Articles Posted in Future Income Payments

On June 8, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Titan Securities entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Titan Securities consented to a censure and $20,000 fine.  The sanctions are a result of Titan Securities’ failure to properly conduct an evaluation of a broker’s proposed sale of Future Income Payments to customers.

Unrelatedly, just last week, Titan Securities CEO and owner Brad Brooks was suspended for one year for failing to supervise a broker’s outside business activities between 2009 and 2012.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019061705101

The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Louis Olave from the securities industry for three months and ordered him to pay a $5,000 fine.  FINRA sanctioned Mr. Olave because he solicited seven clients to purchase $217,477 worth of Future Income Payments, LLC.   This blog has previously written about Future Income Payments, LLC.

Mr. Olave was a financial advisor with Questar Capital Corporation at the time of the alleged conduct.  He has since moved to Lincoln Investment.

Iorio Altamirano LLP is interested in speaking with customers of Mr. Olave or Questar Capital Corporation.   Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Richard Scott Shelley from the securities industry for one month and ordered him to pay a $5,000 fine.  FINRA sanctioned Mr. Shelley because he solicited a client to purchase $29,500 worth of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

Mr. Reed was a financial advisor with Packerland Brokerage Services, Inc.  (“Packerland”) in Palm City, Florida, from December 2002 until December 2020.

Iorio Altamirano LLP is interested in speaking with customers of Mr. Shelley or Packerland Brokerage Services, Inc.   Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.

In October 2020, FINRA suspended financial advisor Neemit M. Shah (CRD #4812480) for six months from the securities industry and ordered him to pay a $5,000 fine.  These sanctions arose from Mr. Shah’s solicitation of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between March 2016 and April 2016, Neemit Shah participated in private securities transactions totaling $408,000, without prior disclosure and approval from his employer at the time, MML Investors Services, LLC.  Specifically, FINRA alleged:

  • From March through April 2016, Shah solicited investors to purchase $408,000 in securities of Future Income Payments, LLC.

In June 2020, FINRA suspended financial advisor Micha W. Patterson (CRD #5562392) for one month from the securities industry and ordered him to pay a $5,000 fine.  These sanctions arose from Mr. Patterson’s solicitation of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between June 2017 and November 2017, Micah Patterson participated in private securities transactions totaling $30,644 without prior disclosure and approval from his employer at the time, MML Investors Services, LLC.  Specifically, FINRA alleged:

  • From June through November 2017, Patterson solicited an investor to purchase $30,644 in securities of Future Income Payments, LLC.

FINRA has suspended stockbroker David T. Phillips (CRD #3094195) for nine months from the securities industry and ordered him to pay a $5,000 fine.  These sanctions arose from Mr. Phillips’ solicitation of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between May 2017 and April 2018, David Phillips participated in private securities transactions totaling $876,636, without prior disclosure and approval from his employer at the time, ProEquities, Inc.  Specifically, FINRA alleged:

  • Between May 2017 and April 2018, Mr. Phillips solicited eight investors to purchase $876,363 in securities of Future Income Payments, LLC.

FINRA has suspended stockbroker Troy R. Baily (CRD #4458930) for six months from the securities industry and ordered him to pay a $5,000 fine.  These sanctions arose from Mr. Baily’s solicitation of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between February and May 2017, Troy Baily participated in private securities transactions totaling $210,000, without prior disclosure and approval from his employer at the time, Sagepoint Financial, Inc.  Specifically, FINRA alleged:

  • Between February and May 2017, Mr. Baily solicited investors to purchase $210,000 in securities of Future Income Payments, LLC.

FINRA has suspended stockbroker Lonna Rae Dehn Ristvedt (CRD #2277778) for four months from the securities industry and ordered her to pay a $5,000 fine.  These sanctions arose from Ms. Dehn Ristvedt’s solicitation of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

FINRA alleged that in June 2015, Lonna Rae Dehn Ristvedt participated in private securities transactions totaling $163,320 without prior disclosure and approval from her employer at the time, National Planning Corporation.  Specifically, FINRA alleged:

  • In June 2015, Ms. Dehn Ristvedt solicited two investors to purchase $163,320 in securities of Future Income Payments, LLC.

FINRA has suspended stockbroker John A. Westbrook (CRD #1846059) for five months from the securities industry and ordered him to pay a $5,000 fine.  These sanctions arose from Mr. Wesbrook’s solicitation of Future Income Payments, LLC.  This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between October 1, 2016, and May 9, 2017, John Westbrook participated in private securities transactions totaling $350,335, without prior disclosure and approval from his employer at the time, Center Street Securities, Inc.  Specifically, FINRA alleged:

  • Between October 1, 2016, and May 9, 2017, Mr. Westbrook solicited three investors to purchase $350,335 in securities of Future Income Payments, LLC.

Investors Suffered $300 Million In Losses After Financial Advisors Across The Country Inappropriately Recommended Customers Invest In This Ponzi Scheme

Future Income Payments, LLC:  A Ponzi Scheme

Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.” Future Income Payments, LLC reportedly promised investors a 6.5% to 8% rate of return. In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

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