To California produce wholesaler Julian Lipschitz, it sounded like the perfect retirement investment. Structured Investments Co. was paying returns of 10% to 12% a year drawn from a seemingly secure source: retirees who had swapped years of future monthly pension checks for an upfront lump sum. Unusual, perhaps. But Lipschitz's friend and fellow wholesaler, Wayne Radford, was already a happy investor as well as a paddle-tennis buddy of Structured Investments' cofounder, Steven Covey.
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