Nationwide law firm initiates specialized legal service focused on IUL-related litigation
Rikard, a seasoned attorney, has been at the forefront of challenging the insurance industry, particularly in cases involving Indexed Universal Life (IUL) policies. His firm, RP Legal LLC, based in Columbia, S.C., has been dedicated solely to IUL litigation since its inception.
Rikard's crusade against IUL abuses stems from his belief that the sales force often lacks a deep understanding of the product's mechanics, leading to misrepresentations. The complexities of IUL policies, which offer a cash value account tied to a stock market index, can make them ripe for misuse.
One such misuse involves promising unrealistic returns and premium financing schemes that leave policyholders financially poorer. These practices have been a key focus for Rikard and his team at RP Legal.
In 2018, Rikard represented several clients in a complex scheme involving Future Income Payments (FIP), a nationwide Ponzi scheme that solicited pensioners, offering them a lump sum in exchange for a portion of their future pension payments. The scheme's mastermind, Scott Kohn, received a 10-year prison sentence for his actions.
Rikard has recovered tens of millions of dollars from insurers and financial firms marketing IUL policies, and he expects to find plenty of business due to the continued evolution of IUL-fueled scams. IUL-related scams have evolved to include enticing TikTok videos and multi-level marketing efforts.
Investors were urged to fund IUL policies with their FIP payments, creating another opportunity for hidden and high fees. Multi-level marketing (MLM) involves promoters who use a pyramid-style sales structure to sell legitimate or pseudo-life insurance products in deceptive or exploitative ways.
Rikard believes that the carriers know about the problems in the multi-level marketing space but choose to look the other way. He thinks the carriers will worry more about the mechanics of policy performance instead of just selling the product, leading to more litigation.
Since 2018, Rikard has represented over 400 clients, including retirees, families, business owners, and professionals. As the firm plans to add teams of lawyers, analysts, and paralegals over the coming months, it seems Rikard and RP Legal are gearing up for a significant fight against IUL abuses.
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