“These pension payments illustrate the problems with the financial services industry selling opaque, high-commission private investments,” Peiffer said.
In a letter sent to investors in April, Kohn said his company was suffering from “intense regulatory pressure and legal expense,” and investors had been told there were “no guarantees [they] would receive all payments,” according to the Wall Street Journal.
Kohn’s company was located in a strip mall outside Las Vegas but the offices appear closed. Lawyers involved in suits filed by other victims say the collapse of the company have left investors stranded.
Kohn formed Future Income in 2011, company records show. In 2016, he set up a separate company, Future Income Payments LLC, controlled by a Philippines-based corporation with Kohn as the sole owner, according to a complaint filed last year by Minnesota regulators. In an earlier case, Kohn previously pleaded guilty to trafficking in counterfeit goods in 2006 and served 15 months in federal prison, the Wall Street Journal said.