A co-conspirator of a $1 billion federal Ponzi scheme that targeted military veterans and investors has pleaded guilty in Greenville to one count of conspiracy to defraud.
Joseph Hipp, who was indicted in July 2019, was accused alongside three others of devising and executing a scheme to defraud and obtain money and property, according to according to the indictment.
Hipp’s attorney, Jim Griffin, did not immediately respond to calls seeking comment.
The Greenville News spent a year investigate this scheme involving the buying and selling of military benefits as part of its Indebted series.
Another co-defendant, Scott Kohn, was a leader in the scheme and directed employees to use late-night advertising and the Internet to reach people. Kohn scheme involved more than 90 South Carolinians among others outside of the state, according to The News’ series. Kohn’s criminal case is still pending, according to Beattie Ashmore, Kohn’s court-appointed receiver.
Hipp is facing a $250,000 fine, imprisonment for up to five years, supervised release of three years and a special assessment fee of $100, according to the federal plea agreement filed in U.S. District Court in Greenville on Dec. 21, 2021.
Related:More criminal charges, suits filed in Ponzi scheme that targeted veterans, investors
During the course of the conspiracy, Hipp managed and oversaw investor solicitations for Future Income Payments, LLC. FIP actively recruited pension holders who found themselves in financial distress…
