SHERRILL — A husband and wife accepted a plea agreement offered by the state Agriculture Department for their involvement in an investment scam.
Letitia James, with the state Attorney Generals Office, said on Sept. 6, David and Ramona Wright accepted the agreement as a result of their $760,000 investment fraud of 40 investors over a 10-year period.
The Wrights purchased a yacht, several vehicles, Rolex watches and expensive vacations in addition to paying their mortgage and other debts while misleading investors and withholding information, James said.
Their state prison sentences will be handed down in December and will be based upon their repayment of fraudulently obtained funds to the 40 investors.
Law enforcement officials said David, 53, and Ramona Wright, 54, both formerly of Sherrill, solicited and obtained more than $760,000 in investments from more than two dozen people as part of their business, Wright Wellness Solutions Inc., according to the state Attorney General’s Office.
David served as president of the company and Ramona served as secretary and treasurer, according to the attorney general’s office.
Authorities said the couple told investors the money was for the development, marketing and sale of a rehabilitative hospital bed called, “The Klossner.”
The Wrights promised lucrative and swift returns on investments, authorities stated.
Instead, the Wrights almost exclusively used the money for personal gain, authorities said.
They spent $145,000 on a 53-foot yacht that they named the “Mad Hatteras”; spent $120,000 on two luxury motor vehicles; bought two Rolex watches; made more than $100,000 in cash withdrawals and transferred money to other companies they owned, according to the statement from the attorney general’s office.
The Wrights were taken into custody earlier this year in Myrtle Beach, S.C., where they were staying on the yacht, authorities said.
The Wrights were both indicted by an Oneida County grand jury on two counts of third-degree grand larceny and one count each of first-degree scheme to defraud and securities fraud, all felonies, authorities stated.
Ramona is additionally charged with one count of first-degree falsifying business records, the authorities added.