by Structured Settlement Watchdog
One of the cases at the center of Jose Manuel Camacho Jr's forgeries was that of 67 year old Earle Breghman who was to sell the structured settlement payment rights to monthly payments worth $30,000 annually, for almost 8 years, in exchange for a paltry $11,489 from Novation Funding LLC. That's $11,489 for $237,500 in life contingent payments. As you can see below that's a 48.69% effective discount rate! The documents that Camacho submitted purport that Breghman stated that he was going to use the $11,489 to buy a home.
Granted at 67 years old there is a mortality risk when buying life contingent payments and, according to other court records Novation has previously purchased other life contingent payments from Mr. Breghman, but 48.69% seems pretty steep. A 67 year old might live another 16.1 years, according to the tables. Novation triples their investment on this deal in 5 years. [To shed a bit more light on buying life contingent structured settlement payments, watch my interview of Patricia Laborde of Stone Street Capital, who is the President of the National Association of Settlement Purchasers].
The Breghman case was filed by Camacho as Earle B, the court records show NF LLC as Plaintiff unless you dig deeper, and this is really odd, the notary in the case signs as "Jack K" on December 2, 2014 and there is no number on the stamp. What could be the reason that a notary uses an initial instead of their name on a document that is supposed to be about verification and transparency? If I was a notary I wouldn't have a stamp that said Johnny D.
The State of Florida publishes a list of Commissioned Notaries Public. On that list there is only one notary that has the first name Jack and the middle initial K. There are a whole slew of notaries with first name Jack and last name beginning with K