FUTURE INCOME PAYMENTS (FIP) Ponzi Scheme: How to Recover Money
Have you lost money investing in Future Income Payments (FIP Investments)?
The U.S. Attorneys’ Office for the District of South Carolina filed a criminal indictment against the Future Income Payments (FIP Investments) and its founder, Scott Kohn. The indictment alleges that over $300 million was raised for Future Income Payments, which were purported to be investments in structured cash flows. Instead, Kohn misappropriated investor funds to live a lavish lifestyle.
Investments in FIP were unregistered securities, and material misrepresentations were made in connection with selling its investments to investors. There were a number of financial advisors, investment advisers, and insurance agents who were selling these investments to clients:
LIST OF FINANCIAL ADVISORS WHO SOLD FRAUDULENT INVESTMENTS
- David Todd Phillips (Arizona), formerly with ProEquities and Moloney Securities;
2. Kari Bracy (Florida), formerly with NY Life Securities;
3. Jay Weiser (Illinois), formerly with DesPain Financial Group;
4. Leland Whiting (Utah), formerly with Hornor Townsend & Kent;
5. Gabe Hynes (Florida), formerly with NY Life Securities.
CAN YOU GET YOUR MONEY BACK?
Investors may be able to sue their financial advisor and/or their brokerage firm for any losses in the FIP investments. Investors can sue if their advisor misrepresented the risks of FIP to them, and if the investments in FIP were not suitable for the investor. Moreover, firms like ProEquities, Moloney Securities, NY Life, DesPain Financial, and Hornor Townsend & Kent have a duty to reasonably supervise their brokers.
HOW CAN WE HELP?
Israels & Neuman is an investment fraud law firm serving clients in all 50 states. Our attorneys have recovered millions of dollars for investors throughout the country, including investors in South Carolina, Arizona, Florida, Illinois, Utah and Florida. We offer a Free and confidential case review and all of our investment fraud cases are taken on a contingent fee basis, meaning you don’t pay us unless we recover money for you.
Click to view: Indictment – Scott Kohn, Future Income Payments
IF YOUR FINANCIAL ADVISOR RECOMMENDED THAT YOU INVEST IN ANY OF THESE FIP INVESTMENTS, CONTACT ISRAELS & NEUMAN AT (720) 599-3505 FOR MONEY RECOVERY OPTIONS.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.