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Violation Tracker Individual Record

Company: Future Income Payments, LLC
Penalty: $500,000
Year: 2016
Date: October 20, 2016
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Department of Financial Services entered into a consent order with Future Income Payments, LLC and its owner requiring them to return ill-gotten funds to consumers and pay a $500,000 fine while banning them from engaging in all consumer-related transactions within New York State and with any New York resident. The action was taken after a DFS investigation found the company intentionally misrepresented the transactions which involved pensioners borrowing lump sum payments in exchange for some or all of their monthly pension benefits.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.