I am continuing to work on issues involving pension harvesting schemes. Retirees are the prey for these companies. They identify senior citizens in need of cash and tell them they can get them money secured by their pensions. Here's where it gets weird. We think of arrangements where you get money now and pay back money in installments as loans. These companies sell contracts that do just that, give you money up front that you pay back, but the companies claim they aren't loans. They claim they are turning your pension into annuities and selling the annuities to outside investors. As far as the retiree is concerned, though there is no functional difference between these annuity contracts and loans, EXCEPT the retirees don't get the disclosure and legal protections that consumers are supposed to get in loans. I think most of these contracts are illegal loans as to the retiree, and I think most of them are illegal securities as to the investors. Here are some companies that have been identified in this industry. If you have a problem with one of these, please contact me. I will be happy to link you up with a NACA-member consumer lawyer in your area.
LumpSum Pension Advance, Pension Funding LLC
Pensions Annuities & Settlements LLC
Pension Income LLC
Cash Flow Investment Partners
DFR Pension Funding
Veterans Benefit Leverage
Voyager Financial Group LLC (Pension4Case/Cash Out My Pension/Buy Your Pension)
First American Finance Corp. and Investing Forward (Termbrokers LLC).
Check out the SEC alert, entitled “Pension or Settlement Income Streams: What You Should Know before Buying or Selling Them” is available at www.sec.gov/investor/alerts/ib_income_streams.pdf
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