National IUL Litigation Firm Holds Insurance Agents and Financial Advisors Accountable for Ponzi Scheme Losses

RP Legal LLC, led by attorney Robert G. Rikard, has been nationally recognized for its work representing victims of a widespread Indexed Universal Life (IUL) and Future Income Payments (FIP) investment fraud. The firm has filed dozens of lawsuits and arbitration claims on behalf of retirees, veterans, and working professionals who were misled into complex insurance and investment schemes disguised as “tax-free retirement” plans.

These schemes involved agents and advisors promoting a dangerous combination of high-premium IUL policies funded by illegal, unregistered securities. In many cases, clients were told their retirement savings would generate guaranteed returns, only to later learn that their income was tied to a now-defunct cash advance operation run by a convicted felon.

FIP ultimately collapsed, revealing itself to be a nationwide Ponzi scheme. Investors lost millions. The founder, Scott Kohn, was sentenced to ten years in federal prison after pleading guilty to wire and mail fraud. Unfortunately, by that time, many victims had already lost their entire retirement savings, while the agents and promoters walked away with massive commissions.

RP Legal LLC was one of the first law firms in the country to pursue legal action against those responsible. The firm has brought claims against major insurers including Pacific Life, Allianz, Minnesota Life, and sales organizations such as Black Harbor Wealth Management, Live Abundant, and others who aggressively marketed these plans through misleading seminars and the so-called “IRA Reboot” strategy.

Many of the IUL policies in question failed after only a few years, leaving policyholders with lapsed coverage, surprise tax bills, and irreversible financial damage.

RP Legal LLC has recovered over tens of millions of dollars for victims in these cases. The firm’s legal team has been featured in multiple news outlets for its tenacity and results.

“Our clients were promised tax-free retirement for life. What they received was a worthless policy, fraudulent income projections, and in many cases, permanent financial harm. We have spent years holding these agents and insurers accountable,” said attorney Robert Rikard.

If you were sold an IUL policy or investment linked to the “IRA Reboot” program, or another similar retirement scheme, contact RP Legal LLC to schedule a detailed case review. The firm will evaluate your policy documents, investment paperwork, and sales materials to determine if you have a claim.

Learn more from Greenville Online.

Last Updated: 08-06-2025

Case Results Our Record Speaks For Itself
Recoveries for Victims of IUL and FIP Investment Fraud
$10,000,000

RP Legal LLC has recovered over tens of millions of dollars for victims in these cases.
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Jury Verdict for Failed IUL Retirement Strategy
$1,500,000

A jury awarded $1,526,156.54 for our client, ruling against Pacific Life Insurance Company.

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Featured on InsuranceNewsNet
LEADERSHIP

Robert Rikard, founding attorney of RP Legal LLC, was recently featured in a nationally recognized insurance publication.

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Any result the lawyer or law firm may have achieved on behalf of clients in other matters does not necessarily indicate similar results can be obtained for other clients.

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