by Structured Settlement Watchdog
As a British bobby might say " Hello, Hello what have we here?" What we have is a naughty boy getting hoisted on his own petard, sir.
The same day Milestone sent an email blast to trial lawyers all over America suggesting they should eliminate annuities from their client portfolios and settlement plans, John Bair published " How to Buy an Annuity" for CrowFly, LLC, his factoring company, in the CrowFly Legal Examiner.
Consider these two headlines both published by entities controlled or directed by John Bair on the very same day, April 20, 2020:
- " Eliminate annuities from your client portfolios and settlement plans" Milestone blast email to lawyers all across the United States
- " How to Buy an Annuity" Blog on Crowfly, LLC Legal Examiner. Bair is a Founder and Director of CrowFly, LLC (see screen shot right)
It is critical for readers to note that the target of both the blast email and Bair's blog post are personal injury trial lawyers all across America who have a steady supply of clients with annuities and both they and their clients (with a large enough settlement) are potential investors.
In my opinion, much more than hypocrisy is on exhibit here.
CrowFly LLC Offers What Its Director Bair Misrepresents as "Annuities", With No Insurance License?
Despite being the director of an entity not having an insurance license in New York Download ALiS __ Producer Search CrowFly LLC NY DFS 4-22-2020, the following, authored by John Bair was published on April 20, 2020
"Consider a discounted annuity from crowfly(dot)com, as the yields of 4% to 5% are attractive and are from some of the most highly rated insurers. Buying a secondary market annuity also helps out another person who is in need or has fallen on tough times. There is a strong social impact of buying an annuity from someone else. Both sides of the equation win. Also, the yield to a buyer of a structured settlement annuity is a net yield; there are no ongoing monthly or annual expenses. Structured settlement annuities, or structured settlements, can be a great source of income. They are typically annuities and should..."
- I questioned Bair's motivation for his Milestone email blast trashing annuities in my April 20th post.
There is, and there is further potential for conflict of interest. Is Bair, via MIlestone "privately" trashing existing annuities to drum up business for CrowFly? I think it's something that trial lawyers need to get their heads around.Milestone pushes its agenda 4-20-2020 in an email to trial lawyers, the same day as the blog in the first screen shot was published
- Is there a strong social benefit from buying an annuity from someone else? If the investors that CrowFly, LLC is soliciting are making 4%-5%. it is possible that the selling annuitant is selling at a higher price that is not as favorable as the best available in the market place for sellers. CrowFly says on its website that as of 4-20-2020, its average discount rate is 6.05% Is there a social benefit to giving someone pennies on the dollar, or less pennies on the dollar? There are factoring deals being done by other companies at more competitive rates.
- The saturation marketing campaign pushing qualified settlement funds as if it were The Second Coming seems fishy to me. Is it the figurative "gateway drug" to the settlement planning cocktails he and his company have to serve? Despite what Bair says, QSF's are not needed or necessary to the degree he suggests. Is it just one big money grab for entities controlled by Bair. Milestone Consulting, LLC, Seventh Amendment Holdings LLC, CrowFly, LLC and two assignment companies? IMPORTANT UPDATE Research in 2022 subsequently has uncovered New York structured settlement transfer petitions submitted on behalf of Seventh Amendment Holdings, LLC and United States Periodic Payment Assignment Company (USPPAC). One was from 2015 and the other 2017. The annuitants were placed by Bair while he was with Forge or Milestone Consulting. Also see our January 15, 2022 post for additional cases uncovered where CrowFly, LLC submitted petitions to factor structured settlements that John Bair had written while with Forge and Milestone.
- One of those cocktails is a misleading sales pitch that factored structured settlement payment streams are structured settlement annuities. It is clear that they are not annuities according to the NAIC, the entity that is made up by insurance commissioners in all 50 states in which Bair holds licenses. Bair has been involved with structured settlements for 21 years. He knows better, but for some reason has instead of calling it what it is, he made the choice to deceive investors by advertising non-annuities as annuities in solicitation of investments.
- Upon information and belief, CrowFly's daily paid key word ad budget has been over $1,200 (i.e $30,000 plus per month).
- Two of CrowFly's three Google Five Star reviews are from CrowFly Director John T. Bair and his wife Amy.
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