Couple sentenced for scamming company investors out of $760K
UTICA, N.Y. (AP) — A central New York couple accused of bilking friends and acquaintances out of $760,000 in an investment scheme were sentenced to prison and probation, authorities said Thursday.
David Wright, 53, and Ramona Wright, 54, of Sherrill defrauded more than two dozen people in a scheme involving a rehabilitative hospital bed marketed by their former company, Wright Wellness Solutions of Sherrill in Oneida County, Attorney General Letitia James said in a release.
The Wrights instead spent their clients’ money on a yacht, two luxury SUVs, Rolex watches, a Florida timeshare and their daughter’s wedding in addition to stealing $100,000 in cash.
David Wright was sentenced earlier this week to two-to-six years in prison, and his wife, Ramona Wright, was sentenced to five years probation.
The Wrights claimed the company would develop, market and sell the hospital bed patent they had obtained the rights to by trading shares in the corporation to an unsuspecting inventor, authorities said.
The couple created the company in 2009 while they were deep in debt and facing potential foreclosure on their home, officials said.
The couple pleaded guilty in September to grand larceny and fraud charges after being arrested in April in Myrtle Beach, South Carolina, on the 53-foot yacht they bought with the stolen funds, authorities said.
The Wrights have forfeited nearly $400,000 so far in restitution to the victims, including the $175,000 yacht, officials said.