Complaint Review: Latitude 360 - Jacksonville Florida
Latitude 360 Brent W BrownLatitude GlobalLatitude 30Latitude 40 Latitude Fraud Ponzi Financial Crime Jacksonville Florida
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Latitude 360, trading symbol LATX, has been around since 2009. They went public in May 2014. The company has been ran like a ponzi scheme. They used false financials to solicit most of their investments, which came from private individuals. They had not disclosed true audited financials until August 2015. Those in addition to several lawsuits showed a company with insurmountable amounts of debts and questions as to where the funds have gone.
The company also failed to pay over $5Milion in payroll taxes, they owed the landlord $6Million dollars and were defaulting on notes left and right. During the time in which they did not pay those liabilities they paid millions through a separate private company, Brownstone, which was controlled by the CEO of Latitude Brent Brown. The company has also not filed any recent financials and is still attempting to raise funds and solicit investors.
They recently closed 3/3 locations and bounced over 100 checks for employees. In addition to being unable to cash their checks these employees have been unable to collect unemployment benefits because the company failed to register them with the state and has paid none of the associated payroll or withholding taxes.
The CEO and President, Brent Brown and Greg Garson also went after many unsophisticated investors who lacked the resources or know how to make speculative investments such as Latitude 360. Some of these people assumed debt to invest in Latitude under the false pretenses and fraud surrounding the falsified financials.
Also the company never unrestricted the shares for investors. Greg Garson , The president, told my broker in a meeting in NYC that the company had no intentions of lifting the restriction from investor’s shares.
Just recently the company's controller told a group of investors that Brent Brown had wired several hundred thousand dollars through other private companies he controls. Brown did so despite the Boards disapproval.
This report was posted on Ripoff Report on 04/12/2016 07:32 AM and is a permanent record located here: https://www.ripoffreport.com/reports/latitude-360/jacksonville-florida-32207/latitude-360-brent-w-brownlatitude-globallatitude-30latitude-40-latitude-fraud-ponzi-fina-1299290. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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