by Structured Settlement Watchdog
On March 15, 2019, Georgia Notary Public Nikia Foster-Vassell witnessed Brendrick DeAngelo Simmons sign NBA player Paul Millsap's name to a document that purported to be Paul Millsap's guarantee on a loan to Simmons originated by Atlantic Solutions, LLC.
Simmons is the uncle and agent of the Brooklyn Nets hoopster, who was playing for the Denver Nuggets in 2019.
Atlantic Solutions, sought out NV Partners LLC d/b/a SMA Hub to find investors.
SMA Hub positioned the NBA as an insurer in its sales purchase documents, even though the NBA is not an insurance carrier.
At the time the 2019 deal went down, SMA Hub was already reeling from a similar deal involving Former NFL star Michael Vick, also originated by Atlantic Solutions, having obtained a confessed judgment.
The loan was not paid to all investors when due on September 15, 2021 and is the subject of New York litigation brought by investors against multiple parties. Closing documents in the loan show signatures of Lee Jundanian and Raffi Boghosian. As noted in prior posts Jundanian and Boghosian were associated with Access Funding, a despicable entity that targeted and exploited Baltimore's black community which were referred to as "lead paint virgins". Read the 2016 CFPB Complaint
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Update: Boghosian was among a trio convicted in November 2022, of a Theft Scheme involving Lead Paint Victims receiving Structured Settlements
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Reliance Funding is a limited-liability company engaged in structured settlement factoring and is the successor company to Access Funding
Reliance Funding’s principal place of business is at 6900 Wisconsin Ave, Suite 700, Chevy Chase, Maryland. On October 17, 2015, after being notified of the Consumer Financial Protection Bureau’s investigation through service of a Civil Investigative Demand, Access Funding, through its affiliate Access Holding, sold its assets to Reliance Funding. Reliance Funding is a successor in interest to Access Funding.
See IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND BALTIMORE DIVISION CONSUMER FINANCIAL PROTECTION BUREAU, Plaintiff, v.
ACCESS FUNDING, LLC, ACCESS HOLDING, LLC, RELIANCE FUNDING, LLC, LEE JUNDANIAN, RAFFI BOGHOSIAN, MICHAEL BORKOWSKI, and CHARLES SMITH,
Defendants Case No. 1-16-cv-03759-JFM
In her answer to a Complaint filed in a New York lawsuit against her, Nikia Foster-Vassell stated that " Reliance Funding LLC out of Bethesda MD, is the company that contracted Vassell on 15th of March 2019 to conduct the Simmons signing,
Prior to signing, Simmons noted and provided a POA (power of attorney) advising that he has designatory rights to sign on behalf of Paul Milsap(sic) because he was his legal agent and uncle". As a notary, Vassell said, she "couldn't attest to the validity of the document, only verify the dates/names are valid along with the identification. Upon advising Simmons to provide the doc to the Signing Company, Reliance Funding LLC, he noted that they were aware, but would contact. Simmons produced two ID's which were sent to Reliance along with docs that Vassell notarized and Simmons signed".
Read Vassell's answer here posted 11/5/2021 with the Nassau County Clerk
Download 612659_2021_General_and_Vascular_S_v_General_and_Vascular_S_ANSWER_73
As you can see by reviewing Vassell's answer, Snapdocs billed Reliance Funding (not Atlantic Solutions) for $90 for what was noted as " Structured Settlement Purchase and Assignment Agreement". The expense was marked as approved by Zak Thompson. In 2018, Zak Thompson was the Reliance Funding shmuck who earned himself incredibly bad press in the Washington Post and a mugshot, after he used his employer's skip trace service to dig up and disseminate personal information for a Montgomery County cop who Thompson's friend proceeded to harass over a $50 traffic ticket. You cant make this stuff up. See MD Factoring Company Employee Gave Skip Trace Info On Cop to "Bro" Who Then Harassed Cop Over $50 Ticket"
Never a structured settlement. never an annuity, NBA not an insurer, Questions raised over "guarantee by Millsap" used to induce investors
Of course the Simmons/Millsap deal was never a structured settlement, never an annuity as that term is defined under the insurance laws of New York, Maryland and other states where investors were targeted by SMA Hub, the NBA was not an insurer and there have been questions raised over whether or not Millsap actually guaranteed as was advertised.
More than $1.5 million is owed and is almost two months late with daily penalties in the thousands of dollars. according to the New York complaint and a confessed judgment against Simmons and Millsap in Maryland.
Rohit Chopra, while you still have an open file on Reliance and its principals, you might want to nose around some more.
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