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December 05, 2018

Liability of Marketers of Secondary Market Annuities | A New Test

by Structured Settlement Watchdog

A retiree , the vast majority of whose net worth was placed in a structured settlement receivable misrepresented as an annuity, has filed a claim with the Financial Institution National Regulatory Authority (FINRA) against an Oregon financial firm.

The allegations in the claim, filed November 28, 2018,  say that the Oregon firm allegedly took an order from the retiree's wife, despite no written legal authority to speak with the wife about the retiree's account, such as a power of attorney to act on her husband's behalf. 

The structured settlement receivable, was marketed by the Oregon firm using the scam label "secondary market annuity", originated from a case that was part of the Access Funding lead paint victim scandal. The retiree now has not received any "secondary market annuity" payments, which were scheduled to begin in January 2018, leaving the retiree without the vast majority of his retirement savings and none of the expected income. Ongoing litigation involving the Maryland Attorney General means continued uncertainty regarding the "secondary market annuity" payments.

The retiree alleges the following against the Portland Oregon firm:

  • Breach of Fiduciary Duty
  • Negligence
  • Negligent Supervision
  • Fraud
  • Breach of Contract
  • Unauthorized Trading

FINRA Rule 4530(d) requires firms to report quarterly statistical and summary information regarding written customer complaints. FINRA uses the information to identify and initiate investigations of firms, offices and associated persons that may pose a risk, and for the timely identification of other regulatory matters in line with its goal of enhancing risk-based approaches to regulation, investor protection and market integrity. The complaints are part of the firm’s Risk Monitoring Report Cards.

The statistical and summary information regarding customer complaints required pursuant to FINRA Rule 4530(d) is due quarterly by the 15th calendar day from the end of the quarter. If the 15th falls on a weekend or holiday, the report is due the next business day following the 15th.

Based on the above, the Oregon firm will be required to report the complaint by Wednesday January 15, 2019.

 

Posted at 09:40 AM in Oregon Structured Settlements, Secondary Market Annuities | Not Annuities | Don't Be Fooled, Secondary Market Structured Settlements, Structured Settlement Factoring News, Structured Settlement Investments, Structured Settlement Receivables, Structured Settlement Watchdog® |

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  • Structured Settlement Payments | Types of Structured Settlements 2025
    In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees offer a financial strategy that provides a unique method for deferring taxes for attorneys and their firms. Attorneys can structure or defer their legal fees independently of whether the plaintiff structures their settlement. There are various ways to structure attorney fees, including capped or uncapped index-linked structured settlement annuities with payments adjusted according to the S&P 500 or another index's positive changes. Trial lawyers might also opt for a special deferred payment/compensation arrangement if they seek market-based returns without a cap. As the year-end approaches, consider adding structured attorney fee specialist John Darer® to your settlement planning team for 2025.
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  • What Are Structured Settlement Annuities?
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Qualified Settlement Funds

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  • Firmwide Qualified Settlement Funds Debunked
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