{"id":51394,"date":"2022-08-18T21:28:27","date_gmt":"2022-08-18T21:28:27","guid":{"rendered":"https:\/\/one.sightlinemg.com\/navytimes\/uncategorized\/2022\/08\/18\/ponzi-scheme-leader-who-preyed-on-vets-sentenced-to-10-years\/"},"modified":"2026-08-08T08:13:16","modified_gmt":"2026-08-08T08:13:16","slug":"ponzi-scheme-leader-who-preyed-on-vets-sentenced-to-10-years","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/navytimes\/veterans\/2022\/08\/18\/ponzi-scheme-leader-who-preyed-on-vets-sentenced-to-10-years\/","title":{"rendered":"Ponzi scheme leader who preyed on vets sentenced to 10 years"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The ringleader of a $300 million Ponzi scheme that targeted veterans and the elderly pleaded guilty and was sentenced Thursday to 10 years in prison.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Scott A. Kohn, a 68-year-old from Newport, California, <a href=\"https:\/\/www.militarytimes.com\/veterans\/2019\/11\/20\/man-charged-in-300m-ponzi-scheme-involving-veterans-investors\/\" target=\"_blank\">was indicted<\/a> in 2019 in South Carolina for a nationwide fraud conspiracy operated through his corporation Future Income Payments LLC from 2011 to 2018.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cKohn and his co-conspirators reached across the country to steal from veterans and seniors who desperately needed their money,\u201d said U.S. Attorney Adair F. Boroughs for the District of South Carolina in a statement Thursday. \u201cThese hundreds of millions in losses will reverberate through the victims\u2019 lives long after the defendants serve well-deserved federal prison sentences.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kohn and his co-conspirators recruited pension holders \u2014 most of them veterans \u2014 in dire financial circumstances and offered them lump-sum payments in exchange for the rights to their monthly pensions and disability benefits, according to court documents. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While FIP framed these transactions as sales, they were essentially loans with exorbitant interest rates, sometimes as high as 240%. Moreover, the buying and selling of military benefits is illegal under federal law.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The conspiracy then sought out retirees looking for safe investments and promised them reliable \u201cstructured cash flows\u201d \u2014 really just the veterans\u2019 monthly pension payments. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As state regulators began clamping down on FIP and pensioners struggled to pay the extremely high interest, FIP relied on funds from earlier investors to pay its newer ones. These transfers of funds from investor to investor made the conspiracy a Ponzi scheme, according to the indictment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, per the indictment, Kohn and his co-conspirators lived \u201clavish lifestyles\u201d thanks to the scheme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the scheme collapsed, 13,000 veterans had taken out the exploitative loans, and more than 2,500 retirees lost a total of $310 million, according to a Justice Department <a href=\"https:\/\/www.justice.gov\/opa\/pr\/california-man-receives-10-year-sentence-following-guilty-plea-south-carolina-fraud\" target=\"_blank\">news release<\/a> Thursday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Following his indictment in March 2019, Kohn went on the run for six months, until U.S. Marshals <a href=\"https:\/\/www.greenvilleonline.com\/story\/news\/local\/2019\/09\/23\/marshals-capture-scott-kohn-accused-sc-preying-veterans\/2418273001\/\" target=\"_blank\">caught him<\/a> on a beach in San Diego.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to his prison sentence, Kohn will have to be on supervised release for three years after he leaves prison and forfeit $297 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Four co-conspirators already pleaded guilty before this year: Kraig S. Aiken, 53, of Rancho Santa Margarita, California; David N. Kenneally, 59, of Greenville, South Carolina; Melanie Jo Schulze-Miller, 40, of Peoria, Arizona; and Joseph P. Hipp, 52, of St. Louis, Missouri. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Their sentencing hearings have not yet been scheduled, according to the Justice Department.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The conspiracy entrapped veterans in exploitative loans, with interest rates as high as 240%.<\/p>\n","protected":false},"author":7,"featured_media":90289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":19,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[101,23,89,12,26,19,65],"tags":[],"coauthors":[3366],"class_list":["post-51394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-home","category-middle-column","category-news","category-newsletters","category-veterans","category-your-navy"],"acf":{"subheadline":"","legacy_arc_id":"MAYBPD7Z5BD7XDRTALLFDH2F5A","arc_canonical_url":"\/veterans\/2022\/08\/18\/ponzi-scheme-leader-who-preyed-on-vets-sentenced-to-10-years\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ponzi scheme leader who preyed on vets sentenced to 10 years - Navy Times<\/title>\n<meta name=\"description\" content=\"The conspiracy entrapped veterans in exploitative loans, with interest rates as high as 240%.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ponzi scheme leader who preyed on vets sentenced to 10 years\" \/>\n<meta property=\"og:description\" content=\"The conspiracy entrapped veterans in exploitative loans, with interest rates as high as 240%.\" \/>\n<meta property=\"og:url\" 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