Ringleader of pension fraud scam adapted to IUL sales sent to prison

August 22, 2022 by Staff Reports

The man behind a pension fraud scheme that was adapted to indexed universal life sales, resulting in millions of retirement fund losses, dozens of lawsuits and a high-profile bankruptcy was sentenced to 10 years in prison Friday.

Authorities say Scott Kohn, 68, of Newport, California, caused $310 million in losses to more than 2,500 retirees and placed more than 13,000 veterans into exploitative loans.

Kohn ran a corporation called Future Income Payments LLC (FIP), formerly known as Pensions, Annuities, and Settlements LLC.

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Originally Posted at InsuranceNewsNet on August 22, 2022 by Staff Reports.