by Structured Settlement Watchdog®
A structured settlement auction patent application was submitted to the United States Patent and Trademark office in June 2014, by two Washington DC area financial planners, claiming rights back to December 11, 2012 when the provisional app was submitted.
The patent application seeks to patent "the methods and systems are provided that provide an efficient, transparent and automated auction and trading exchange for structured settlements and other structured cash flows. The automated auction and trading system automatically determines and processes structured settlement and cash flow sales between buyers and sellers. The system may process the entire transaction automatically and electronically, including document processing and receipt and transmission of funds
Read Structured settlement auction patent application United States Patent Application 20140164210 Geber, Benjamin (Vienna, VA, US)
Worch, Michael (Gaithersburg, MD, US)
Eyes are on Roger Proctor, the Vancouver based President of Genex Strategies, Inc. and Genex Capital Corporation. It will be interesting to see what Roger Proctor does given that Genex Capital property SSQ makes the public statement that it is America's #1 Structured Settlement Marketplace having served over 11,000 customers and transacted more than $500 million in payments since 2007, and counting. Genex also controls QuoteMeaprice.com, another purported auction site that it acquired in 2011.
In the lawsuit against Genex, filed in 2014 and settled in June 2015, Woodbridge Structured Funding alleged that the Structured Settlement Quotes (SSQ) website was "nothing more than a fraudulent & deceptive scheme designed to mislead & deceive consumers and benefit certain companies and persons, and in particular Genex Capital and persons associated with Genex Capital. Genex Capital had attempted to conceal its ownership between May 2012 and June 2015 when it was apparently forced to disclose its involvement as part of the resolution of the lawsuit.
On April 27, 2009, Woodbridge Investments announced an auction site a press release.
Subsequent to the subject patent application by Geber and Worch, there is Income Stream Exchange, which surfaced in 2014 and has been associated with a well documented convicted felon and Ponzi schemer T Allen Dyer, a/k/a Todd Dyer.
Then there's the judicial opinion in Bonham Investments Corp. v. Parker, No. CV 2011 5892, District Court, First Judicial District, Kootenai County, Idaho (Idaho Dist. Ct. Aug. 24, 2011), which implies that an "online auction system" has to do with "selling structured settlements . . . ." Rather than selling structured settlements – i.e., selling annuities that fund structured settlements – the opinion describes how the plaintiffs and defendant had a dispute over a plan for online auction system involving the secondary market for sale of structured settlement payment rights. Apparently, some of the plaintiffs had purchased the rights to structured settlement payments in a 2010 factoring transaction [ Source: Secondary Market Insurance Blog Nov 29, 2011]