Man ordered to pay $1 fine in scheme to bilk veterans out of pensions

STARS AND STRIPES Published: January 24, 2019 A man accused of misleading veterans to turn over much of their military retirement or disability benefits has been ordered to stop engaging in the illegal scheme of pension poaching. But he’ll only have to pay a $1 fine and cooperate in an ongoing investigation. Despite finding that Mark Corbett’s acts were deceptive and unfair and likely caused “substantial injury” to veterans, the Consumer Financial Protection Bureau handed Corbett a monetary penalty of just $1, according to Monday’s consent order. In announcing the settlement with Corbett on Wednesday, the bureau said the $1 fine accounts for Corbett’s inability to pay more based on sworn financial statements that he provided to the bureau and his ongoing cooperation with the agency’s investigation. Corbett is also named in a separate federal lawsuit filed in 2017 by three veterans who claim Corbett and others illegally bilked veterans desperate for cash out of millions of dollars from their military pensions and benefits, according to court documents. It wasn’t immediately clear how the bureau’s order would affect that case. Read more here >>>

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