by Structured Settlement Watchdog
Greenwood Funding LLC, a Boca Raton associated brand of Fort Lauderdale's Rightway Funding LLC, appears to be targeting a batch of MetLife annuitants
who have not previously sold structured settlement payments with rip off structured settlement cash now heists.
Here is a sampling of recent Greewnood Funding rip off structured settlement factoring deals and attempted rip off structured settlement cash now deals
- AGG= aggregate payments to be sold
- PP= purchase price to seller
1. Jose E Benitez [RIPPED OFF in fat profit deal}
GREENWOOD FUNDING LLC V B, J
Palm Beach, FL
Approved January 2020. Case was hidden until the final approved order was uploaded with the info.
PP 265,332.05 roughly 10% rate.
What Benitez could have received
At a 5% Benitez would have received $552k
5.5% the payment would be $510k .
2. Nikol Allstop [ saved from RIP OFF, by alert New York Judge Pamela Fisher ]
GREENWOOD FUNDING, LLC v. A., N. AND BRIGHTHOUSE LIFE INSURANCE COMPANY
Kings County, NY
Brighthouse Life Insurance
PP: 201,555.00 @ 11.42%
$344k @ 5.4% is what would have been possible here.
Thankfully this case was dismissed.
GREENWOOD FUNDING LL C v. METLIFE TOWER RESOURCES GROUP [ Shocking Attempted Rip Off by Greenwood Funding averted]
Greenwood Funding. “Restructure/payments with an investor”.
PP 140,352.00 around 13.6%
Annuitant did not want to get that much or sell that much of his annuity payments, so he ended up doing a completely different deal selling much less thanks to a better discount rate from someone else.
4. Javon Watson
GREENWOOD FUNDING, LLC v. W., J., METLIFE TOWER RESOURCES GROUP, INC. AND METROPOLITAN LIFE INSURANCE COMPANY
Nassau County, NY
PP is 52,671.44 9.58%
Watson's structured settlement was established in summer 2012. He's currently earning on a tax free basis more than the 30 year treasury, which is taxable. Watson just sold a portion of his structured settlement to Fairfield Funding in a deal approved July 2019 in which he received $100,000, when he probably could have received $10,000 more. Now coming in with another deal 6 months after the first closed and he's getting short shifted again.
According to #12 in Javon Watson's affidavit, filed with the Nassau County Supreme Court and is a public record, Javon Watson says "I intend to use the proceeds I receive from Transferee under the Purchase Agreement as follows: To pay for tuition, purchase mechanic tools and equipment for my business, payoff high interest credit cards, make repairs to my home and pay insurance for three years. As I stated above, I am enrolled as a full-time student studying to be a certified mechanic. I will use approximately $12,000.00 to pay the remainder of my tuition and complete my education. In addition to tuition, I will need to purchase mechanic tools and heavy-duty equipment to run my shop more efficiently at an estimated cost of $9,000.00. Since I will continue to work only part time while finishing school, I will use approximately $3,500.00 to payoff high interest credit cards. I do not want to have any stress while in school about paying off debt with a part time job. Therefore, I will use a portion of the proceeds to eliminate my unsecured debt. Another portion of the proceeds will be used to make home improvements. My mother and I share a home of which we have been unable to make needed repairs. Approximately $12,000.00 of these proceeds will be used to update the kitchen and bathrooms in my home. Finally, all the remaining funds will be used to pay for automobile insurance as well as liability insurance for my business. This structured settlement was a result of a car accident for which I sustained injuries and I am no longer being treated or receiving medical care for those injuries. Therefore, I wish to pursue this transaction to accomplish these goals. The reminder will used to buy
to automobile insurance as well as liability insurance for my business"
A more reasonable price would have fetched seller between 80-100k. The stated expenses in Javon Watson's affidavit associated with the new transaction total $36,500. With the additional funds from a more competitive offer from Greenwood funding or any other competing company, he's be able to score what he needs and more instead of getting the short shrift.
5. Greenwood Funding LLC ET AL VS S B
Approved this month.
All docs confidential even the Order.
6. Kevin McCarten
Planewood Company V MK
Atlantic County, NJ
New York Life insurance Company
Original Petition: AGG: 577,325.00 PP:101,236.98 12.90%, He could have got in the 5s which would be around 260k
New amended deal AGG 203k PP 108,762.47 total. Probably could have received around 165k for those
7. Z.T. from Austin TX, another MetLife annuitant targeted by Rightway Funding. Was able to get a better deal elsewhere without selling so many payments.
Rightway Funding LLC and Greenwood Funding LLC, are not so lovingly referred to as "structured settlement factoring parasites" in a 2019 DRB Capital press release. A pending lawsuit names Rightway Funding LLC, Sempra Finance LLC, Greenwood Funding LLC, and JLC Capital Funding LLC as Defendants in Palm Beach County, Florida See DRB Capital LLC v Greenwood Funding LLC et al. Palm Beach County Circuit Court Case 502018CA014692XXXMBAE.
The allegations against the Rightway Funding Defendants in the amended complaint of the lawsuit are consistent with the experience of one of my own annuitants who has a MetLife structured settlement and was solicited with the untruth that MetLife was going out of business. See Rightway Funding Vulture Will Stop At Nothing to Scam MetLife/Brighthouse Structured Settlement Annuitants June 7, 2019.
If you are a MetLife annuitant and contacted by any representative of Rightway Funding, Greenwood Funding or any of other defendant entities in the DRB Capital lawsuit
- Discount anything any Rightway Funding or Greenwood Funding rep says about any life insurance company. I personally heard Stan Fitzpatrick of Rightway Funding lie about MetLife as I related in my contemporaneous recount of the conversation. cited in the above June 7, 2019 link.
- Always shop around
- Speak to someone with relevant credentials. Verify the credentials.
What a lower discount rate means when selling structured settlement payments
A lower discount rate means that less of an annuitant's structure needs to be sold to raise the money the annuitant needs to solve a financial problem that cannot be solved any other way. It also means that more money can be extracted for periodic payments sold. As you can see real people are losing real money if they don't shop around.