A man accused of giving cash advances 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 had ” caused serious harm “by swindling veterans off of their disability and retirement allowance.
A financial agent for several loan companies from 2011 to 2018, Mark Corbett is said to have offered to send lump sum payments to veterans – some payments amounting to tens of thousands of dollars – in return for receiving all or part of the pension. veteran’s monthly. or disability benefits for a period of five to ten years, depending on a January 23 Consent Ordinance.
And what did the Consumer Financial Protection Bureau deem necessary for these fraudulent transactions? A dollar, which he was comically ordered to pay within 10 days by bank transfer or else to suffer the accumulation of interest on the said dollar.
The miniscule sum “counts for Corbett’s inability to pay more based on the sworn financial statements he has provided to the Bureau and Corbett’s continued cooperation with the Bureau’s investigation,” according to the order.
Seven Year Disability and Retirement Veterans Review? Your rule, sir, is a McChicken sandwich.
The office concluded in its investigation that Corbett never accurately conveyed the exorbitant interest charges veterans would incur after signing the contract. Instead, he would have presented the exchange as a sale.
“Please keep in mind this is not a loan,” the new vendor information packet Corbett would send to veterans. “You are selling a product at a fixed price. “
Additionally, Corbett ignored a federal law that prevents pension payments from being reallocated to another party, a law that would have voided contracts put in place by Corbett requiring veterans to access their VA or DFAS online portal. and reconnect their direct deposits to accounts controlled by companies. he worked for.
Several veterans reportedly complained to Corbett that such transactions were illegal, but he would repeatedly reassure them that no laws were being broken, according to the report.
The names of Corbett’s employers were withheld from the report.
Veterans were also required, as part of the contract, to purchase life insurance policies to ensure that any outstanding amounts would still be paid if that Veteran died before all financial obligations were met.
As part of the ruling, Corbett was, unsurprisingly, banned from “negotiating, proposing or arranging agreements between veterans and third parties under which the veteran claims to sell a future right to income from the veteran’s pension.” , according to the ordinance.
An entirely separate federal lawsuit in 2017 filed by three veterans, meanwhile, names Corbett as the one who swindled them out of millions of dollars in retirement and disability awards, Stars and stripes reported.
It is still unclear what effect this ruling will have on this case.
The office partnered with the Arkansas Attorney General’s Office and the South Carolina Department of Consumer Affairs in its investigation.
JD Simkins is a writer and editor for Military Times, and a USMC veteran.