by Structured Settlement Watchdog®
Seneca One bills themselves as " Your Trusted Source". Not any more., judging on the Lauren Nesbitt case.
Seneca One (operating as or though Albanoni LLC, located at the same address in Bethesda MD), paid Lauren Ashley Nesbitt only $550,135.57, for the following payments:
- $ 9,579.98 monthly, commencing 08/1/2018 and continuing through and including 07/01/2026, increasing at 4% annually each August;
- $14,180.72 monthly, commencing 08/01/2028 and continuing through and including 07/01/2036, increasing 4% annually each August
- $500,000 guaranteed lump sum 09/30/2032
- $500,000 guaranteed lump sum 09/30/2027
Total Payments Sold: $3,627,237.59
Purchase Price: $ 550,153.57
What a "Nes-bit" of Business! "Seneca One Sow" Does Her Happy Dance "Another One Bites The Dust" en route from Oklahoma.
Payments Ultimately Assigned to Reliance Standard Life Insurance Company, whose corporate office, according to its website, is located at 2001 Market Street Suite 1500 Philadelphia PA 19103
Jurisdiction: Bryan County Oklahoma CV-14-111 In Re Lauren Nesbitt
Name of Judge Who Approved This Awful deal Mark Campbell on 11/20/2014
Why was the Seneca One cash for structured settlement deal for Lauren Nesbitt so awful?
For the purpose of research in this case I consulted Rhonda Bentzen of Bentzen Financial in Nashville, TN who provided the following
- Estimated Discount Rate Seneca One charged 13.7%, which is not competitive for that case
- Estimated profit in the deal for Seneca One and the assignees $1,000,000 plus at the annuitant's expense
- Bentzen Financial would have paid Lauren Nesbitt $1,200,000 according to a written statement provided to me by Rhonda Bentzen today.
- ..Bentzen Financial would have paid Lauren Nesbitt: almost $700,000 more than Seneca One. Multiple companies apparently would have paid in excess of $1 million, close to double the Seneca One gluttons, according to my sources
A lot of settlement purchaser subterfuge centers around putting "lipstick" on present value "pig", to justify low buyouts. Clearly there was much more PV manna on hand than Seneca One was willing to provide.
As if that wasn't bad enough, I understand that this was a hard sell deal, multiple people from Seneca One went to Oklahoma to close this awful deal for the seller. Instead of providing long term financial security for the seller the seller's annuity payments are a pimple on the bottom line of Reliance Standard Life Insurance Company
The Seneca One Lauren Nesbitt deal marks yet another highly profitable deal for a member of the National Association of Settlement Purchasers, an organization whose mouthpiece Jason Sutherland of DRB Capital wrote the following on January 5, 2016 in the Florida Sun Sentinel:
"Recent news reports have attempted to portray the structured settlement purchasing industry as one that purposefully lacks transparency and persuades the disabled to sell a lifetimes' worth of income for much less in return. This is a biased take on the industry and the laws in place that govern structured settlement transfers". You could say that bullshit is "by-ass"-ed too.
A quick sampling of Oklahoma court submissions of structured settlement transfer petitions shows that multiple NASP members are submitting case petitions with simply the words "Structured Settlement" as Defendant, in an apparent effort to evade people doing an online party search.
Transfer disclosures in Oklahoma apparently do not disclose the effective discount rate, making it hard for the judges to perform their obligation. to protect the best interest of the payee and the payee's dependents. Time to amend the Oklahoma structured settlement protection act!
There's more than enough to justify a more intense broader look at the how badly certain NASP members are financially raping structured settlement sellers through piggy high margin deals, that belies the platitudes expelled by NASP leadership and the way that these companies market themselvess to the public. Unfortunately legislators in Oklahoma have not caught up with Maryland and other states and there is no national standard for licensing and regulation of market conduct.
Copy of Transfer Petition in the matter of Lauren Nesbitt Download Nesbitt 2014 awful OK structured settlement transfer to Seneca One
Comments and Trackback Policy