Losing your money in a failed investment can be devastating to your family and your future. You placed your trust in a broker or financial advisor only to find out that they breached that trust and did not act in your best interests. You may have a claim to recover for your financial and investment losses.
Rikard and Protopapas LLC represents investors in securities arbitrations and litigation. Many investors are not even aware that they may have a legal right to recover for their losses when they are the victims of unsuitable investments or broker and financial advisor misconduct. Financial advisors and stockbrokers are licensed professionals and they must follow the law when handling investments for their clients.
We Represent FIP Investors
If you invested in Future Income Payments (a/k/a Structured Cash Flows) and stopped receiving your monthly payments, we will fight to get your money back. We are fighting on behalf of investors across the country that were put into FIP contracts through their advisors, agents, Field Marketing Organizations (FMO’s), and companies like Live Abundant, ShurWest, or Hidden Wealth Solution.
We are already in discussions with defense firms that are representing advisors and agents around the country on behalf of our current clients. If you invested in FIP, Contact Us Today by calling 803-978-6111 or by filling out an online Contact Form for a FREE Consultation. Concerns about investment fraud are serious, and we are committed to fighting on behalf of investors.
Future Income Payments Securities Fraud Investigation | FIP Lawsuits
If you invested in Future Income Payments (“FIP”), the securities attorneys at Rikard & Protopapas may be able to help you recover any losses. If you were advised to invest in FIP, we are investigating claims against the sales agents that sold and/or recommended FIP “investments.” Also, these FIP “investments” were typically coupled with a purchase of a life insurance policy. If that was the case for you, we will fight to recover your premiums.
According to FIP’s website, they claim to be “the industry leader and an innovator in buying and selling secondary market pension cash flows, often referred to as Structured Cash Flows.” However, state officials in multiple states have issued cease and desist orders, accusing FIP of issuing loans without a license and disguising them in “sales agreements.” However, multiple state regulators have agreed that FIP’s pension sales are actually loans.
The state of New York shut down FIP for “fraudulent and illegal practices.” Additionally, New York fined FIP for $500,000, ordered FIP to cease operations and repay collected interest charges for allegedly “operating illegally in the state” and charging customers up to 183% interest. Additionally, since being shut down in California, Future Income Payments (FIP, LLC) last operated out of Nevada.
Rikard & Protopapas is currently investigating claims for anyone who has invested in Future Income Payments (FIP, LLC). If you or someone you know invested in Future Income Payments, Contact Us Today by calling 803-978-6111 or by filling out an online Contact Form for a FREE Consultation. Concerns about possible broker or advisor misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors.
Lawsuits Mount Against FIP for Illegal High-Interest Loan Scheme
Embattled Future Income Payments, LLC continues to be sued for an illegal high-interest loan scheme that targeted the pensions of retired veterans and public servants.
Future Income Payments (“FIP”) targeted pensioners — often elderly veterans with military pensions and public servants with pensions — with illegal loans disguised as “sales” that could provide purchasers with a quick lump sum of cash, according to one lawsuit.
In most cases, pensioners thought they were making a sale of a portion of their pension, which is an asset, in a one-time transaction. As it turned out, it was a loan against the pension with payback “interest rates that were sky high,” said Michael Kelly, spokesman for the Virginia Office of the Attorney General.
The high-interest loans carried rates as high as 183 percent,
which far exceeds the applicable 12 percent annual interest cap mandated by State law, according to one complaint. Thus, it is alleged that FIP engaged in lending practices that violated State Consumer Protection Acts.
“These companies and their owner took advantage of [consumers] who earned their pensions through years of dedication to our nation’s armed forces and as civil servants,” one Attorney General said in a statement. “We’re going to do everything we can to get veterans and other retirees their money back, and to wipe out the debt remaining on any illegal loans.”
These men and women served [our country], and they deserve better than to have their life savings drained by an illegal, but cleverly disguised, predatory loan.
States/Jurisdictions Where FIP Entered into Cease and Desist Orders
- North Carolina
States/Jurisdictions with Pending Agency Action or Investigation
- West Virginia
- South Carolina
FREE Consultation | 803-978-6111
Rikard & Protopapas is currently investigating claims for anyone who invested in Future Income Payments (FIP, LLC). If you or someone you know invested in Future Income Payments, Contact Us Today by calling 803-978-6111 or by filling out an online Contact Form for a FREE Consultation. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors.
If you believe that you may have a case, it is important to act quickly in order to file a claim within the statute of limitations. Call today to have your case evaluated.
You deserve to have an attorney that understands your investment loss needs. If you have lost money because of fraud or misconduct, you deserve to recover for those losses. You also deserve a lawyer that understands the process, the litigation, and the seriousness of these issues affecting your personal and professional life. Please contact the team at Rikard and Protopapas LLC to have your case evaluated at 803-978-6111.