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Attorney General of Virginia For news inquiries just, contact: Michael Kelly, Director of Communications

Attorney General of Virginia For news inquiries just, contact: Michael Kelly, Director of Communications

Attorney General of Virginia For news inquiries just, contact: Michael Kelly, Director of Communications

Commonwealth of Virginia workplace for the Attorney General

Mark Herring Attorney General

202 North Ninth Street Richmond, Virginia 23219

For news inquiries just, contact: Michael Kelly, Director of Communications mobile: (804)786-5874 e-mail: This current email address has been protected from spambots. You will need JavaScript enabled to see it.

ATTORNEY GENERAL HERRING SUES “RETIREMENT SALE” COMPANIES FOR HIGH-COST, PROHIBITED LOANS THAT TARGETED RETIRED VETERANS AND GOVERNMENT WORKERS

AG Herring Seeks Restitution and Loan Forgiveness for 650 Affected Virginia Pensioners including Veterans and Public Servants

RICHMOND (March 7, 2018) – Attorney General Mark R. Herring has filed a lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner, Scott Kohn (collectively, “FIP”), for presumably making unlawful loans holding interest that is annual up to 183per cent, as well as for financing practices that violated the Virginia customer Protection Act. Based on Attorney General Herring’s suit, FIP specifically targeted Virginia pensioners-often senior veterans with army retirement benefits and general general general general general general general public servants with retirement benefits through the Virginia pension System-with unlawful loans disguised as “sales” which could offer purchasers by having a lump that is quick of money. Attorney General Herring thinks the organization made significantly more than 950 unlawful loans to at the least 650 pensioners in Virginia, focused within the Hampton Roads area having its significant veteran population.

The Complaint cites the crazy exploitation of just one Virginia veteran whom, once the grievance alleges, received a $5,500 loan from FIP and had been necessary to spend $40,920 over 5 years, leading to an APR of 137per cent, a lot more than 10 times Virginia’s 12% interest limit on installment loans. Leer más Acerca deAttorney General of Virginia For news inquiries just, contact: Michael Kelly, Director of Communications