Securities Fraud Lawyer Blog
The securities attorneys at The Law Office of David Liebrader have opened an investigation into the securities related conduct of Pension Funding LLC. Our firm has received calls from investors who were solicited by licensed FINRA brokers to purchase the Pension Funding investments, which have gone into default.
Pension Funding, LLC formerly of Huntington Beach California has been the subject of multiple court actions concerning its business practices. Investors who funded loans to pensioners may have recourse against the agents who solicited their investments.
On March 5, 2015 the State of California’s Department of Business Oversight issued a cease and desist order against Pension Funding LLC; its related companies, Pension Income LLC and U.S. Pension Funding, and its officers, Rex Hofelter and Edward Lichtig.
The filing related to Pension Funding’s activities of providing lump sum payments of money to people who have pensions, in exchange for the pensioners assigning their rights to receive the pension payments to the company (and to investors). Many retirees and military veterans participated in these transactions, forgoing their rights to receive their hard earned pensions in retirement in exchange for a much lower amount (after costs, fees and “interest”). The State of California found that Pension Funding acted as a finance lender in California, without first obtaining the necessary license.
In addition to the State of California’s Cease and Desist Order, the Superintendent of Financial Services for the state of New York filed a lawsuit in August 2015 against Pension Funding LLC in the U.S. District Court for the Central District of California seeking a permanent injunction and the appointment of a receiver against the company.
Among the allegations against Pension Funding are that the company solicited investors in order to raise money to buy out the retiree’s pensions. These investors were promised returns of six percent, and the funds they invested with the company went to fund the loans to pension beneficiaries. According to the complaint, agents who recruited investors into the program were paid a commission of nine percent.
The lawsuit claims that the loan terms to consumers were unfair, and that Pension Funding, LLC acted without the proper licenses in the state of New York.
If you are the victim of investment fraud, or if you have lost money investing with Pension Funding LLC 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.