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November 03, 2011

Structured Settlement Watchdog's "Loupe" Finds Flaws in Paragon

Jeweler's Loupe by Structured Settlement Watchdog

A paragon is a large, flawless diamond. The title is now used figuratively to denote a model of excellence or perfection of any kind; one having no equal.  One of our competitors has elected to use the word "paragon" to promote itself. Yet judging from its published comparison of structured settlement to other financial products on the website of Westlake Village, CA based Paragon Settlement Group, it is evident that the "diamond" has flaws".200px-DiamanteEZ

Paragon Settlement Group compares structured settlements to alternative investments available to plaintiffs, using a chart which appears to be compiled from information supplied to structured settlement brokers by Hartford Life Insurance Company, in 1999.  It's now 2011!   According to whois.net the website was created in 2010.

Why Paragon Settlement Group would choose to put out what is now long obsolete information is anyone's  guess.

A.    Paragon Settlement Group fails to acknowledge that structured settlements can be funded with an annuity OR an obligation of the United States government [See: IRC 130(d)]

B.    Paragon Settlement Group also fails to acknowledge that FDIC limits were temporarily increased to $250,000 (from $100,000) during the height of the financial crisis of 2008-2009, an increase that has been subsequently made permanent.

There is no further need for example. This is a "disease" that has previously beset others in the structured settlement industry as I have highlighted previously in this forum. It certainly is an embarrassment, in my opinion,  when an industry colleague takes so little pride in their marketing materials to slap up obsolete material. The "better to keep your trap shut and let other people think you're a fool..." rule applies. Is it too much to ask, for the benefit of the structured settlement industry (and the structured settlement consumer) for Paragon Settlement Group to do the right thing?  How about it fellas?

http://www.paragonsettlementgroup.com/pdf/StructuresVersusOtherFinancialProducts.pdf

 

Posted at 04:09 PM in FDIC Insurance, Financial Literacy, IRC 130(d) Qualified Funding Asset, Paragon Settlement Group, Structured Settlement Watchdog® |

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  • Firmwide Qualified Settlement Funds Debunked
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