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October 07, 2021

New York Lawsuit Reveals 7 SMA HUB Purchase Orders That Named NBA as "Insurance Carrier"

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Another lawsuit has been filed over the purported factored NBA agent fees that were peddled to investors in a deal originated by Lee Jundanian and funneled through SMA Hub as an intermediary to financial advisors as a safe investment.  

I had pointed out in my prior post about the Hansen Trust suit filed in Pima County Arizona that in that case the SMA Hub Purchase Order stated that the Insurance Carrier was the "NBA". It wasn't.  In the New York lawsuit captioned below, the exhibits, which include the deals purchased by the investor and/or the qualified plans he represents, the SMA Hub purchase orders also make similar notations. That's either a lot of clerical errors or a lot of what comes out of the South end of a bull.

7/16/2019  Hub Business Trust  R031519R-4-1      Insurance Carrier:  " NBA Agent Fee"

7/16/2019  Hub Business Trust R031519R-7           Insurance Carrier:     " NBA"

8/06/2019  Hub Business Trust R031519R 2-1-1   Insurance Carrier:      "NBA"

8/12/2019   Hub Business Trust R031519R 2-1-2   Insurance Carrier:      "NBA"

8/19/2019   Hub Business Trust R001518R-6-2      Insurance Carrier:    " NBA"

8/19/2019   Hub Business Trust  R031518R-4-2      Insurance Carrier:    "NBA"

NEW YORK STATE SUPREME COURT COUNTY OF NASSAU  Index Number 612659/21

General and Vascular Surgery of Long Island, PC Defined Benefits Plan; Smithtown Medical PC Defined Benefits Plan; Smithtown Medical PC; Roth IRA FBO "A.C."; 401(k) FBO
"E.C.", Plaintiffs

vs 

Paul Millsap; Brooklyn NETS Basketball, LLC, an NBA Franchise; Brendrick DeAngelo Simmons; BDS SPORTS, LLP, a Foreign Limited Liability Partnership; Chase Bank; The Denver NUGGETS, an NBA Franchise and a Delaware Corporation; The Denver NUGGETS Limited Partnership, a Delaware Limited Partnership, as owners of the Registered Trade Name Denver NUGGETS; The Denver NUGGETS Corporation; Lee Jundanian; Reliance Funding; Atlantic Solutions LLC; EagleBank; Marc Wertheimer, ESQ.; Jonathan Walker; Tyson Wright; Jannae Palovich; SMA Hub, an Oregon Limited Liability Corporation; HUB BUSINESS TRUST through its Trustee, NV PARTNERS, LLC d/b/a SMA HUB, an Oregon Limited Liability Corporation, Jonathan P. Walker, President/Manager, NV Partners LLC; WESTERN CAPITAL CORPORATION, a Foreign Corporation d/b/a Northwest Bank; Happy State Bank d/b/a GoldStar Trust; GoldStar Trust, a Texas Banking Association; Anthony Martini, Jr., Anthony Martini, Sr., The Estate of Anthony Martini, Sr. (Executor Louis Pittocco, ESQ.); AM CPA; AM & Co.; Retire Smart.Today LLC, Nikia Foster-Vassall, ScanDocs, Inc., Defendants

 

Posted at 06:20 PM |

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Guide to Structured Settlements 2023

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring 2023 A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer® of 4structures.com® LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
  • Structured Settlement Annuity Companies 2023
    Which life insurance companies issue structured settlement annuities going into 2023? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information.
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements
    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click for a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last updated January 23, 2023.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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