Man who reportedly swindled veterans out of retirement and disability pay for 7 years fined…
The total settlement amount one man had to pay after bilking veterans out of their retirement and disability pay raised some eyebrows. (Mark Lennihan/AP)
…$1
There is something deeply wrong with our judicial system (preaching to the choir no doubt) when some one swindles retirement and disability pay from vets, for SEVEN YEARS. The sentence? Consumer Financial Protection Bureau deemed an insulting fine, and told never to work in the financial arena again, sufficient.
Infuriating. Remove any throwable objects from easy reach, and read on.
By: J.D. Simkins
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.
The minuscule sum “accounts for Corbett’s inability to pay more based on sworn financial statements that he provided to the Bureau and Corbett’s ongoing cooperation with the Bureau’s investigation,” the order said.
Bilk veterans out of disability and retirement pay for seven years? Your settlement, sir, is a McChicken sandwich.
~~~~~~~
The names of Corbett’s employers were withheld from the report.
The rest of this travesty may be viewed here: Military Times
Tip of the hat to Another Pat for the link. Now I have to read the other four articles she sent. Thanks, AP, keep ’em coming.
Category: Crime, Exploitation, Veterans Issues
“…inability to pay..” Guess the dirt bag couldn’t remember the account # to his off shore banks. If there is no real punishment, what is the deterrence to stop future crime. Wonder if that slap on the wrist left a mark? Hey Mark Corbett, swindler and scam artist, here is a Google hit for you. It’s the least we can do. Rot in hell you piece of shit. Karma is a cast iron bitch with sharp teeth.
If only public floggings were still allowed….
For this guy a public hanging might be more appropriate for this scumbag.
Flog ‘im, then hang ‘im.
Lets see…the Consumer Finance Protection Bureau, Senator Professor Warren’s (Pocahontas) brainchild that was designed to claw back the ill-gotten gains of big banks and credit-card companies. That agency, of course, has been repurposed to swindle the people it was designed to help.
But, but,…but he is small potatoes compared to everyone who has more than a million in assets and needs to have their “ill gotten” gains confiscated by gubmint for the greater good of handouts to the FSA aka D-rat voters and their dependamotapi.
You mean like certain Senators and Representatives?
Wait, isn’t CFPB Lizzie Warren’s baby? Why, yes, yes it it.
https://en.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau
I suspect strongly that this is not the end of the story. He was the broker, the intermediary who drummed up the business. The companies that provided the funds for these illegal transactions should be other targets. Two states had their AG offices involved and his deal here requires reporting and cooperation from Slick. Let’s hope that there is some legal action pending that we aren’t aware of.
I agree with 2/17 Air Cav, while the pointed out miniscule reparation was a headline grabber, the true story is not that the defendant did not have any money, it was that he was cooperating with the Bureau. I would definitely expect some big name institutions to be named shortly for promoting his actions (likely why they weren’t named). Unless of course they are linked to a certain former Presidential hopeful who always seems broke when they look into things, but has plenty of money all the rest of the time.
WTF? The names of this swindler’s employers were withheld from the report. Shit stinks, but not nearly as bad as this story does. There’s a loan company owner in the woodpile somewhere. Can’t pay back due to being broke….BULLSHIT! He’s got shoes, take them and sell them….he’s got wheels (more than likely), take it and sell it….Take everything that MCFCKR has to his name and let him beg for money to survive. This sumbitch did not accomplish this by himself. Who all’s ass is being protected? The so-called CFPB is just another place for money hungry bureaucrats and high level fraud/scammers to make them appear to be serving a legitimate purpose to the borderline dumbass voting public. The inability to repay any of the money he stole from veterans, based on a SWORN statement by this big time thief. It would not surprise me in the least to find out Pocahontas gave this piece of shit a wonderful reference as to the swindler’s character. Knowing the tenacity of the TAH crowd, it’s a damned shame all who post were not given a chance to do some SERIOUS digging into this scheme. Prison would not be enough for this MOFKER………unless he were kept from the Vaseline jars. Really leaves a bad taste in a person’s mouth knowing this travesty became a reality. Chop his Johnson off and after he bleeds out, bury him on top of Michael Jackson’s grave.
YGBSM! How can they call themselves consumer protectors if they aren’t protecting consumers? There’s a special place in hell for those who take advantage of the elderly and/or infirm.
Fuck. $1? Slap in the face for all the victims.
welcome to the wacky world of white collar crime where the laws don’t matter and the punishments are all made up.
Now, if he had ripped off investment banks like Skilling did at Enron, he would go to jail for decades and pay it all back from whatever assets he might have. All of his financial partners would be on the hook as well.
The lesson? We don’t matter, we are just peasants.
The CFPB is nothing more than a smoke screen to make it appear that the government is looking out for “main street”.
Well, main street isn’t paying billions in taxes every quarter, wall street is. So wall street gets protected and we get the bill.
Socialism in action.
This agency needs to go away. Obama and Pokeherhauntass (D-MA) created it, does nothing and employs all Obama leftovers.
All guilty parties should go bob for fries and onion rings in a hot deep fat fryer and then be fed to a chipper feet first.
This government is broken AF! Let’s have MORE!!!
hashtagsocialism
Two-tier justice system ain’t…, but that’s how the red book followers roll BABY!
J. G. Wentworth could not be reached for comment, but reportedly smiled.
Always wondered what percentage JGW paid in exchange for those long term benefits.
Cool ads, though.
Gads…
Time to buck the system
“I’m from the government and I’m here to help.”
Ronald Reagan’s “the nine most terrifying words in the English language.”
But remember it was really important to make an example of Martha Stewart.
Wells Fargo was robbing their customers blind, to a billion dollar profit, their fine was 250 million so their net was 750 million to the positive.
What’s the incentive for a corporation to do the right thing when the wrong thing seems to pay so well? The fine should be the total gross profit, plus some punitive damages.
Same with this piece of garbage, there’s no incentive for him to not do this again.
Less than a McChicken after tax.
You fucking COCKSUCKER MotherFUCKER. I hope you get hit by a bus on the way out of the courthouse and then spend an eternity getting a pineapple shoved up your ass by Satan.
Mark Corbett: Karma is a harsh bitch. She has GPS. She WILL find your fucking ass.
Wish I could be there with a 4k camcorder …
It’s simple enough to understand, once he realized they were on to him, he started signing over everything he could to a friend, girlfriend, his family members, etc., so that he didn’t have anything left to consider a high net worth.
A friend of mine has an ex-husband like that. His parents and his GF own everything of his, he works under the table, so he only pays 40 dollars a month child support for two kids because that’s “all he can afford”.
Just as an aside, if you read the actual consent order, this dirtbag is also ordered to provide other investigating agencies the name of every “client” and the amount of funds he swindled from them. The consent agreement is specific in that nothing in the agreement shall prevent other agencies from pursuing other actions against him.
Both South Carolina and Arkansas appear to have open and active investigations against this guy.
From a brief scan of the Consumer Financial Protection Bureau laws, it appears that they can only collect civil fines.
The states, on the other hand, can collect money as well as jail time which is more appropriate in this case. (As the CSPB cannot put someone in jail, “double jeopardy” does not apply.)
There is a certain righteous anger that needs to be vented here, but this case is not over. There is a delicious irony that as part of the settlement with the CSPB, he must turn over all the information that South Carolina and Arkansas can use against him.
This is not over, nor should it be.
I wonder if he asked if they would accept installment payments while he gets back on his feet in a new career.
Anybody ever hear of J.G. Wentworth?