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June 01, 2014

SHP Financial "Just Like Piggy Backed 4yr and 5yr bank CDs" |Compliance Anyone?

by Structured Settlement Watchdog™

SHP Financial hasn't tweeted, apparently since they began getting cease and desist letters from multiple life insurance companies for using the insurers' trademarked logos, without authorization,to hock structured settlement payment rights. Prior to that SHP Financial  hashtagged #structuredsettlements just about as much as the ubiquitous production line of the #structuredsettlement non-sequitur @fatburner777, Marc Fish.

I started following the SHP tweets in mid-February and discovered the Plymouth,MA company actually tweeted more misleading infiormation about structured settlement payment rights to investors. I'm surprised that it made it past the compliance department:

1."Buying this $29k #StructuredSettlement is like buying piggybacked 4yr- and 5yr bank CDs: ROI 5%, receive $15k after 4yrs and $25k 5yrs later"

 8:05 AM - 20 Jan 2014"
 
2. " 

Keith says this A-rated #StructuredSettlement is like an 11yr CD… only better: buy for $29k, enjoy annual 5.15% ROI; payout of $50k in 2024".            December 9, 2013

 

 

3. "Keith has a $67k #StructuredSettlement that's like a 5+yr 4.15% Bank CD with BONUS: you get back ⅓ in < 1yr and another ⅓ in < 2yrs. A+ co"            November 12,2013 443am

Comment

Of course the structured settlement payment rights that SHP Financial was hocking are not CD's, are not regulated like CDs, do not have the same buying process as bank CDs and do not have the same statutory protections afforded to CD owners.  A shocking misrepresentation.

As an accredited member of theBetter Business Bureau of Eastern Massachusetts, Maine, Rhode Island and Vermont,  SHP Financial is supposed to advertise honestly and adhere to established standards of advertising and selling.

An accredited business or organization agrees among other things to:
  1. Follow federal, state/provincial and local advertising laws.
  2. Abide by the BBB Code of Advertising.
  3. Supply, upon request, substantiation for advertising and selling claims.
  4. Correct advertising and selling practices, when recommended by BBB.

 

 

Posted at 04:53 PM in Boston Structured Settlements, Factoring Company Bad Business Practices, False Advertising Re Creating, Buying or Selling Structured Settlements, MA Structured Settlements, Misinformation about Structured Settlement Factoring, Social Media "Road Kill" |

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Guide to Structured Settlements 2023

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    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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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 Settlement Quote Lock-Ins | What You Need To Know
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  • What Are Structured Settlement Annuities?
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  • History of Structured Settlements
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  • What Are Market Based Structured Settlements?
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Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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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
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