What You Need to Know
- From April 2011 until April 2018, a nationwide Ponzi scheme targeted military veterans and older investors.
- The defendants worked through a network of hundreds of financial advisors and insurance agents across the U.S.
- Thousands of retired investors were solicited to buy structured cash flows from Scott Kohn and his co-conspirators.
The mastermind behind a nationwide Ponzi scheme that stole over $310 million from military pension holders, retirees and others was sentenced to 10 years in prison on Thursday, according to court documents and the Justice Department.
Judge Bruce Hendricks of the U.S. District Court for the District of South Carolina also ordered Scott Kohn, 68, of Newport, California, to forfeit $297 million and be placed on supervised release for three years after completing his prison term.
From April 2011 until April 2018, Kohn and his co-conspirators targeted military veterans in desperate financial situations and older investors who sought a safe retirement investment, the Justice Department said.
‘Hundreds’ of Advisors Involved
The Justice Department indicted Kohn and the company he ran, Future Income Payments (previously Pensions, Annuities, and Settlements), on March 12, 2019, alleging the defendants, working through a network of “hundreds” of financial advisors and insurance agents across the U.S., solicited thousands of retired investors to buy structured cash flows from Kohn and FIP.
Kohn and his…
