by Structured Settlement Watchdog
The New York resident's structured settlement was established when he was a child and the other day he expressed happiness with his structured settlement and no desire to sell. The New York resident is now 25 years old.
The solicitation came out of the blue. A Florida structured settlement factoring company' s representatives met the annuitant for lunch in New York City in June 2021, at which which one of the owners of the Florida based Delaware registered company, nervously suggested that the annuitant could fly back with them to Florida (i.e with people he'd never met before), according to the annuitant. The annuitant declined, well schooled in the old adage "don't get into cars (or onto airplanes) with strangers!"
New York to Florida is the classic structured settlement forum shopping "sucker's run"
All 50 states now have a structured settlement protection act, which requires a judge's approval that the structured settlement transfer is in the best interest of the payee and any applicable dependents. It's not supposed to be a rubber stamp (or a rubber duck for that matter) and New York judges happen to be some of the most scrutinizing. It is because of this scrutiny that certain Florida company predators attempt to induce annuitants to commit fraud (and succeed), coaching them to fabricate and stage a Florida address, drivers license and other "proof of residency" for the purpose of completing a deal, which might not be approved in New York and, in the best of circumstances can pay the annuitant only pennies on the dollar.
Florida's courts have overseen some of the worst cases of financial rape of structured settlement annuitants. Efforts to vacate orders in forum shopped cases run into obstacles because a certain defense to be raised by the factoring company inducers' lawyers is that the annuitant was complicit in the fraud and therefore has "unclean hands". [e.g. see Lape v Structured Asset Funding, LLC et al Supreme Court of the State of New York County of Monroe Index E2020003377 Document 122, Defendants' June 24, 2021 Reply Memorandum of Law "Plaintiff's Participation in the Alleged Fraud Requires Dismissal" ]
Don't Be Stupid. If you are asked to participate in fabricating an address in a state where you don't really reside don't do it and report the company and its representatives to your state's attorney general's office.