Scott Kohn, 64 years-old, from Newport Beach, California, was indicted by a federal grand jury in South Carolina for his alleged role in an Ponzi scheme, operating under Future Income Payments, LLC. Kohn had been on the run for six months following an indictment by a federal grand jury in Greenville, SC. Prosecutors allege Kohn defrauded 2,600 investors out of approximately $300 million. Scott Kohn plead not guilty on November 13, 2019 to two counts of attempting and conspiring to commit mail fraud. Federal authorities say Kohn is a native of Michigan, and allegedly spent his money on artwork, high-end automobiles and real estate that included a $4.8 million home in California and a $1.7 million Las Vegas estate.
Federal prosecutors allege that Future Income Payments LLC (FIP) a company Kohn owned and operated was a Ponzi scheme that recruited “pension holders who were desperate for money,” including veterans. The pensioners made monthly payments to FIP in exchange for a lump sum payment or loan. Prosecutors said the adjusted annual percentage rate on the transactions often exceeded 100%.
The US Attorney Sherri Lydon said, “The scheme alleged in this indictment took advantage of pensioners facing difficult financial situations — including veterans of the U.S. armed forces — and preyed upon innocent investors to the tune of roughly $300 million. Along with our law enforcement partners, the U.S. attorney’s office will continue to hold accountable those who flout our laws and line their own pockets by robbing individuals of their hard-earned money.”
Currently Scott Kohn is in federal custody. If Kohn is convicted, he could face up to 20 years in federal prison and a fine of $250,000.
Did your broker/dealer sell you shares in the alleged Ponzi scheme orchestrated by Scott Kohn, Future Income Payments, LLC, or any of the other names it was allegedly sold under?
Other possible names that may have been used for Future Income Payments, LLC:
- Cash Flow Investment Partners, LLC
- Pension Advance, LLC
- BuySell Annuity, Inc.
- Cash Flow Investment East, LLC
- Cash Flow Investment Partners Mideast, LLC
- Lumpsum Pension Advance Atlantic, LLC
- Lumpsum Pension Advance Southeast, LLC
- Lumpsum Settlement West, LLC
- PAS Caifornia, LLC
- PAS Great Lakes, LLC
- PAS Northeast LLC
- PAS Northwest, LLC
- PAS Southwest, LLC
- Pension Advance Carolinas, LLC
- Pension Advance Midwest, LLC
- Pension Loans South, LL
Thousands of investors have suffered losses due to their broker/dealers recommending to them Future Income Payments, LLC. You may be able to file a lawsuit against your broker/dealer who recommended FIP, the alleged Ponzi scheme, to you or your loved ones. Contact Soreide Law Group and have an experienced securities lawyer evaluate your case at no cost to you at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis. No fee to you if no recovery.