Goodman & Nekvasil P.A., May Recover Investor Losses – Brandon Preston Long (Brandon Long) Charged with Fraud and Barred by the SEC
Brandon Long was formerly licensed with BCG Securities, Inc., LPL Financial LLC, and Jackson National Life Distributors LLC. FINRA reports that the SEC barred Brandon Long from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization (NRSRO); and barred Brandon Long from participating in any offering of a penny stock.
FINRA reports that according to the SEC, Brandon Long and three others, Jonathan Cooke, Danny Scott Hood, and Christopher S. Laws, each of whom were registered representatives of a broker dealer (collectively, the “Representatives”), fraudulently induced federal employees to rollover significant funds from their federal retirement accounts, referred to as Thrift Savings Plan (“TSP”) accounts, into variable annuity products promoted under the banner of an entity called Keystone Capital Partners, Inc. d/b/a Federal Employee Benefits Counselors. FINRA reports that, according to the SEC, motivated by the prospect of high commissions associated with the variable annuities, the Representatives targeted federal employees, age 59 ½ and over, who had significant TSP account holdings that could be rolled over on a tax-free basis into variable annuities held in qualified plans at annuity carriers.
FINRA also reports that, according to the SEC, defendants employed several tactics calculated to mislead federal employees into believing that Defendants and their recommended investment (that is, a variable annuity) were affiliated with or approved by the federal government. For example, FINRA reports that according to the SEC, despite the fact that their recommended investments had no connection to the TSP, the Representatives, in recommending this investment: (a) made misleading comparisons between their recommended investment and the life annuity offered through the TSP by omitting key information or falsely describing the actual fee structure and surrender fees related to their recommended investment; (b) used an eagle-encircled insignia on other documents given to customers and on their website that resembled the official seal of various agencies of the federal government; and (c) used a name, Federal Employee Benefits Counselors, that insinuated that they were affiliated with the federal government while obscuring the fact that they were associated with a broker dealer.
FINRA reports that two complaints involving Brandon Long’s conduct with LPL Financial and/or BCG Securities, Inc. have been filed. These complaints allege that Brandon Long did not disclose fees and/or did not make the customer aware that the withdraw would diminish accrual of a lifetime income benefit. These two complaints are currently pending.
FINRA also reports that Brandon Long was fired by LPL Financial LLC on December 2, 2014. LPL Financial LLC reported to FINRA that Brandon Long’s firing related to concerns regarding communications with a customer.
If you lost any money on investments with Brandon Long, while Brandon Long was licensed with BCG Securities, Inc., LPL Financial LLC, and/or Jackson National Life Distributors LLC, you may be able to recover your losses from BCG Securities, Inc., LPL Financial LLC, and/or Jackson National Life Distributors LLC. This is because BCG Securities, Inc., LPL Financial LLC, and Jackson National Life Distributors LLC had a duty to supervise Brandon Long.
If you lost money on investments with Brandon Long and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against BCG Securities, Inc., LPL Financial LLC, and/or Jackson National Life Distributors LLC concerning Brandon Long’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Brandon Long and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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