Palm City, Florida Financial Advisor, Richard Shelley, Formerly of Packerland Brokerage Services, Inc., Suspended by FINRA

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.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020065315901

On March 3, 2021, Mr. Shelley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”).  Specifically, FINRA alleged:

  • In July 2016, Mr. Shelley sold an investor $29,500 in Future Income Payments, LLC security.
  • 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 7% to 8% rate of return.
  • Shelley received a total of $1,475 in commissions associated with the Future Income Payments, LLC transaction.
  • Packerland prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
  • Shelley did not provide notice to Packerland before soliciting the investor to purchase securities of Future Income Payments, LLC.

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.

Financial Advisor Richard Scott Shelley (CRD No. 2671545)

Mr. Shelley has 23 years of experience in the securities industry and has been associated with at least one firm that FINRA has expelled.  Mr. Reed has been associated with the following firms:

  • Packerland Brokerage Services, Inc. in Palm City, FL, from December 2002 – December 2020.
  • High Mark Securities in Lakeland, FL, from April 2002 – December 2002.
  • Packerland Brokerage Services, Inc in Green Bay, WI, from March 2000 – April 2002.
  • Signator Investors, Inc. in Boston, MA, from November 1998 – March 2000.
  • Gruntal & Co., L.L.C. in New York, NY, from May 1997 – February 1998.
  • Capital International Securities Group, Inc. in Miami, FL, from November 1996 – April 1997.
  • Joseph Roberts & Co., Inc. in Pompano Beach, FL, from March 1996 – October 1996 (Expelled by FINRA).

Packerland Brokerage Services, Inc:  A Duty to Supervise

Financial institutions, like Packerland Brokerage Services, Inc, must properly supervise financial advisors and customer accounts.  Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations.   When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Losses or Obtain a Free Consultation

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

If you have lost money with broker Richard Shelley or Packerland Brokerage Services, Inc, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at, or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.


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