Ex-AXA Broker Charged with Running $1.5 Million Ponzi Scheme

Posted on October 14th, 2014 at 10:44 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

The SEC has charged a former AXA Advisors broker, Dennis Wright, with running a $1.5 million Ponzi scheme. Between 1998 and 2012, Wright, allegedly convinced 28 clients to transfer money from AXA variable annuity accounts to AXA managed accounts of mutual funds with a promise of higher rate of return. However, the funds were deposited into a bank account Wright controlled and used to pay his personal expenses and other clients to whom he owed money. According to the SEC, most of the Ponzi scheme victims are Wright’s childhood friends, members of his community and unsophisticated investors.

Wright was at AXA Advisors, a subsidiary of AXA Equitable Financial Services, from 1983 until 2012. The firm, which has around 5,000 brokers, terminated his employment after it became aware of the alleged fraud. FINRA barred Mr. Wright from the industry in June 2013.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston


Return to Archive



We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).