Financial Advisers Sued By Victims Of $100M Loan Scheme

Law360 (August 23, 2018, 9:02 PM EDT) -- Victims of Future Income Payments LLC’s $100 million predatory lending scheme filed five lawsuits Thursday in New Jersey, Texas, Illinois, California and Florida against financial advisers and insurance agents who they say recommended they invest all of their savings into FIP.

The victims, represented by attorneys at Peiffer Wolf Carr & Kane, are targeting the investment advisers and financial planners who billed FIP as a conservative investment plan for their retirement that would guarantee them a monthly income stream. Instead, they were swindled out of their life savings, and many had to return to work to make ends meet, according to...

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