Financial Consultant Sued Over Illegal Loan Scheme Losses

By Ben Zigterman (January 12, 2022, 9:13 PM EST) -- Financial consultant Quantum Group USA LLC was hit with a proposed class action seeking to recover damages on behalf of people who say the company's predecessor sold them life insurance policies that were linked to illegal loans.

In a suit filed Tuesday in Arizona federal court, policyholders Eleanor and Rocco Ciofoletti and Larry Stospal named Quantum's predecessor as Shurwest LLC and said the company breached its fiduciary duty by continuing to sell the structured cash flow products from now-defunct Future Income Payments LLC through 2018 despite the company being investigated by state authorities since at least 2015.

It sold the FIP...

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