by Structured Settlement Watchdog
A Boca Raton, Florida company markets factored structured settlement payment rights and misleadingly positions them as annuities through its company name.
Factored Structured Settlement Payments
- Are not annuities
- Don't require a license to sell, whereas a true annuity does.
- The purchase of structured settlement payment rights is unregulated
- In the event of insolvency of any of the underlying annuity issuers that correspond to the structured settlement payment rights purchased, the likelihood of statutory protections being afforded to investors in such payment rights is slim to none. [see Executive Life Insurance Company of New York liquidation- ENY Liquidation]
MJ Structured Settlement Annuities does not mention structured settlement payment servicing, a common practice where a seller of structured settlement payment rights does not sell his or her entire stream of payments. There are issues associated with servicing.
The very name MJ Structured Settlement Annuities appears to be a misnomer. The company buys and sells payment rights, not structured settlement annuities, which are owned (and after the structured settlement factoring transaction remain owned) by the qualified assignment company.
I suppose a MD with a G.I. speciality could open a "Gastro Pub", but really, is it acceptable for Gary "G.I." Joe M.D. to advertise his practice as "Up Yours Plumbing, PLC "?
But such intial interest confusion is typical of merchants in that segment of the industry. For another example of a company name that is a misnomer, look no further than Structured Settlement Quotes, Inc., a company which appears to have acquired the structured settlement payment rights auction website (URL: www.structuredsettlement-quotes.com) , blogs, content and toll-free number 888-665-1257 of Settlement Quotes, LLC. The current Better Business Bureau record for the company states its contact person as follows: "Roger Capital (ceo Genex). Download Structured Settlement Quotes BBB 5-20-2012
The terms "structured settlement","structured settlement paymemnt rights" and "structured settlement factoring transaction" are defined in the Internal Revenue Code at IRC 5891(c)(1), IRC 5891 (c)(2) and IRC 5891(c)(3) respectively. If a company is a merchant of cash for structured settlement payment rights it is not giving structured settlement quotes.
The lack of regulation enables such merchants, and others like them, to market themselves using names and/or terms that are misleading. Seems to me that a company should not be permitted to call itself something that it isn't and does not sell.
Back to MJSSA, MJ Structured Settlement Annuities has a web page that is titled "insurance carrier ratings", with links to the structured settlement or other financial web pages of certain life insurance companies such as new York Life, American General, Liberty LIfe and met Life. We've checked with several of these companies who denied that MJ Structured Settlement Annuities is appointed with them to sell structured annuities.
The CEO of the company holds a valid insurance license in Florida, despite advertising structured settlement annuties in New York
“The process was effortless and smooth. I received my annuity package within days. Todd made everything easy and understandable. We successfully rolled my ... (Source 5/15/2012 search for Long Island Structured Settlements on AOL.com)
,the MJ Structured Settlement Annuities CEOs' New York license shows as being expired since 2010.
For the convenience of those insurers who feel that there has been an unauthorized use of their brand, please find hosting and whois information.
Download MJStructuredSettlementAnnuities The phone number listed in the domain registration returns an error message.
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