Future Income Payments (FIP) stopped paying investors in April 2018. We estimate that FIP and/or its affiliated raised approximately $600 million dollars between 2011-2018. There are approximately 4000 investors and 27,000 pension sellers. We represent hundreds of investors. On January 2, 2019, The Sarachek Law Firm on behalf of various petitioners filed an involuntary chapter 7 petition against FIP in the United States Bankruptcy Court for the Central District of California. Prior to this, the primary legal action was a complaint filed by the Bureau of Consumer Financial Protection against FIP for Violations of the Consumer Financial Protection Act of 2010 and The Truth In Lending Act filed in the United States District Court For the Central District of California, Southern Division (Case No. 8:18-cv-01654). Various State Attorneys General have also filed cases and most recently the State of Virginia obtained a $31 million default judgment.
Should you require further information, please contact us at 646 517-5420.