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Wall Street Journal: Secondary Insurance Market Company Disappears, Leaving Investors Stranded

Wall Street Journal: Secondary Insurance Market Company Disappears, Leaving Investors Stranded

The Wall Street Journal recently reported that Future Income Payments, LLC, has apparently collapsed and left investors “stranded.” In an article published July 24 (here), the Journal last month said that the company “appears shut” and the man who ran it, Scott Kohn, has disappeared. The Journal said that Kohn was a  “64-year-old felon” who “ran a company from a Nevada strip-mall mailbox” and that investors now say the company “took them for more than $100 million in losses.” Said…

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Court Rules Against Pension Factoring Company That Challenged Consumer Financial Protection Bureau’s Authority, Investigation

Court Rules Against Pension Factoring Company That Challenged Consumer Financial Protection Bureau’s Authority, Investigation

A federal court has upheld the constitutionality of the Consumer Financial Protection Board’s structure, and further found that the CFPB’s investigation into a pension factoring company’s business practices was neither overboard nor outside the CFPB’s jurisdiction. In Consumer Fin. Prot. Bureau v. Future Income Payments, LLC, Case No. SACV 17-00303-JLS ((SSx), 2017 U.S. Dist. LEXIS 80074 (C.D. Cal. May 17, 2017), Judge Josephine L. Staton of the federal district court for the Central District of California granted the CFPB’s petition…

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Factoring Company’s Identity Revealed: Future Income Payments Is the ‘John Doe’ Company Fighting the Consumer Financial Protection Board

Factoring Company’s Identity Revealed: Future Income Payments Is the ‘John Doe’ Company Fighting the Consumer Financial Protection Board

A company that has been fighting the Consumer Financial Protection Bureau’s jurisdiction and authority to issue a civil investigative demand – and did so under the name “John Doe Company” because it said its business would be harmed if its identity were known – has now been revealed. The company is Future Income Payments, LLC. And the CFPB issued its civil investigative demand to look into whether the company violated any federal law in connection with transactions involving pensions, annuities,…

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