The founder and CEO of Wright Time Capital Group, Michael Wright, pleaded guilty to one count of commodities fraud late Friday, the U.S. Attorney for the Southern District of New York announced.
In June, Wright was accused in United States v. Wright, 17-cr-00459, of luring approximately 10 investors—all family members, friends and acquaintances—into providing him with more than $400,000 to invest in off-exchange foreign currency transactions. According to prosecutors, Wright misrepresented gains he’d secured through similar investing to gain their confidence, claiming to have achieved double-digit gains during the first six months of the fund’s existence.
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