Several structured settlement cash now pushers continue to misrepresent that they give structured "annuity quotes". In doing so, they are making the false implication that they are licensed insurance agents or brokers.Download Structured annuity quote - Google Search.pdf 3-21-2011
Woodbridge Structured Funding, LLC (nee Woodbridge Investments), and RSL Funding are the focus of today's story. Woodbridge Structured Funding, LLC even offers a $500 gas card as a kickback, for a completed transaction. If Woodbridge truly were able to deliver an "annuity quote" as a licensed insurance agent or broker, the payment of such inducement (in exchange for a completed transaction) would likely be considered illegal under state insurance laws.
Meanwhile, as legislators and regulators fiddle, "Rome IS burning" and Woodbridge announces record sales quarter after quarter. Legislative and regulatory inaction has allowed these sort of inducements to go on for years.
So again I ask state insurance commissioners, attorneys general in the respective states, lawmakers in the respective states, and members of Congress who "the leaders of the structured settlement industry" were hobnobbing with at the AAPD gala in Washington DC last week, WHAT THE HECK ARE YOU GOING TO DO ABOUT THIS?
This is not an indictment of the entire factoring industry (many of whom provide a valuable service), it is an indictment of the wanton and reckless actions of a few significant advertisers who have been allowed to thrive due to legislative and regulatory ignorance or impotence (I'll let you decide which applies).