Attention insurance regulators, the folks at Stone Street Capital are advertising that they are a "leading lump sum structured settlement annuity company"
The Stone Street Capital reputation has now come down a few pegs for this dishonest act, the ultimate consequences for which they brought on themselves. Of course the company IS NOT an annuity company at all and according to the Insurance Department records in its home state of Maryland it does not appear to possess the required license to be considered a "structured settlement annuity company"
Even if Stone Street's mouth pieces try to explain this away they are going to hang themselves.
- A guaranteed lump sum is one of the types of payments one can received from a structured settlement annuity.
- In the Internal Revenue Code section that defines structured settlement factoring transaction, IRC 5891 there appears a clear definition of "structured settlement" explicitly for the purpose of that section. Nothing therein justifies what appears to be an intentional misrepresentation of the facts by Cash now pusher Stone Street Capital.
If Stone Street Capital is willing to stoop to this level, misrepresent itself as a company which, by implication, has to have a professional license wherever it operates and lie to get business, then why should you trust Stone Street Capital at all?
By the way "nice job" of enforcing your ethics, NASP!
The web page on which what appears to be above cited intentional misrepresentation appears on the Stone Street Capital website at 630pm October 21, 2009.