by Structured Settlement Watchdog
The True Vision Funding attempt to "Pepe Le Pew' Kyle Stibb for 85% of the present value of his structured settlement payments, ended in failure and an order to pay the legal fees and costs of Symetra and its assignee SABSCO, as provided for under Washington 's Structured Settlement Protection Act. As provided for in Rapid Settlements Ltd v Symetra Life Insurance Company 134 Wn App. 329, 139 P.3d 411(2006), the transferee is statutorily liable for the annuity issuer's reasonable costs and attorneys' fees where the transferee failed to comply with the Washington SSPA, even if the structured settlement transfer is ultimately denied.
Here's what True Vision Funding claims on its website
- 'With over 80 years of combined experience True Vision Funding is a safe and useful resource when selling your structured settlement, lottery, and or casino jackpot payments'. (emphasis added)
How Badly Did True Vision Funding Stink Up the Structured Settlement Petition in the Stibb case? [King County WA Cause 15-2-09909-4 SEA]
- Apparently Bethesda based True Vision Funding had "multiple failures to comply with the Washington SSPA and Symetra was forced to incur attorney fees and costs because it could not even contact True Vision's attorney, Juan Torres, to discuss a correction in his petition because of his violation of CR 10" in the statute. CR 10 provides that every pleading shall have the name, address and telephone number of the attorney or firm preparing the paper. Symetra took the step of consulting the Washington state Bar directory and while Juan Torres' name was listed there was no contact information.
- CR 11 provides that each petition must be signed by the attorney and True Vision Funding's attorney did not sign it. [ later doc was e-signed according to King county records]
- Failed to comply with notice requirements of the Washington SSPA.
- The June 2015 Petition provided absolutely no information as to what the payee intends to do with the money, especially considering that he previously transferred over $1,250,000 and received $383,000 ($153,000 of which was received two years ago)
- True Vision also failed to redact confidential personal information within the documents it filed with the Court, such as the social security number and the birth date of the payee.
- Conflict of interest?The 'elusive' Juan Torres is presented as "Juan Torres...Attorney for the Payee' Representation of the payee (who is giving up over $1.2M in guaranteed payments), and True Vision (who is purchasing those payments for less than 15% of their present value), is a direct conflict of interest
- Forgery/Alteration? According to Symetra, 'True Vision has also filed a document which appears to be altered. True Vision submitted two copies of the "Designation of Independent Professional Advisor". Both copies have the same signature of the payee and the same date. However, one copy has a name and telephone number written under Independent Professional Advisor while the other does not. A concern was expressed that information was filled in after the payee signed it'
- . The Symetra attorney also noted that it was odd that the payee lives in Wisconsin while the attorney listed as provider of professional advice is a family law and criminal law attorney who works in San Antonio Texas. (emphasis mine)
- True Vision served an entirely different set of documents than it filed with the Court.
- Juan Torres failed to appear at the hearing, according to the Court Order denying the transfer. Source: Download OBJECTIONOPPOSITIONSYMETRA
True Vision Funding tried to "Pepe Le Pew" Kyle Stibb and got "sprayed"
Image: Gifsboom.net
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