Brandon Long Denver: Charged with SEC Allegations (2024)
Originally Syndicated on February 29, 2024 @ 2:50 pm
According to his assertions, Brandon Long Denver is a professional entrepreneur who specializes in the strategic expansion and leadership enhancement of commercial marketing firms. After moving to Denver, Colorado, in 2014, he started his first company there. He was born and raised in Grass Valley, California.
Over his career, Brandon Long Denver has provided a variety of professional services, such as location management, growth—both personal and business—client preservation, market research, and development.
Before working with NGOs in 2019, Brandon Long Denver managed multiple customers effectively and mentored others on business strategies while working with marketing agencies around the nation from his new home in Denver, Colorado.
As a consultant, Brandon Long Denver serves many companies and their clients. In his private life, he is well known for searching out adrenaline rushes. He loves to ski, mountain bike, and rock climb on the Front Range of the Colorado Rocky Mountains.
A SEC prohibition was imposed on former LPL Financial broker Brandon Long Denver
Four former brokers located in Atlanta have been accused of tricking federal employees into shifting funds from their Thrift Savings Plan (TSP) savings accounts into variable annuity agreements with higher costs. The claims have been brought up by the Securities and Exchange Commission (SEC), which holds the former brokers accountable for their actions.
The SEC has increased its focus on the interactions that brokers have with senior investors and individuals who are investing for retirement as a result of the ReTIRE project and the efforts of the Broker-Dealer Task Force. This enforcement action is the result of this increased focus.
Federal Employee Benefits Counselors were used by the brokers to target retired federal employees and convince them to invest considerable quantities of money in the TSP, as stated in the complaint filed by the Securities and Exchange Commission (SEC). On the other hand, it is alleged that they fraudulently suggested that they were affiliated with or endorsed by the federal government and that they misled investors about essential information concerning the proposed variable annuity investments, such as the expenses and the promised returns.
The brokers disguised the fact that the investment was a commercially issued variable annuity that was not linked with the TSP by providing transaction forms and materials that were either incomplete or altered. The funds that were transferred from their TSP accounts were used to acquire around 200 variable annuities with a total value of approximately $40 million, according to reports. As a result of these transactions, the brokers received commissions that amounted to roughly $1.7 million respectively.
According to Aaron W. Lipson, Associate Director of the SEC’s Atlanta Regional Office, the brokers targeted government employees aged 59 and a half and older. To maximize their commissions, the brokers withheld critical information and even omitted the term “variable annuity” from some of the materials that were distributed to TSP account holders.
There is a notice issued by the SEC that the TSP does not authorize third parties to provide counseling or investment-related services and that it does not approach government employees for sensitive personal information.
When investors are approached with investment options that claim association with the federal government, Lori Schock, Director of the SEC’s Office of Investor Education and Advocacy, recommends they remain cautious and exercise caution.
A group of individuals, including Federal Employee Benefits Counselors, as well as four former brokers named Danny S. Hood, Brandon Long Denver, Christopher S. Laws, and Jonathan D. Cooke, are being accused of breaking securities laws. For permanent injunctions, disgorgement of earnings, interest, and penalties, the Securities and Exchange Commission is seeking.
Andrew M. Calamari and Antonia Chion will oversee the investigation and case for the Securities and Exchange Commission office in Atlanta, which will be in charge of the case.
Conclusion
In conclusion, Brandon Long Denver and three other former brokers demonstrate the SEC’s significant claims. The accusation of deceiving federal employees into shifting assets from their Thrift Savings Plan (TSP) retirement accounts into variable annuity contracts with higher costs is a serious breach of trust that might affect investors.
The SEC’s ReTIRE and Broker-Dealer Task Force initiatives to monitor brokers’ interactions with senior clients and retirees demonstrate its commitment to protecting vulnerable investors.
Federal employees have suffered financially due to the brokers’ misrepresentation of their relationship with the government and withholding important investment information.
Investigation and skepticism are crucial in financial decision-making, as the SEC warned investors to be wary of federal government-affiliated investments.
The SEC seeks indefinite injunctions, disgorgement of profits, interest, and fines against the brokers and Federal Employee Benefits Counselors for probable securities law violations.
Andrew M. Calamari and Antonia Chion will lead the SEC’s Atlanta office in this matter to ensure justice and investor protection.
