by Structured Settlement Watchdog
1. Genex Capital/SSQ Misinforms that when you sell your structured settlement you are selling the annuity
Genex/SSQ says "If you decide to sell part or even all of your future payment stream in exchange for a lump sum paid to you today, the annuity is the product that you are actually putting on the market for others to purchase". The truth is that it is the structured settlement payment rights that are put up for sale. The annuity is a qualified funding asset owned by the qualified assignment company. It remains owned by the qualified assignment company even after the structured settlement payment rights are transferred from the original payee.
2. Genex Capital/SSQ confuses the US government with the law and then gets the fundamental law wrong
Genex SSQ says "Simply put, the United States government believes that restitution for an injury, illness, accident or wrongful death is not defined as a gain for your income". The truth is that damages on account of physical injury, physical sickness or wrongful death are excluded from gross income, pursuant to IRC 104(a)(2) of the Internal Revenue Code of 1986, as amended.
3.Genex /SSQ Contradicts Itself and Supports my Point #1
Genex /SSQ states Federal law states that consumers cannot “change, modify, or control” the schedule of payments, lest they be subject to taxes including on capital gains. Selling your payments, in whole or in part, does not technically alter the original contract you signed: it simply transfers ownership of the rights to those payments (on the same schedule) to a different party".
4. Genex Capital/SSQ is Afflicted With The Structured Settlement Secondary Market Brain Fart
Genex/SSQ says "In the case of a third party claim, the victim may be awarded a settlement as part of the restitution for their case". Genex/SSQ also says "There are plenty of reasons to want to sell a structured settlement payment stream once such a payment has been awarded to you"
The fundamental truth that escapes Genex Capital/SSQ, is that a settlement is not an award and an award is not a settlement.
5. Genex Capital/SSQ Shoots Self in The Foot, A Sashay Gone Wrong
Genex Capital/SSQ says "Just like any other company, a structured settlement firm will have a corporate history that you
can find online with a little bit of digging. Check to see if the company’s address points to a real location (not a Post Office box)"
Here's the result of a little digging since 2011
- The address for SSQ in Hartford CT is a mail drop at a Regus office Center. Hmmm.
- The address for Genex Capital and Assured Annuity in Delaware is a mailbox at a UPS store located at 73 Greentree Drive. Hmmm
- The management of Genex Capital took considerable steps to conceal their ownership of SSQ after it was acquired by Andrew Cravenho in November 2011. Hmmm
- My July 2014 post included some interesting historical "archaeological" finds SSQ | Who is "Brad Jones"? Questions About SSQ/Genex Link Continue
- Genex Capital only started labeling SSQ as one of its properties since May 2015 at the conclusion of a lawsuit against it brought by one of its former competitors.
- Genex Capital/SSQ promotes David Springer, using the Mt Airy Faker's admitted alias James Spelling, and was the first to promote another fake identity used by David Springer in July 2012 only days after Springer started using it. Read Genex Capital/SSQ Compared Its Fake Person With Real Attorney From Competitor