A man accused of swindling veterans of their retirement and disability benefits for more than 7 years has been ordered to stop engaging in illegal pension poaching and told to pay $1 as part of a settlement.
Mark Corbett, while serving as a financial agent for several lending companies between 2011 and 2018, would reportedly offer to send cash-advance loans with “excessively high-interest rates” in exchange for receiving all or part of the veterans’ monthly pension or disability payments for a period of five to 10 years, Stars and Stripes reported.
According to a consent order by the Consumer Financial Protection Bureau from Jan. 23, Corbett brokered contacts for the so-called Doe Companies, marketed to veterans who sought loans or pension sales.
Federal law prohibits agreements under which another person acquires the right to receive a veteran’s pension payments, the bureau’s consent order notes.
The consent order said Corbett tried to bypass the law by telling veterans that “this is not a loan, you are selling a product for a set price.”
The bureau found that Corbett’s acts were deceptive, unfair and likely caused “substantial injury;” however, it only handed him a monetary penalty of just $1.
The bureau said Corbett was unable to pay more based on sworn financial statements that he provided and his ongoing cooperation with the agency’s investigation into illegal pension poaching.
According to Stars and Stripes, Corbett is named in a separate federal lawsuit filed in 2017 from three veterans who accuse him and others of illegally bilking veterans desperate for cash out of millions of dollars from their military pensions and benefits.
It was not immediately clear if the bureau’s order would affect the federal lawsuit.
As part of the bureau’s settlement, Corbett must help the agency identify other veterans affected by his scheme.