by Structured Settlement Watchdog®
Einstein Structured Settlements sensationally and falsely claimed that the product of factoring companies paying cents on the dollar is a dirty little secret that insurance companies and lawyers do not want the public to discover. This nonsense was set forth in a press release dated November 19, 2012, a time when Einstein had barely even done a deal at a time that Einstein was fraudulently advertising paid actors giving paid testimonials as if they were real customers of the company.
Einstein Structured Settlements' press release is simply not credible on its face because the structured settlement transactions are negotiated. In order for a structured settlement to be a created, a release specifying the periodic payments must be executed by the parties (including the injured person, or guardian if applicable). There is no secret.
Einstein Structured Settlements website lacks credibility, is full of careless inaccuracies and general "bollocks bolognaise":
For example, Einstein Structured Settlements says
A. "There are some other restrictions to structured settlements. In most cases, you cannot leave them to your heirs if you die. That means the source of income can die with the recipient. Nor are structured settlements truly tax free, because the IRS regards any money you receive in settlement payments as income"
When In fact
- With a structured settlement that includes a certain period and/or guaranteed lump sum payments YOU CAN leave what is remaining and due to be paid from those payments to your heirs.
- Structured settlement payments are income tax free if the payments represent damages on account of personal physical injury, physical sickness, wrongful death or workers compensation. [see IRC 104]
B. "It should be noted here that many people will get a better deal on a loan if they sell the annuity for the cash, put the cash in the bank, and take out a bank loan. The bank loan (or line of credit) will usually have a lower interest rate and more flexible terms than the structured settlement loan".
- Comment: This just shows how out of sorts Einstein is.
C. "A structured settlement confuses a lot of people who are not in the factoring industry. Below are some examples of awards and agreements from defendants (the factoring company acts as the plaintiff) in real life for the structured settlement industry".
- Comment: Cue the circus elephants and bears on unicycles. The "factoring company acts as a plaintiff?"
D. "Jonathon worked in a factory and was standing on a ladder installing new hardware for the company. When he slipped and succumb (sic) to an untimely death the court had ruled that the factory was negligble (sic)in his death. His wife Diane was the recepient (sic) of his structured settlement. The factories (sic)insurance company agreed to pay out for the next 30 years..."
Comment: Wasn't the factory negligent or was its responsibility "negligible"?
Einstein Structured Settlements' website, which features a caricature of Albert Einstein that appears to be stoned beyond any "theory of relativity", was only registered on October 14, 2012 and the Internet has been flooded with "do it yourself press releases" featuring what is gibberish, in my opinion.
Other things that raise red flags here:
- Einstein Structured Settlements has an anonymous Domain Name registration
- The address on the website says 5600 Wilshire Blvd, Los Angeles. Yet in another reference it says 550 Wilshire, which is in Santa Monica. So is it or ?
- Despite showing an address on its website of 5600 Wilshire Blvd, a business entity search with the California Secretary of State has no record of Einstein Structured Settlements, LLC. Neither does Delaware, Nevada or Maryland where a call to the toll-free number rolled over to a Maryland Verizon number.
- Yet another anonymously registered website has popped up in the name of one of our nation's historical heroes. It turns out Ryan Einstein is related to Franklin Structured Settlements as well, at least according to something he posted on a cooking website November 14, 2012 called " The Best Fruit Is" [Kiwi he says, because it has more potassium than a bannana (sic) and more calcium than an orange]. The toll-free number listed on the Einstein and Franklin structured settlements websites appears to be the same.
- YouTube channel created November 17, 2012, 1 video The one video is a testimonial of someone who purportedly did business with the company. The video has drawn over 300 views in 2 days for something that is not particularly notable. [ Evidence later emerged that the Einstein "testimonial" and another one published at the same time were fake testimonials using paid actors]
- Einstein Structured Settlements has no Better Business Bureau accreditation or rating. [ It later emerged that Annuity Sold, a related company has a very poor D+ rating from BBB]
- Last evening a person purporting to Ryan Einstein contacted me from a cell phone with a 410 area code. It later turned out to be Ryan Blank of Owings Mills Maryland. He responded with a startling level of paranoia that made me even more skeptical of who Einstein Structured Settlements is. What company CEO when presented with the opportunity to promote his company responds with "My lawyers have told me not to say anything"? Naturally with that response I wonder if the company or its principals are presently involved in any litigation? Do the lawyers run the company or does he? [ It later emerged that Richart Ruddie was in the midst of litigation for Deceptive Trade Practices
In my opinion, based on what I have been able to glean (as related in my commentary above), I wouldn't trust referring structured settlement funding to Einstein Structured Settlements. There are other players in the structured settlement secondary market that are more established and possess a better grasp of the facts.
Postscript: In January 2018, the Maryland Attorney General banned a slew of Ryan Blank and Richart Ruddie associated entities from doing business in Maryland for 7 years over their fraudulent business practices. Richart Ruddie also was forced to plea bargain with the Rhode Island US attorney over another fraud related to his reputation management business and had to pay monetary compensation.