FUTURE INCOME PAYMENTS INVESTOR LOSSES

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FUTURE INCOME PAYMENTS INVESTOR LOSSES

Investors have filed lawsuits against intermediaries and advisory firms – including stockbrokers, financial advisers, financial planners, and insurance agents, for their losses estimated to be at least $100 million in an alleged investment fraud related to Future Income Payments (“FIP”).

According to the InvestmentNews article, the claims relate to the sale of “structured cash flows” to clients. Future Income Payments allegedly offered pensioners upfront, lump-sum payments in return for their monthly pension payments over a specific term, often three to five years. Investors were allegedly promised returns in the range of 6%-8%.

FIP allegedly used these pension streams to fund the cash flows sold to investors. Some investors also were allegedly urged to fund premium payments for indexed universal life insurance policies with the income from the structured cash flows. FIP has stopped making payments to investors as of April 2018, however, which will likely cause many investors’ policies to lapse.

FIP is run by a convicted felon named Scott Kohn, who in 2006 pled guilty to three felony offenses related to trafficking counterfeit goods. Mr. Kohn formed Pensions, Annuities, and Settlements in 2011, changing its name to Future Income Payments in 2014.

If you lost money as a result of an FIP investment, whether directly or through an intermediary, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

By |December 20th, 2018|Legal Matters|

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