by Structured Settlement Watchdog
Few Major Financial Transactions are Subject to as Much Oversight as Settlement Transfers says the National Association of Settlement Purchasers in announcing the Texas Structured Settlement Transfer Study. As Shania Twain once said, 'that don't impress me much"
The last 5 years have shown that there's so "much oversight" that at times it has been hard to discern between a judge with a rubber stamp or a rubber chicken. "Much oversight" has meant that Terrence Taylor's 11 structured settlement factoring transactions were approved in 2 years by the same Portsmouth Virginia Circuit. At 2 minutes scheduled per case on his docket, judges like the now retired Dean Sword allocated less consideration to the best interest of payees than the time it takes for a fart to dissipate.
- The sample size used in the Texas Structured Settlement Transfer study is but a fraction of the number of forum shopping structured settlement transfer cases that have involved a member of NASP;
- The sample size used in the Texas Structured Settlement Transfer Study is less than 50% of the number of structured settlement transfer orders forged by a lawyer for a member of NASP or a paralegal who was employed by a law firm for a member of NASP.
all the "oversight" of Structured Settlement Factoring cannot contain:
- Bribes of annuitants to commit a fraud
- Fraud on the court
- Forgery by entrusted professionals and paraprofessionals
- Notary scams
- interstate Forum Shopping
- Exploitation of Black Lead Paint Victims that has led to a Maryland Attorney General Investigation and a Class Action Law Suit
- industry participants from using Faked Linked In Profiles, Fake Bought Testimonials, Fake official sounding 'governmental' organizations for lead generation, Imaginary employees listed on Better Business Bureau listings.
- Financial advice being disseminated by unlicensed individuals.
- TCPA lawsuits
- a convicted Ponzi schemer "in the house"
- and more to come...
NASP and the Transparency Illusion
The National Association of Settlement Purchasers says it is 'dedicated to ensuring the secondary market for structured settlement transfers remains fair, competitive, and transparent'. strains of officer Jason Sutherland's wail in the Sun Sentinel January 4, 2016 as the shells were coming in over the bow from blistering front page news stories in the Washington Post that led to fast tracked Maryland and Virginia reforms with the expose of the cover up of factoring company lawyer Jose Camacho Jr's arrest arising out forgery of 7 Broward County Judges only days away. Camacho forged over 100 legal documents adding to the over 100 that Thomas Rubino, a former New York paralegal for Paris & Chaikin, forged in a similar time frame. Yet the story of Camacho's arrest was suppressed for 4 months!
Range of Discount Rate Spread
At just about all duration there was a wide range of discount rates which underscores the need for each person seeking a lump sum for structured settlement to shop around on each and every deal.
NASP claims that 'overall, the transactions included in the study are representative of structured settlement transfers in the state of Texas, as well as those in many other states". Like most states, Texas' state structured settlement transfer statute requires the vast majority of transfer applications to be filed in the payee's county of residence. Additionally, Texas courts require personal appearance of payees at transfer hearings, which is the case in the vast majority of states.
Does representative include the shocking financial rape of Cedric Martez Thomas by NASP member Novation Funding where Novation skunked a 19 year old New York native for a profit margin in excess of $1.4 million. Cedric Thomas got only $1,037,000 or so from Novation, for his $6,600,000 structure when he could have received $2.5 million from two companies contemporaneously surveyed or sold less of his structure for the same proceeds.