Investment Fraud Class Certified & Settled

Posted by Paul R. ScottJan 04, 20180 Comments

The United States District Court for the Northern District of Mississippi, in SPMS&N class action, Roberts, et al v. First Financial Planners, Inc., et al, 1:05cv38-D-D, N.D. Miss., has certified a class of investors who participated in an Insured Money Management Program (“IMMP”) marketed nationwide by IGIC Management Company and Bernard L. Koyen. The Court approved an initial settlement as to two of six defendants and allowed the case to proceed as to the remaining defendants. The suit, filed by Smith Phillips on behalf of investors who purchased the IMMP through First Financial Planners of St. Louis, Missouri, sought contract damages from First Financial Planners, Inc., FFP Securities, Inc., and FFP Advisory Services, Inc., plus actual and punitive damages for alleged tortious conduct, including civil conspiracy and aiding and abetting fraud, by defendants IGIC, Koyen, and Dorinco Reinsurance Company.

SPMS&N class members received an initial recovery when the Federal Court approved the Partial Class Action Settlement as to defendants First Financial Planners, Inc. and FFP Securities, Inc.  A Motion was filed by Smith Phillips for Rule 23 Class Certification as to the remaining defendants FFP Advisory, IGIC, Koyen and Dornico. Dorinco Reinsurance is a subsidiary of Dow Chemical Company. See and Settlements provided recompense to the victims of the fraud.