Man who reportedly swindled veterans out of retirement and disability pay for 7 years fined $1
January 30, 2019
Bilk veterans out of disability and retirement pay for seven years? Your settlement, sir, is a McChicken sandwich.
A man accused of issuing cash-advance loans with excessively high-interest rates to veterans while disguising the transactions as interest-free sales was ordered to pay a settlement after it was determined he “caused substantial injury” by swindling veterans out of their disability and retirement pay.
Serving as a financial agent for several lending companies from 2011 to 2018, Mark Corbett would reportedly offer to send lump sum payments to veterans — some payments were in the tens of thousands of dollars — in exchange for receiving all or part of the veteran’s monthly pension or disability payments for a period of five to 10 years, according to a Jan. 23 consent order.
And what did the Consumer Financial Protection Bureau deem to be a necessary settlement for these fraudulent transactions? One dollar, which he was comically ordered to pay within 10 days via wire transfer or else suffer the accrual of interest on said dollar.
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