Former City Councilman and Company Ordered to Pay $728K for Securities Fraud and Lavish Spending
SHERMAN, Texas — A Grayson County jury awarded a $728,000 judgment on Tuesday against former Denison city councilman Michael Wright, in a case that spotlighted allegations of investment and securities fraud linked to his business, Wright Drilling and Exploration. The verdict, confirmed after a week-long trial and six hours of jury deliberation, concluded a legal battle that began three years ago when investors accused Wright of mismanaging their funds, leading to significant financial losses under the guise of profitable oil and gas investments. Fernando Bustos, representing the aggrieved investors, lauded the jury’s decision as a … Read more