Here's something for insurance regulators in Texas to chew on. The solicitation of investors from Dallas based US Annuity Exchange ("usANNUITYex") states "As part of a well-balanced diversified portfolio, you need some safe fixed-income investment options. usANNUITYex can offer you annuities from highly rated life insurance companies, at a substantially higher yield then (sic) offered directly from those companies"
First let us consider the following facts:
- Annuity insurance is only offered by life insurance companies Source: Wikpedia
- One must possess an active insurance license in order to sell an insurance product.
- A stream of payments that have been purchased via structured settlement transfer IS NOT an annuity. The purchaser of such rights does not own an annuity contract. Instead the individual or entity owns the rights to receive certain transferred payments from the annuity contract or contracts.
After conducting research into UsAnnuity Ex the structured settlement watchdog believes that usannuity ex deserves to be carved up further when he discovered this less than stellar copywriting in the usANNUITYex solicitation:
- Get Safe Yiled (sic) for your clients' cash
- Cash Now! (sic) for Structured Settelements (sic)
- Financial Consulants (sic)
- Finanacial (sic) Consultants
The administrative contact for this company is listed as Morti Tenenbaum according to Whois records for the domain usANNUITYex (dot)com. Way to make a sloppy first impression Mort!
As of March 28, 2012, usannuityex(dot)com is no longer in business, according to online research. The usannuityex(dot)com website was operating for a total of 2 years. Nothing surprising about that. Investors in structured settlement payment rights need to know that there is no regulation of the people and companies soliciting investors of structured settlement payment rights. A felon who served prison time for a Ponzi scheme and a shady business record was the spokesperson for another "online exchange" out of California