Under the terms of the consent order, Corbett is permanently banned from brokering, offering, or arranging agreements between veterans and third parties under which the veteran purports to sell a future right to an income stream from the veteran’s pension. Corbett must also pay a civil money penalty of $1, an amount that accounts for Corbett’s inability to pay more based on sworn financial statements that he provided to the Bureau and Corbett’s ongoing cooperation with the Bureau’s investigation. [Emphasis added.]

Yes. One whole dollar. But don’t worry: Corbett isn’t allowed to do it again! Problem solved! According to the CFPB’s report, Corbett “misrepresents to consumers that the contracts he facilitates are valid and enforceable when, in fact, the contracts are void because veterans’ pension payments are unassignable under federal law.” It becomes a little bit clearer as to what Mr. Corbett was doing when you realize he “misrepresents to consumers that the offered product is a purchase of payments and not a high-interest credit offer.”

So, this scumbag threatened veterans over a scam of high-interest credit that he passed off—illegally—as a pension payment buy-out. In essence, Corbett would say that he was just going to give these veterans a chunk of cash from their pension and then take some of their pension payments, probably offering up a passing remark that he would wet his beak just a bit, for his service, of course. He subsequently bashes them over the head with hidden costs and rates, then threatens them with credit ruin. And make no mistake: Corbett focused squarely on “Department of Veterans Affairs (VA) disability pensions or pensions administered by the Defense Finance and Accounting Service (DFAS).”

The CFPB’s consent order calls the companies that Corbett represented “Doe Companies.” These companies would make these veterans reroute their entire pensions, via direct deposit, into the Doe Companies’ bank accounts. Veterans were also required to buy life insurance to ensure that the companies would get their money if they died. So much of Corbett’s brokering is against the law that there is virtually nothing about it that the CFPB could possibly find redeemable.

Upon being busted, Corbett pleaded poverty and made a promise that he wouldn’t do it again. The CFPB’s argument is likely that Corbett has provided information that will allow it to better go after the aforementioned Doe Companies. But one dollar in fines? That’s not even a slap on the wrist. One dollar is a massage.