Future Income Payments information for investors
In the past several years multiple state finance and securities regulators have filed enforcement actions against Henderson, Nevada based Future Income Payments LLC to stop them from targeting pensioners – many of them military veterans- with a pitch to “cash out” their pensions and receive a lump sum payment. Some of these pension advance transactions are structured like loans, charging above market rate interest rates. The decision to sell the rights to a pension at a discount is fraught with perils, and could be one of the worst mistakes a retiree ever makes.
On the other side of the Future Income Payments transaction are investors who were contacted by Registered Investment Advisors or brokers looking for investors to “fund” the “loans” to the Pension recipients. Investing in these transactions is full of risks, including the lack of transparency, high commissions and fees, and an inability to collect in the event of default.
The Wall Street Journal recently published an article about FIP and its owner Scott Kohn, who purportedly served time in prison in 2006. This material fact was not disclosed to investors.
Many of the enforcement actions in recent years against Future Income Payments LLC have involved their failure to obtain the proper licenses, failure to provide required disclosures to investors and pensioners, and the charging of high interest rates.
US Regulator the Consumer Financial Protection Bureau recently issued a ruling and made findings against Future Income Payments LLC
The Securities and Exchange Commission put out a notice to investors and retirees who engage in transactions involving pension advances and pension income streams.
The SEC is concerned that retirees and investors are entering into these pension advance transactions without the proper information to make informed investment decisions.
In the past several years scrutiny has focused on many pension advance and pension income stream companies and their business practices. In 2013 regulators from New York sent subpoenas to Lump Sum Pension Advance, Pensions Annuities & Settlements LLC, Cash Flow Investment Partners, DFR Pension Funding, Veterans Benefit Leverage, Voyager Financial Group LLC and First American Finance Corp.
In August 2015 regulators for the state of New York filed a lawsuit against Pension Funding LLC in U.S. District Court for the Central District of California. This follows on the heels of a Cease and Desist Action filed by California regulators against the company. Our firm successfully helped several investors recover losses on those claims
If you are the victim of investment fraud, or if you have lost money investing in Future Income Payments LLC or other pension income stream promissory notes please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.