Trump’s CFPB fines man $1 For swindling veterans, orders him not to do It again

[Borealis]

https://theintercept.com/2019/01/26/cfpb-mulvaney-discount/

The Consumer Financial Protection Bureau penalized a man $1 this week, for illegally exchanging veterans’ pensions for high-interest “cash advances.” Mark Corbett claimed in sworn
statements to the bureau that he had an inability to pay any fine of greater value, and the bureau accepted $1 as payment for making illegal, high-cost loans to former members of the
armed forces.

On websites he operated, Mark Corbett marketed a deal for veterans with retiree or disability pensions. He set them up with offers from the Doe companies to purchase some or all of
those future pension payments in exchange for a lump sum. Veterans would then use an online portal to redirect pension payments to a bank account controlled by one of the Doe
companies. If veterans only sold part of their pension, the Doe companies would reimburse a portion of the payment every month. This was virtually the only source of the Doe
companies’ consumer-side business revenue.

It’s also completely illegal. Under federal law assigning veterans’ pensions to a third party is prohibited. In fact, several veterans complained to Mark Corbett that the transactions were
illegal; according to those veterans, he denied it.

The $1 order also says nothing about whether veterans who suffered losses would receive restitution, although that could be resolved in a future enforcement with the Doe companies.
In addition to being out a buck, Mark Corbett is banned from brokering sales of veterans’ benefits ever again.

[JennyC6]

And yet when someone who genuinely can't pay claims they can't pay they just get fucked...

[Sableye]

the GAO better be all over this.

[27X]

Literally disgraceful.

[Peachy]

Well, that's pretty reprehensible

[Last or First]

what's this trading places bullshit

"See, we told you you'd get caught. We won the bet, you owe us 1 dollar."

[Zonesylvania]

This is further proof that white collar crimes arent punished severely enough, because if they were it would at least curb them to an extent.

[VinLAURiA]

Can't punish him too much, he could have a bright future ahead of him in Trump's CFPB.

[LoneWolf_Recon]

My blood fucking boils when vets are taken advantage of like this, motherfucker should be fined atleast twice what he swindled.

[Computermaster]

How any veteran thinks that Cadet Bone Spurs gives a shit about them is beyond me.