by Structured Settlement Watchdog
Buffalo structured settlement industry colleagues at Milestone have come out almost all the way to announce their structured settlement factoring business,
CrowFly LLC, renamed October 4, 2018 from Structured Settlement Exchange, LLC and operating at 737 Main Street, Suite 100 address in Buffalo, same as Milestone. Last October John Bair sent an email to someone in the factoring business that to his knowledge they were the only primary market as well as factoring origination firm.
The business is legal but raises questions over potential conflicts of interest and is an in your face challenge to those life insurance companies issuing structured settlement annuities that contract Milestone. As previously reported I have attempted to address these potential conflicts with then
The CrowFly trademark application filed with the USPTO describes its services as:
"Providing an on-line virtual marketplace for buyers and sellers of structured settlements and annuities; information, advisory and consultancy services relating to the aforesaid services
Financial factoring services to businesses and individuals, namely, by purchasing of deferred streams of payment in the nature of structured settlement and annuity payment rights; financial factoring services to businesses and individuals, namely, by purchasing of deferred streams of payment and receivables, namely, interests in the nature of anticipated proceeds or fees resulting from legal claims for the purpose of pre-settlement and litigat...
Computer services, namely, creating and managing an on-line virtual environment for buyers and sellers of structured settlements and annuities; information, advisory and consultancy services relating to the aforesaid services
Tweets published as Crowfly July 2, 2019 all link to Milestone Examiner posts by Milestone CEO John Bair in the last 12 months. One of them pitched accredited investors with "the opportunity to buy a structured settlement annuity".
But accredited investors are NOT buying an existing structured settlement annuity because the National Association of Insurance Commissioners, which knows something about what an annuity is, opined in Statutory Issue Paper 160 that factored structured settlement payment streams are neither annuities nor insurance products. Furthermore, Milestone and its principal (the latter someone with an New York insurance license for over 25 years ) know that structured settlement annuities are owned by the qualified assignment company in most cases and remained owned by the qualified assignment company even if the payment rights are transferred to a buyer. Why is money being solicited from CrowFly LLC investors with the inaccurate sales pitch that they are actually buying a structured settlement annuity?
— CrowFly (@CrowFlyLLC) July 2, 2019 831am