Articles Tagged with Andrew Long

shutterstock_160071281-300x168The securities lawyers of Gana Weinstein LLP recently filed a complaint on behalf of a client alleging that Kalos Capital, Inc. (Kalos Capital) and Andrew C. Long (Long) failed to supervise Long’s recommendations and investment activity through his d/b/a business Granite Retirement & Tax (Granite Retirement).  The complaint alleges that Long, a partner of Granite Retirement, along with others in the organization such as Adam Craig Hendrix (Hendrix), constructed an investment plan for the Claimant that violated multiple securities laws.

The complaint alleges that the Claimant successfully sold his business, was 71 years, and sought investment advice from Long and Hendrix.  The Granite Retirement partners recommended that Claimant invest nearly $7 million or over 90% of his savings in illiquid investments.  In some cases these investments turned out to be investment frauds.  The Claimant alleged that the sole purposes of the investments was to enrich the partners of Granite Retirement to the detriment of Claimant.  In total, the claimant alleged that Long and Granite Retirement sought to profit by over $400,000 from the investments recommended while the Claimant lost millions.

Astonishingly, the outrageous commissions charged to Claimant were not sufficient for Long.  The Claimant alleged that Granite Retirement entered into a promissory note in order to extract another $300,000 in the form of a promissory note from Claimant in violation of the securities laws.  The remaining investments were in a numerous annuities, non-traded real estate investment trusts (Non-Traded REITs), private placements, equipment leasing, and oil and gas private placement programs.

Continue Reading

Contact Information