Securities Lawyers Blog
According to BrokerCheck records financial advisor Kari Bracy (Bracy), currently employed by NYLife Securities LLC (NYLife Securities) has been subject to one customer complaint during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaint against Bracy concerns allegations of unsuitable investments in Future Income Payments, Inc. (FIP). Bracy has several disclosed outside business activities including Amani Properties, LLC and his d/ba/a name Mahoney Financial Organization, LLC and Wahby Financial Group LLC.
In July 2018 a customer complained that Bracy recommended an investment in Future Income Payments, Inc. a private securities transaction, was misrepresented as a conservative and safe investment with a 7.5% annual return for ten years. The claim alleged $142,697.27 in damages and settled for $80,000.
The law offices of Gana Weinstein LLP have been investigating investor recovery options due to the alleged pay advance fraud scheme orchestrated by Future Income Payments, LLC (Future Income Payments) also known as Pensions, Annuities, and Settlements, LLC, and its owner Scott Kohn (Kohn). Future Income Payment is an unregistered and illegal security offering. Numerous state and local regulators and agencies also have concluded that FIP product violates a host of laws including securities, loan laws, usury laws, elder abuse, and consumer protection laws.