The White Law Group continues to investigate potential claims against the sales agents that sold Future Income Payments LLC (FIP LLC) to investors.
Have you suffered losses investing in Future Income Payments? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses.
According to the website, FIP, LLC is America’s largest pension cash flow originator. The company claims to be “the industry leader and an innovator in buying and selling secondary market pension cash flows, often referred to as Structured Cash Flows.”
According to the LA Times in March 2017, Future Income Payments, was based in California until state officials issued a cease-and-desist order, for issuing loans without a license.
It has recently come to light that numerous consumer lending regulators including those in New York, Massachusetts, Iowa, Washington, North Carolina, Colorado, Pennsylvania, and Minnesota are reportedly in agreement that FIP’s pension sales are loans disguised as “sales agreements”.
The state of New York reportedly forced FIP to shut their doors for fraudulent and illegal practices, according to Forbes.com. New York reportedly ordered FIP to cease operations and pay back any interest charged, plus a $500,000 penalty for operating illegally in the state and charging customers up to 130% interest.
In 2015, Washington State also entered into a cease-and-desist order against the company.
Los Angeles City Attorney Mike Feuer reportedly filed his own lawsuit against Future Income Payments in February 2017. He alleges the company “charged interest rates as high as 96%, far above California’s 10% usury limit, and threatened borrowers, falsely, that defaulting on the loans could subject them to criminal liability.”
Future Income Payments opened new operations in Nevada, according to Nevada state records, just a couple of months after California officials shut them down.
Structured Cash Flows (Pension Viaticals) often target senior citizens with false promises of a safe investment. Despite the numerous lawsuits in state and federal courts, the company’s website is still up and running.
If you are worried about investment losses in Future Income Payments, please contact the securities attorneys at The White Law Group at (888)637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.