{"id":1524,"date":"2014-09-30T13:18:53","date_gmt":"2014-09-30T13:18:53","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/09\/former_axa_advisors_broker_fac"},"modified":"2014-09-30T13:18:53","modified_gmt":"2014-09-30T13:18:53","slug":"former-axa-advisors-broker-fac","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/","title":{"rendered":"Former Axa Advisors Broker Faces SEC Charges Over Alleged $1.5M Ponzi Scam"},"content":{"rendered":"<p>\t\t\t\tThe SEC is charging Dennis Wright, an ex-Axa Advisors broker, with operating a <a href=\"https:\/\/www.stockbroker-fraud.com\">Ponzi scam <\/a>for 14 years and bilking customers of $1.5 million. According to the regulator, from 1998 and into 2012, Wright allegedly persuaded at least 28 customers to take money out of Axa <a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/brokerage-firm-misconduct\/\">variable annuity accounts<\/a> under the guise that he would move the money to mutual fund accounts that had higher returns and also were run by the brokerage firm.<\/p>\n<p>The Commission claims that rather than invest clients&#8217; money, what ended up happening is that Wright put the money into a bank account under his control and used the funds to pay other investors. The SEC says that Wright purposely manipulated Axa Advisor clients so he could steal their savings. Alleged victims included members of Wright&#8217;s community, including childhood friends, and unsophisticated investors.<\/p>\n<p>Axa Advisors let Wright go in 2012 after the firm found out about the alleged fraud. Axa has since paid back the customers whose funds were misappropriated.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/\"  title=\"Continue Reading Former Axa Advisors Broker Faces SEC Charges Over Alleged $1.5M Ponzi Scam\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The SEC is charging Dennis Wright, an ex-Axa Advisors broker, with operating a Ponzi scam for 14 years and bilking customers of $1.5 million. According to the regulator, from 1998 and into 2012, Wright allegedly persuaded at least 28 customers to take money out of Axa variable annuity accounts under the guise that he would [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3901,3801,3760,3741],"tags":[],"class_list":["post-1524","post","type-post","status-publish","format-standard","hentry","category-axa-advisors","category-sec","category-sec-enforcement","category-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Former Axa Advisors Broker Faces SEC Charges Over Alleged $1.5M Ponzi Scam &#8212; Investor Lawyers Blog &#8212; September 30, 2014<\/title>\n<meta name=\"description\" content=\"The SEC is charging Dennis Wright, an ex-Axa Advisors broker, with operating a Ponzi scam for 14 years and bilking customers of $1.5 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Former Axa Advisors Broker Faces SEC Charges Over Alleged $1.5M Ponzi Scam &#8212; 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Investor Lawyers Blog &#8212; September 30, 2014","twitter_description":"The SEC is charging Dennis Wright, an ex-Axa Advisors broker, with operating a Ponzi scam for 14 years and bilking customers of $1.5 million.","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Former Axa Advisors Broker Faces SEC Charges Over Alleged $1.5M Ponzi Scam","datePublished":"2014-09-30T13:18:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/"},"wordCount":503,"articleSection":["AXA Advisors","SEC","SEC Enforcement","Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/","url":"https:\/\/www.investorlawyers.com\/blog\/former-axa-advisors-broker-fac\/","name":"Former Axa Advisors Broker Faces SEC Charges Over Alleged $1.5M Ponzi Scam &#8212; 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