In 2015, California's Attorney Generalsent FIP a cease-and-desist order, instructing the firm to stopoperating in the state because its services amounted to predatorylending, and the firm was not licensed through state bankingregulators. (Photo: Shutterstock)
Five lawsuits against individuals serving as middlemen marketershave been filed across the country on behalf of investors instructured cash flow arrangements originated by Future IncomePayments LLC (FIP) a Las Vegas-based firm founded by a convictedfelon.
The five lawsuits are the first wave in what attorneys for theplaintiffs describe as a nation-wide predatory scheme that couldresult in losses of up to $100 million for investors and implicateas many as 368 brokers, advisors, and insurance agents that soldthe investments.
'Complicit network of middlemen'
“This massive scam could not have happened without a complicitnetwork of middlemen,” said Joseph Peiffer, managing shareholder atPeiffer Wolf Carr & Kane, the law firm representing theplaintiffs, in a press call.
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