Long Point Investments was a Texas based firm that swindled some $35 million from well-meaning but somewhat naive investors. More than 800 were taken in nationwide. But a stone left unturned by investigators until very recently, was the side deal struck with six Nevadans by two Long Point salesman, Robert Mendoza and Gary Steven Wood .

The two salesmen convinced six Long Point customers that Brightstar Consulting International, their Nevada firm, could offer better returns than Long Point. Needless to say, that wasn't exactly the case. Nevada is now investigating the side deal, while Mendoza and Wood were already in hot water in relation to the Long Point investigation (both are currently out on bail).

As for the investors, if they were able to go back in time and do it all over again? Well, here's what one of them had to say:

"If I could rewind the movie, I would have done more of a background check on (the Texas company owner) and Wood, but I trusted my financial planner (Mendoza)." "My advice to the world is hire a private investigator when you're hiring a financial planner," she said.

I couldn't agree more...

For more info on Long Point, check out this article (where the above quote originates) as well as this one for further details, both from the Reno Gazzette-Journal.

-- MDT

Labels: background checks