- October 4, 2022
- LPL Financial
Christopher Wright (CRD#: 4134973) is a dually registered Broker at Center Street Securities, Inc., and a registered Investment Advisor at Wright Wealth Management Group in Prescott, AZ.
He entered the securities industry in 2000 and previously worked for Multi-Financial Securities Corporation; Linsco/Private Ledger Corp.; and H.D. Vest Investment Services.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2022, a customer dispute was filed against Christopher Wright. The allegation states, “Clients allege registered representative recommended an unsuitable investment.” The customer dispute is pending, and damages of $135,000 are requested.
In addition, Christopher Wright has been the subject of three customer complaints, including the following:
- April 2020 — “Nov 2019 client is complaining that rep rolled an annuity with 3 years to go into another annuity which restarted the surrender period. client states that he did not want more annuities.” The customer dispute was settled.
- June 2019 — “8/14/2015. Respondent mishandled the Claimants’ assets by failing to properly allocate and diversify Claimants’ retirement portfolios.” The customer dispute was settled for $36,000.
- September 2009 — “CLIENT ALLEGED SUITABILITY ISSUES WITH HER VARIABLE ANNUITY PURCHASE.” The customer dispute was denied.
For a copy of Christopher Wright’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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