Mr. Olave was a financial advisor with Questar Capital Corporation at the time of the alleged conduct. He has since moved to Lincoln Investment.

Iorio Altamirano LLP is interested in speaking with customers of Mr. Olave or Questar Capital Corporation. Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020065678101

On April 7, 2021, Mr. Olave and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”). The FINRA AWC alleged:

• Between October 26, 2017, February 27, 2018, Respondent solicited seven investors to purchase $217,477 in securities of Future Income Payments, LLC (FIP).
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Olave received a total of $3,795 in commissions associated with the Future Income Payments, LLC transaction.
• Quester Capital Corporation prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Olave did not provide notice to Questar Capital Corporation before soliciting his elderly customers to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

When a financial advisor participates in a private securities transaction that is not approved by a firm, it is referred to as “selling away.” The prohibitions on selling away are designed to protect investors by ensuring that all brokers’ activities are reasonably supervised by firms that employ them. Further, securities that are sold away from a firm have not been vetted by the firm.

Financial Advisor Louis Mauric Olave (CRD No. 5904834)

Mr. Olave has nine years of experience in the securities industry and has been associated with the following firms:

• Lincoln Investment in Burlington, VT, from February 2019 to the present.
• Questar Capital Corporation in Burlington, VT, from November 2015 to February 2019.
• Proequities, Inc. in Rutland, VT, from May 2011 to November 2015.

In his nine-year career, Mr. Olave has been the subject of at least four customer disputes:

• Customer Dispute (April 2020): A customer filed a securities arbitration complaint against Mr. Olave alleging $24,000 in damages as a result of Mr. Olave and Questar Capital Corporation’s unsuitable investment advice to purchase $25,000 in securities of Future Income Payments, LLC. The investment represented half of her net worth. An arbitration panel found in favor of the customer and awarded the customer nearly $24,000 in damages.
• Customer Dispute (April 2019): A customer made a written complaint directly to Questar Capital Corporation. The complaint alleged that in April 2018, the client made a $50,0000 purchase, with the proceeds from a surrender annuity, into a structured cash flow offering that was supposed to provide her a monthly income. The client did not receive any income or her principal back. The firm denied the customer any compensation. The customer did not file a securities arbitration complaint and still presumably has legal rights to seek a recovery.
• Customer Dispute (November 2014): A customer made a written complaint directly to Proequities Inc. alleging that the recommendation and sale of annuities were unsuitable given her retirement and liquidity needs. The firm denied her any compensation. The customer did not file a securities arbitration complaint.
• Customer Dispute (November 2014): A customer made a written complaint directly to Proequities Inc. alleging that the recommendation and sale of annuities were unsuitable given her retirement and liquidity needs. The firm denied her any compensation. The customer did not file a securities arbitration complaint.

Questar Capital Corporation: A Duty to Supervise

Financial institutions, like Questar Capital Corporation, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Losses or Obtain a Free Consultation

When an investor suffers investment losses due to misconduct by a financial advisor or broker-dealer, the investor can file a securities arbitration claim against their financial advisor and/or broker-dealer in an effort to be compensated.

Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who can navigate the arbitration process and effectively advocate on their behalf.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

If you have lost money with broker Louis Olave, Lincoln Investment, or Questar Capital Corporation, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Mr. Reed was a financial advisor with Packerland Brokerage Services, Inc. (“Packerland”) in Palm City, Florida, from December 2002 until December 2020.

Iorio Altamirano LLP is interested in speaking with customers of Mr. Shelley or Packerland Brokerage Services, Inc. Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020065315901

On March 3, 2021, Mr. Shelley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”). Specifically, FINRA alleged:

• In July 2016, Mr. Shelley sold an investor $29,500 in Future Income Payments, LLC security.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Shelley received a total of $1,475 in commissions associated with the Future Income Payments, LLC transaction.
• Packerland prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Shelley did not provide notice to Packerland before soliciting the investor to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Financial Advisor Richard Scott Shelley (CRD No. 2671545)

Mr. Shelley has 23 years of experience in the securities industry and has been associated with at least one firm that FINRA has expelled. Mr. Reed has been associated with the following firms:

• Packerland Brokerage Services, Inc. in Palm City, FL, from December 2002 – December 2020.
• High Mark Securities in Lakeland, FL, from April 2002 – December 2002.
• Packerland Brokerage Services, Inc in Green Bay, WI, from March 2000 – April 2002.
• Signator Investors, Inc. in Boston, MA, from November 1998 – March 2000.
• Gruntal & Co., L.L.C. in New York, NY, from May 1997 – February 1998.
• Capital International Securities Group, Inc. in Miami, FL, from November 1996 – April 1997.
• Joseph Roberts & Co., Inc. in Pompano Beach, FL, from March 1996 – October 1996 (Expelled by FINRA).

Packerland Brokerage Services, Inc: A Duty to Supervise

Financial institutions, like Packerland Brokerage Services, Inc, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Losses or Obtain a Free Consultation

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

If you have lost money with broker Richard Shelley or Packerland Brokerage Services, Inc, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

FINRA alleged that between July 2016 and December 2017, Dee Dee Brooks participated in undisclosed and unapproved private securities transactions totaling $1.77 million. Specifically, FINRA alleged:

• From July 2016 through December 2017, Ms. Brooks solicited investors to purchase $1.77 million in two separate investments, the Woodbridge Group of Companies LLC and Future Income Payments, LLC.
• Woodbridge Group of Companies LLC was a purported real estate investment fund that offered investors profits off short-term construction loans and a return of as much as 6% monthly interest payments.
• Brooks solicited nine investors, five of whom were customers of Signator Investors, Inc., to invest $906,497 in Woodbridge promissory notes.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC generally promised investors a 7% to 8% rate of return.
• Brooks solicited seven investors, six of whom were customers of Signator Investors, Inc., to invest $866,895 in securities of Future Income Payments, LLC.
• Signator Investors, Inc. prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Brooks did not provide notice to Signator Investors, Inc. before soliciting investors to purchase securities of Woodbridge Group of Companies LLC and Future Income Payments, LLC.

Woodbridge Group of Companies LLC offered investors profits off short-term construction loans and a return of as much as 6% monthly interest payments. Instead, investors’ money was shuffled around with more than 275 shell companies to make it appear that the money was being used for loans. Money raised from new investors was used to pay previous investors, a classic Ponzi Scheme. Woodbridge and its former owner, Robert H. Shapiro, defrauded 8,400 investors of $1 billion, including more than 2,000 who lost their retirement savings. In December 2017, Woodbridge filed a voluntary Chapter 11 bankruptcy petition. In October 2019, Robert Shapiro was sentenced to 25 years in prison after pleading guilty to two counts: conspiracy to commit mail and wire fraud and evading federal income taxes.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail fraud and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Ms. Brooks was a financial advisor at Signator Investors, Inc. in Huntington Beach, California, from July 2015 until June 2018. Signator Investors, Inc. allowed Ms. Brooks to resign in June 2018, alleging that it was investigating Ms. Brooks for selling unregistered securities.

According to Ms. Brooks’ BrokerCheck report issued by FINRA, she has also been employed by SCF Securities, Inc. in Huntington Beach, CA and Signator Investors, Inc. in Irvine, CA.

Brokerage firms like Signator Investors, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one customer has already filed a FINRA arbitration complaint against Ms. Brooks and Signator Investors, Inc. related to the solicitation of Woodbridge Group of Companies LLC.

If you have lost money with Dee Dee Brooks or because you invested in Woodbridge Group of Companies LLC or Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential review of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

FINRA alleged that between March 2016 and April 2016, Neemit Shah participated in private securities transactions totaling $408,000, without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

• From March through April 2016, Shah solicited investors to purchase $408,000 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Shah received a total of $8,160 in commissions associated with his sales of Future Income Payments, LLC.
• MML Investors Services, LLC prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Shah did not provide notice to MML Investors Services, LLC before soliciting investors to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Shah was a financial advisor at MML Investors Services, LLC in Glen Allen, Virginia, from December 2016 until November 2018. He was then employed by Northwestern Mutual Investment Services, LLC in Richmond, Virginia, from September 2019 until May 2020.

Brokerage firms like MML Investors Services, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one other financial advisor at MML Investors Services, LLC, Micha W. Patterson, has been sanctioned by FINRA for inappropriately soliciting securities of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

FINRA alleged that between June 2017 and November 2017, Micah Patterson participated in private securities transactions totaling $30,644 without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

• From June through November 2017, Patterson solicited an investor to purchase $30,644 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Patterson received a total of $1,225.76 in commissions associated with his sale of Future Income Payments, LLC.
• MML Investors Services, LLC prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Patterson did not provide notice to MML Investors Services, LLC before soliciting the investor to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Patterson was a financial advisor at MML Investors Services, LLC in Centerville, Utah, from August 2014 until September 2017. He was then employed by Hornor, Townsend & Kent, LLC, as a registered representative in Layton, Utah, from September 2017 until June 2020. Hornor, Townsend & Kent, LLC allowed Mr. Patterson to resign in June 2020 after Mr. Patterson consented to FINRA’s sanctions arising out of his improper solicitation of securities of Future Income Payments, LLC.

Brokerage firms like MML Investors Services, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one other financial advisor at MML Investors Services, LLC, Neemit M. Shah, has been sanctioned by FINRA for inappropriately soliciting securities of Future Income Payments, LLC. Mr. Shah, who worked in MML Investor Services, LLC branch office in Glen Allen, Virginia, solicited $408,000 investors to purchase $408,000 in securities of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

FINRA alleged that between May 2017 and April 2018, David Phillips participated in private securities transactions totaling $876,636, without prior disclosure and approval from his employer at the time, ProEquities, Inc. Specifically, FINRA alleged:

• Between May 2017 and April 2018, Mr. Phillips solicited eight investors to purchase $876,363 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Phillips received a total of $33,184 in commissions associated with his sales of Future Income Payments, LLC.
• ProEquities, Inc. prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Phillips did not provide notice to ProEquities, Inc. before soliciting investors to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Phillips was a financial advisor at ProEquities, Inc. in Gilbert, Arizona from February 2007 until December 2017. He was then employed by Moloney Securities Co. Inc. as a registered representative for one year, from November 2017 to November 2018. Moloney Securities Co. Inc. terminated Mr. Phillips’ employment alleging that he failed to following the firm’s policies and procedures with respect to outside business activity.

Brokerage firms like ProEquities, Inc., must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least two customers has already filed a FINRA arbitration complaint against Mr. Phillips and ProEquities, Inc. related to the solicitation of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

FINRA alleged that between February and May 2017, Troy Baily participated in private securities transactions totaling $210,000, without prior disclosure and approval from his employer at the time, Sagepoint Financial, Inc. Specifically, FINRA alleged:

• Between February and May 2017, Mr. Baily solicited investors to purchase $210,000 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 7% to 8% rate of return.
• Baily received a total of $8,900 in commissions associated with his sales of Future Income Payments, LLC.
• Sagepoint Financial, Inc. prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Baily did not provide notice to Sagepoint Financial, Inc. before soliciting investors to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Baily was a financial advisor at Sagepoint Financial, Inc. in Omaha, Nebraska, from April 2014 to September 2014, and then again from November 2016 through March 2018.

Brokerage firms like Sagepoint Financial, Inc., must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one customer has already filed a FINRA arbitration complaint against Mr. Baily and Sagepoint Financial, Inc. related to the solicitation of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

FINRA alleged that in June 2015, Lonna Rae Dehn Ristvedt participated in private securities transactions totaling $163,320 without prior disclosure and approval from her employer at the time, National Planning Corporation. Specifically, FINRA alleged:

• In June 2015, Ms. Dehn Ristvedt solicited two investors to purchase $163,320 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 6.5% to 8% rate of return.
• Dehn Ristvedt received a total of $5,457 in commissions associated with her sales of Future Income Payments, LLC.
• National Planning Corporation prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Dehn Ristvedt did not provide notice to National Planning Corporation before soliciting investors to purchase securities of Future Income Payments, LLC.
• Dehn Ristvedt incorrectly attested on an Annual Compliance Questionnaire that she did not participate in private securities transactions.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Ms. Dehn Ristvedt was a financial advisor at National Planning Corporation in Fargo, North Dakota, from July 2010 until November 2017. She then worked at LPL Financial LLC in Fargo, North Dakota, from November 2017 until November 2019.

Brokerage firms like National Planning Corporation must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

FINRA alleged that between October 1, 2016, and May 9, 2017, John Westbrook participated in private securities transactions totaling $350,335, without prior disclosure and approval from his employer at the time, Center Street Securities, Inc. Specifically, FINRA alleged:

• Between October 1, 2016, and May 9, 2017, Mr. Westbrook solicited three investors to purchase $350,335 in securities of Future Income Payments, LLC.
• Future Income Payments, LLC represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream to investors.”
• Future Income Payments, LLC reportedly promised investors a 6.5% to 8% rate of return.
• Westbrook received a total of $14,013 in commissions associated with his sales of Future Income Payments, LLC.
• Center Street Securities, Inc. prohibited its financial advisors from participating in private securities transactions without prior written approval from the firm.
• Westbrook did not provide notice to Center Street Securities, Inc. before soliciting investors to purchase securities of Future Income Payments, LLC.

In April 2018, Future Income Payments, LLC ceased business, owing nearly $300 million in unpaid investor payments to over 2,600 individuals. In March 2019, Future Income Payments, LLC and its owner, Scott A. Kohn, were indicted by a Federal Grand Jury alleging a conspiracy to engage in mail and wire fraud. According to the indictment, Future Income Payments, LLC operated a Ponzi scheme.

Mr. Westbrook was a financial advisor at Center Street Securities, Inc. in Montgomery, Alabama, from September 2014 until February 2020. Center Street Securities, Inc. terminated him in February 2020 for allegedly failing to follow firm policy and procedures.

Brokerage firms like Center Street Securities, Inc., must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.

According to public records, at least one customer has already filed a FINRA arbitration complaint against Mr. Westbrook and Center Street Securities, Inc. related to the solicitation of Future Income Payments, LLC.

If you have lost money because you invested in Future Income Payments, LLC, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a boutique law firm located in the heart of New York City. Iorio Altamirano LLP represents investors nationwide who have suffered investment losses due to securities fraud.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.