Kari M Bracy (CRD#: 5656186) has been barred by the Financial Industry Regulatory Authority (FINRA) after failing to provide testimony during an investigation. The FINRA investigation, according to their Letter of Acceptance, Waiver, and Consent, was regarding her “sale of a Future Income Payments, LLC’s structured cash flow investment comprised of pension streams.”
Bracy hwas a licensed broker for the past nine years, during which time she worked exclusively for NYLife Securities LLC. On July 31, 2018, a customer filed a dispute alleging that “in December 2017 her investment in Future Income Payments, LLC (FIP), a private securities transaction, was misrepresented as a conservative and safe investment with a 7.5% annual return for ten (10) years.” The dispute was settled for $80,000. Bracy was terminated from her position with NYLife in January 2019.
In order to conduct a thorough investigation, FINRA sent Bracy a request for her testimony regarding the sale mentioned above of a Future Income Payments, LLC’s structured case flow investment. Bracy did not appear, violating FINRA Rules 8210 and 2010. FINRA, on January 23, 2020, took a regulatory action barring Bracy from acting as a broker or from associating with a broker-dealer firm indefinitely.
The U.S. Department of Justice has issued an indictment for Future Income Payments, LLC (FIP) alleging that the entity was a Ponzi Scheme, “victimizing over 2.600 individuals.” The Bureau of Consumer Financial Protection (BCFP) has also filed a complaint against the FIP alleging that they “violated the Consumer Financial Protection Act of 2010” and the Truth in Lending Act. In addition, other regulatory actions throughout the country are conducting investigations or have taken action against the entity.
Investors whose stockbrokers misrepresented material information or made unsuitable investment recommendations resulting in losses may be held liable. If your financial advisor recommended that you invest in Future Income Payments, LLC and you suffered losses, you might be entitled to obtain compensation through a FINRA arbitration. Attorney Brian Levin has recovered over $100,000,000 in assets for investors from financial institutions in FINRA arbitrations, class actions, and litigation. Contact Levin Law today at 305.402.9050 for a free case evaluation consultation and to take action against a broker or brokerage firm.