by Structured Settlement Watchdog
Annuity.org's incorrigible Alanna Ritchie possesses the uncanny ability to generate a figurative "gran pila de mierda de toro" with a few misguided keystrokes. Nothing new, she's had years of practice. Ritchie kicks off the 4th quarter by dedicating an entire post to the tertiary market scam label "secondary market annuity" and cites an outdated source that essentially is no longer using it.
"Ritch" In Contradiction
Most puzzling is that in 2019 Ritchie wrote that "While many types of financial companies can sell annuities, only an insurance company can issue an annuity because annuities are insurance products" and I praised her for it. A year later and Ritchie is touting a non insurance product as an insurance product, ah-gain.
"Giving Debit Where Debit is Due"
Ritchie's latest post is purportedly "Financially Reviewed By : Somer G. Anderson, Ph.D., CPA, CGMA, CFE". Ritchie's ongoing incompetent research about structured settlements is legendary in these parts. Apparently doesn't read her own stuff. But Anderson is a CPA that apparently signed off on the use of the term "secondary market annuity" to describe factored structured settlement payment streams in the October 1, 2020 post, when statutory accounting interpretation promulgated by the National Association of Insurance Commissioners in Statutory Issue Paper No. 160, expressly state that such acquired payment streams are neither annuities nor insurance products and cannot be accounted for as such. There is also case law. In plain words, a "secondary market annuity" is not an annuity.
Anyone who continues to use the term secondary market annuity or the term annuity in conjunction with factored structured settlement payment streams in light of multiple pending legal cases where substantial investor money in factored structured settlement payment streams is in jeopardy, is fooling their audience.
A Dubious combination?
Annuity.org is a website that generates leads for structured settlement factoring company CBC Settlement Funding in support of that company's pennies on the dollar value proposition. Read my April 19, 2019 report about how CBC Settlement Funding targeted a teenage New Jersey resident with mental illness.