We just did our third case in support of pensioners who got involved in pension assignment contracts. In my opinion, these contracts are illegal not just from the point of view of the seller, but also from the point of view of the buyer as well. From the seller’s point of view, they are disguised loans without required disclosure. From the buyers’ point of view, they are illegal securities. The basic rule of securities law is that, unless an exemption applies, the security must be registered and the seller must be licensed to sell the security. In most of these cases, the security is not registered and the seller is not licensed to sell the security.
Many times these pension securities are sold to unsuspecting buyers by their trusted life insurance agents. These life insurance agents may have a bond and professional liability insurance. This is important because the companies putting these securities together may be practically insolvent or their assets may be out of reach of a reasonable-cost lawsuit. The sellers’ only recourse may be to bring a claim against the life insurance agent or other person who sold them the security.
Note this applies not just to pension securities but other investments that might be sold by brokers and agents. I have seen cases involving illegal church bonds, for example.
If you bought a pension investment that is not performing, or were sold some other type of worthless security from a life insurance agent, including church bonds or unregistered corporate bonds, please call my office at 317-662-4529.
Of course, we still represent consumers who have sold part of their pensions. Here are some of the companies that are involved in the industry
Voyager Financial Group, LLC (also doing business as Pension4Case, Cash out my Pension, Buy Your Pension)
Veterans Benefit League
Cash Flow Investment Partners
LumpSum Pension Advance
Pension Funding, LLC
Pensions Annuities & Settlements LLC
Pension Income LLC
DFR Pension Funding
Veterans Benefit Leverage
First American Finance Corporation
Investing Forward (Termbrokers LLC)