Mark Corbett
The Bureau found that Corbett violated the Consumer Financial Protection Act of 2010 by misrepresenting to consumers that the contracts he facilitates are valid and enforceable when, in fact, the contracts are void because veterans’ pension payments are unassignable under federal law; misrepresenting to consumers that the offered product is a purchase of payments and not a high-interest credit offer; misrepresenting to consumers when they will receive their funds; and failing to disclose to consumers the applicable interest rate on the credit offer.
Corbett is permanently banned from brokering, offering, or arranging agreements between veterans and third parties under which the veteran purports to sell a future right to an income stream from the veteran’s pension. Corbett must also pay a civil money penalty of $1, an amount that 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.
Related documents
Press release
Consumer Financial Protection Bureau Settles with Broker of High-interest Credit Offers