Steak Dinner and Annuities: Retirement Product Surges After Fiduciary Rule’s Demise

Published by The Wall Street Journal By Ben Eisen and Lisa Beilfuss Oct. 27, 2018 12:00 p.m. ET — Annuity sales were $59.5 billion from April to June, the highest since late 2015 A retirement investment product associated with steak-dinner sales pitches is flourishing thanks to the death of a regulation once expected to curtail it. Annuity sales… Read more »

Bureau of Consumer Financial Protection Files Suit Against Future Income Payments LLC, Scott Kohn, and Related Entities

Published by Consumer Financial Protection Bureau SEP 13, 2018 WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (BCFP) has filed a complaint against Future Income Payments, LLC (FIP), Scott Kohn, and the following related entities: FIP, LLC; BuySellAnnuity Inc.; Cash Flow Investment Partners LLC; Pension Advance LLC; Cash Flow Investment Partners East LLC; Cash Flow… Read more »

Investors, regulators can’t find architect of massive pension scheme

Published by Pittsburgh Post-Gazettte August 27, 2018 at 8:00 AM By LEN BOSELOVIC Scott Kohn, an ex-felon who orchestrated a nationwide scheme that victimized retirees as well as investors seeking safe monthly income, is nowhere to be found. Investigators from Pennsylvania’s Department of Banking and Securities trying to enforce a May agreement with Mr. Kohn’s Future… Read more »

Advisors Face $100 Million Retirement Scheme Suit

Published by 401K Specialist Magazine August 24, 2018 By Jessa Claeys Ex-con supposedly paid commissions to financial agents peddling ‘structured cash flows’ to retirees   A group of insurance agents, brokers, financial planners and investment advisory firms spanning the country were working together to allegedly scam thousands of investors out of retirement funds totaling $100 million…. Read more »

$100M Pension Scam Run by Ex-Con Hit With Lawsuits

Published by Think Advisor August 24, 2018 at 11:13 AM By Melanie Waddell An “eager and complicit network” of brokers and advisors made the scam possible, said attorney Joseph Peiffer.   A series of lawsuits were filed nationwide Thursday in a bid to help swindled investors — mostly retirees — retrieve the money they invested in… Read more »

Financial Planners Pushed Pension Investment Scams, Suits Claim

Published by Bloomberg Law August 24, 2018 By Alex Ebert Attorneys for investors of defunct pension-buyout investments are suing to drag back more than $100 million in lost cash from the financial professionals who sold the plans. Peiffer Wolf Carr & Kane announced Aug. 23 five lawsuits filed across the country claiming financial advisers, brokers, and… Read more »

Financial Advisers Sued By Victims Of $100M Loan Scheme

Published by Law360 August 23, 2018, 9:02 PM EDT By Carolina Bolado Law360 (August 23, 2018, 9:02 PM EDT) — Victims of Future Income Payments LLC’s $100 million predatory lending scheme filed five lawsuits Thursday in New Jersey, Texas, Illinois, California and Florida against financial advisers and insurance agents who they say recommended they invest all… Read more »

Up to 368 brokers, advisors, and insurance agents could be implicated in lawsuits

Published by BenefitsPro August 23, 2018 at 07:00 PM By Nick Thorton Attorneys allege investment products were marketed up to March of 2018, even after FIP had been shut down in numerous states.   Five lawsuits against individuals serving as middlemen marketers have been filed across the country on behalf of investors in structured cash flow… Read more »

$100 million investment scheme targeted NE Ohioan, victims nationwide

Published by The Plain Dealer Updated Aug 23, 6:10 PM; Posted Aug 23, 4:57 PM By Teresa Dixon Murray, The Plain Dealer CLEVELAND, Ohio — A Lorain County man is among hundreds, possibly thousands, of victims of a sophisticated nationwide investment scheme, according to the law firm that filed numerous lawsuits on the matter in recent weeks. Brian Harrison… Read more »

FIP Lawsuit News Conference Audio August 23rd, 2018

 August 23, 2018 – Peiffer Wolf Carr & Kane (PWCK) Seeks Recovery for Swindled Investors From Insurance Agents, Investment Advisors and Brokers in Los Angeles Area, Houston, Chicago Area, Northern Florida, and Philadelphia/New Jersey.     LOS ANGELES, CA. – August 23, 2018 – A 72-year-old with no retirement plan. An 89-year-old Korean war veteran. A… Read more »