Scott Kohn & Future Income Payments Allegedly Operated a $100 Million Private Market Pension Scam Out of a Nevada Strip-mall Mailbox
Scott Kohn allegedly operated a $100 milllion private market pension scam out of a Nevada strip-mall mailbox, according to media reports under review by investor rights attorney Alan Rosca.
Kohn’s company, Future Income Payments, allegedly made sales of investors other people’s pensions, and would reportedly locate workers entitled to pension payments and temporarily buy the rights to said payments by simply making loans of the beneficiaries money against their future pension income in what is called a pension advance, according to the aforementioned reports.
Next, Future Income would make sales of the rights to investors for a lump sum, and an investor might then put up as much as $100,000 in exchange for an income of 7% for five years, the reports note.
Future Income, however, allegedly left investors in a much, and the firm is no longer taking in the pension money that funds its own payments to investors, court documents note.
Private-market products such as the ones offered by Future Income, are often sold by financial advisers, and their sellers often target retirees looking to beat the weak returns on bonds and other savings products. In contrast to publicly traded investments, however, there are few rules on how pension advances can be sold or by whom.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Scott Kohn & Future Income Payments’ alleged private market pension scam. Investors who believe they may have lost money in activity related to Scott Kohn & Future Income Payments’ alleged private market pension scam are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Scott Kohn, a Former Convict, Formed Future Income in 2011, and Pleaded Guilty to Trafficking Counterfeit Goods in 2006 and Served 15 Months in Federal Prison
Kohn formed Future Income in 2011, company records show, and its mailing address is a mailbox at a UPS Inc. store in a strip mall outside Las Vegas, and the same address was allegedly used by Kohn for dozens of other companies, the majority of them now out-of-business, according to state records under review by attorney Alan Rosca.
State regulators originally took action against Future Income as early as 2014 over the terms on which it was buying pension benefits, and claimed that the firm was lending illegally, the reports state. Some states have also said that the company was allegedly breaching state laws limiting the interest that can be charged on loans, the reports note.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Scott Kohn & Future Income Payments’ alleged private market pension scam. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Scott Kohn & Future Income Payments’ alleged private market pension scam may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.