Authorities have taken Scott Kohn into custody for an accused “billion dollar Ponzi scheme” that targeted vulnerable veterans.
Kohn was caught on a San Diego beach as he fled arresting officers. The accused and his company, Future Income Payments, were indicted in Greenville, South Carolina, in March. Federal charges included conspiracy to commit mail fraud, and wire fraud.
A civil suit has also been filed by Bureau of Consumer Financial Protection, asking for an order that Kohn and his various corporate entities pay more than a half billion dollars.
“It’s one of the largest, if not the largest, fraud case brought in the district of South Carolina,” Assistant U.S. Attorney Bill Watkins told The Greenville News and Anderson Independent Mail. Kohn allegedly targeted veterans and unwary investors in what his former employees described as a “one billion dollar Ponzi scheme.”
Authorities said Kohn spent his ill-gotten gains on multi-million dollar houses in Los Angeles and Los Vegas, as well as luxury cars and expensive artwork. read more