical rating organization.

Reentry will be conditioned on compliance with the Commission’s order and payment of any or all of the following:

  • any disgorgement or civil penalties ordered by a Court against the Respondent in any action brought by the Commission
  • any disgorgement amounts ordered against the Respondent for which the Commission waived payment
  • any arbitration award 3 related to the conduct that served as the basis for the Commission order
  • any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order
  • any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order

Photo courtesy of Freepik.

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