Consumer Financial Protection Bureau filed a complaint against FIP for selling illegal loans and using deceptive business practices
/Furgison Law Group is taking additional clients with claims against Minnesota Life aka Securian Financial related to FIP Structured Settlement Investments
The Consumer Financial Protection Bureau (“CFPB”) filed a complaint against FIP for selling illegal loans and using deceptive business practices. The securities fraud lawyers at Furgison Law Group are filing additional claims against Minnesota Life Insurance Company other financial advisors and insurance agents that sold Future Income Payments ("FIP") or structured settlement investments and Minnesota Life Insurance policies. The arbitration attorneys at Furgison Law Group are investigating allegations of fraud, elder abuse, the sale of unregistered securities, breach of fiduciary duty, unsuitable investment recommendations, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct related to the FIP and life insurance investments.
Allegations of Misconduct
The CFPB complaint includes the following allegations against FIP:
Defendants’ product lures in vulnerable consumers, including senior citizens, disabled military veterans, and their spouses, who are in need of immediate cash;
Defendants offer consumers lump-sum payments in exchange for which the consumers authorize Defendants to periodically debit the accounts in which the consumers deposit their pensions or other future income streams;
Defendants represent to consumers, among other things, that these lump-sum payments are not “loans,” that there is no applicable interest rate, and that the cost of the lump-sum advance is less than that of potential alternative sources of funds, such as credit cards;
Defendants’ product is a loan and is more costly than alternative financial products to which Defendants draw comparisons. Defendants misrepresent material aspects of their product. Defendants thus engage in deceptive acts and practices as well as other violations of “Federal consumer financial law,” 12 U.S.C. §5565(a)(1);
Numerous state and local regulators and agencies also have concluded that Defendants’ product is a loan for purposes of applicable state laws;
Investors Have the Right to Recover Their Losses
When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm and suffered losses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.
Can I recover my investment losses?
If you lost a substantial portion of your retirement savings or other assets as a result of FIP or life insurance investments purchased through Minnesota Life, Securian Financial Services, Inc. or any other advisor or insurance agent, please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.