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May 15, 2012

MJStructuredSettlementAnnuities.Com Wholly Misleading Advertising

by Structured Settlement Watchdog®

A Boca Raton, Florida company markets factored structured settlement payment rights in a wholly misleading way by positioning them as annuities through its company name.

Factored Structured Settlement Payments

  1. Are not annuities
  2. Don't require a license to sell, whereas a true annuity does.
  3. The purchase of structured settlement payment rights is unregulated
  4. 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 initial 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 Proctor (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 annuities in New York

  • Long Island, NY - MJ Structured Settlement Annuities

    www.mjstructuredsettlementannuities.com/Secondary-Market-Structured-Long-Island...

    “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.

ISP Information for DMCA

Download 208.112.46.133 IP Address WHOIS _ DomainTools MJStructuredSettlement Annuities

 

Posted at 03:10 PM in Boca Raton Florida Structured Settlements, Factoring Company Bad Business Practices, Long Island NY Structured Settlements, Structured Settlement Factoring, Structured Settlement Payment Rights, Structured Settlement Watchdog® |

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Guide to Structured Settlements 2022

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  • Structured Settlement Annuity Companies 2022
    Which life insurance companies issue structured settlement annuities going into 2022? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information.
  • Treasury Funded Structured Settlements
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    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
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    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
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    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
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  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
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Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
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  • Firmwide Qualified Settlement Funds Debunked
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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
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