Joon H. Kim, the Acting United States Attorney for the Southern District of New York, and William F. Sweeney Jr., Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the filing of a criminal complaint charging MICHAEL WRIGHT with commodities fraud and wire fraud in connection with WRIGHT’s operation of an investment company, Wright Time Capital Group (“WTCG”). WRIGHT is alleged to have misrepresented to investors the trading performance of WTCG, and, after acquiring investor funds, misappropriating a large portion of those funds for his personal benefit. Additionally, after losing most of the funds he actually invested in foreign currency (“forex”) transactions, WRIGHT allegedly began operating WTCG as a Ponzi scheme, using funds obtained from investors to make payments to other investors. WRIGHT was arrested this morning and will be presented before the U.S. Magistrate Judge James L. Cott later today.
was arrested this morning in New Jersey. WRIGHT was charged with commodities fraud, which carries a maximum sentence of 10 years in prison, and wire fraud, which carries a maximum sentence of 20 years in prison. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.