JACKSONVILLE, Fla. – Latitude 360 CEO Brent Brown is facing a new fraud lawsuit, after a man claims Brown tricked him into trading a $90,0000 Aston Martin for stock that is now worthless.
The plaintiff said this happened back in November of 2013.
Aaron Riley said at the time, the company's financials were "grossly misrepresented" by Brown.
He also said the men had a deal in place that if the stocks were ever deemed valueless, the plaintiff would get the car back. And that's what he's hoping for now.
Riley's lawsuit indicated he was 22-years-old in 2013 when he sold the luxury car to Brown for 180,000 shares of Latitude 360.
Riley said Brown told him he would receive unrestricted stock which he'd be able to sell by the summer of 2014. Riley also said what Brown didn't tell him is that there were millions of dollars in liabilities for the company--which made it a bad investment.
Riley said he was never able to sell the stock.
This week, News4Jax learned the state attorney's office opened an investigation into Brown. And early last month, the business closed its doors.
News4Jax heard from former employees who complained their paychecks would routinely bounce.
Some of them also told us they are unable to get unemployment benefits because no records of their employment at the Southside business were ever sent to the state.