Like old times: Cuomo, Lawsky team up on “pension advances” probe

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Gov. Andrew Cuomo said today he has director the state Department of Financial Services to investigate “pension advances,” in which companies provide lump-sum payments in exchange for a retiree’s pension payments.

Cuomo is the former attorney general, and the department’s superintendent is Benjamin Lawsky, Cuomo’s former top aide. They warned that the offers are scams.

“These companies are literally harvesting the-hard earned pensions of seniors, military veterans and other hard working New Yorkers,” Cuomo said in a statement. “Using deceptive practices to cheat people out of their pensions by enrolling them in backdoor high-interest loans will not be tolerated in our state.”

Lawsky said, “These pension advances appear to be nothing more than payday loans in sheep’s clothing,” and he subpoenaed a number of companies:

1. LumpSum Pension Advance
2. Pension Funding LLC
3. Pensions Annuities & Settlements LLC
4. Pension Income LLC
5. Cash Flow Investment Partners
6. DFR Pension Funding
7. Veterans Benefit Leverage
8. Voyager Financial Group LLC (Pension4Case/Cash Out My Pension/Buy Your Pension)
9. First American Finance Corporation
10. Investing Forward (Termbrokers LLC)

To report a concern, call the department’s hotline at 1-800-342-3736.

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  1. Corruption? Self dealing? You mean like this: Cuomo’s giving highly paid NY state jobs to the low skilled relatives of his campaign contributors? or giving huge tax breaks to television producers who were major supporters to Cuomo’s reelection campaign (Jimmy Fallon and NBC). What about taking his gal-pal and his kid’s friends on state helicopters at tax payer expensive or Cuomo obtaining luxury seats for himself and top aides at the Buffalo Bills’ stadium after cutting them a sweetheart deal at tax payer expense? Not surprised Cuomo has no real interest in combating corruption. Funny for an ex Attorney General, no?
    Here’s the reality… Under Cuomo NY has experienced the demise of 39,453 NY state businesses last year, Cuomo is raiding $1.75 billion from the reserves of the already over budget State Insurance Fund (SIF). Cuomo can not even hold on to his democratic majority which is in the middle of a corruption scandal with “show-me-the-money culture” and “pay-to-play politics” throughout Albany. Cuomo has disenfranchised the Northern and Western part of New York with his SAFE Act. Cuomo is afraid to make a decision, either way with respect to fracking, gambling or abortions. No matter what your position is, Cuomo is leaving New Yorkers with no resolution to these issues or the ability to move forward. New York has the highest taxes in the nation, is the most indebted state, with 33 percent of income dedicated to borrowing. It is ranked as the least “business-friendly” state in the country and if that were not bad enough NY has the distinction of being the least free state in the union and is called the “Nanny State” with politicians legislating what we eat and drink. Municipal governments from Nassau County to Yonkers to Syracuse are teetering. And during Mr. Cuomo’s time in office, unemployment has risen above the national average. 9% of the state’s 2000 population left for another state between 2000 and 2011 — the highest such figure in the nation, see the study by George Mason’s independent libertarian-leaning Mercatus Center.