Two companies accused of defrauding veterans in a predatory lending scheme are being sued by Minnesota for swindling disabled veterans of benefits.
Attorney General Lori Swanson announced the state filed a lawsuit accusing the companies of targeting vulnerable veterans and seniors, charging them up to 200 percent interest. The firms also swindled veterans of their VA benefits in exchange for small loan amounts.
Attorney Swanson said the companies, Future Income Payments, LLC of Delaware and FIP, LLC of Nevada, were pressuring veterans to sign over their benefits, which is generally considered unlawful in any form. The VA benefits were likely pension benefits and disability compensation benefits.