by Structured Settlement Watchdog
The simmering NASP bouillabaisse gurgles like the bullfrog Jeremiah, the morning after a "Three Chili Dog NIght" out.
21 months after one of its members financially raped a young African American New Yorker for over $1.4 million in profit spread and continues to this day to make wholly misleading statements that it delivers maximum payouts, the National Association of Settlement Purchasers delivered this nothing burger.
All is not accurate on the NASP lilypad
"Firms that join NASP are required to disclose the details of their business practices by providing an approximation of how many transfers they complete in a calendar year, explaining how the company finances its acquisition of structured settlements, and describing how the company markets its services to customers". NASP website annual letter January 2017.
- Strong doubts are surely raised about NASP's review of Novation Funding. In the same time frame as the $1.4M financial rape. Novation Funding skanked another African-American New Yorker, with an Allstate structured settlement for a discount rate that meant a much lower payout than he would have received had he just used Allstate's Advanced Funding Exchange Notice that was in his policy. Novation lacked the ethics to get anywhere near the Allstate rate. Novation lies in wait by suggesting you sell your structured settlement to go to Bora Bora, or an interest rate fire sale. Novation Funding has been the industry poster child for false, misleading and predatory advertising, in my opinion.
- Strong doubts are surely raised about NASP's review of Seneca One. Seneca One recently withdrew from NASP. While Seneca One was a member it was notorious for creating official sounding fake agencies to generate leads for its business and, while operating as Albanoni LLC, for hosing Oklahoma resident Lauren Nesbitt for a $1 million profit spread while advertising " your trusted source".
- Strong doubts are surely raised about NASP's review of a certain member's soliciting structured settlement annuitants, including a young African-American single father of two toddlers and an Allstate structured settlement, with statements about inappropriate investments and using investment projections that could have potentially violated securities laws.
- Strong doubts about review of the NASP member companies involved in Kyle Stibb case
- Strong doubts about review of NASP member Liberty Settlement Funding's " Don't Miss The Boat" ads, a dishonest targeting of immigrants with the false premise that a factoring discount is a good deal. More dubious advertising by Liberty Settlement Funding
It's simply not enough for NASP to say they review a company's marketing because its clear that either (1) they're not doing so; or (2), that they are conducting such reviews based on incomplete disclosures and/or (3) they are aware and professing willful ignorance
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