The Banks Law Office PC of Portland, Oregon is trawling for cases after seeing opportunity in the FINRA and SEC joint warnings about purchasers of income streams.
Banks says May 13,2013 "The attention of state securities regulators in both New York and Massachusetts has been drawn by a recent rise in “structured settlements”. Settlement companies make deals in which government or military or other pensioners trade off their future income streams, at a deep discount, in exchange for a lump sum they receive right away. Those companies may then turn around and attract investors, re-selling these income streams at a premium. These may or may not qualify as securities".
While I am supportive of any efforts to expose and, if warranted, criminally charge wrongdoers in the structured settlement secondary market, I am dismayed that the Banks Law firm has mischaracterized the term "structured settlements".
I encourage Robert Banks and his team to become familiar with the following terms in the Internal Reveneue Code.
IRC 5891 (c)(1) Structured settlement definition