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Years of Experience Stacking | Absurd Is The Word | Structured Settlement Edition

by Structured Settlement Watchdog

One structured settlement industry website claims "over 60 years of experience".

That would  at minimum, take them back to the year 1964, when Martha Reeves and the Vandellas were "Dancing in the Street", when the Fab Four sang lustily about wanting to "hold your hand" and of special interest to a watchdog, Underdog began fighting "Simon Bar Sinister". You know, or perhaps your Mom or Dad (or grandparents) know "Speed Of Lightning, Roar Of Thunder. Fighting All who Rob Or Plunder". 

What is Years of Experience Stacking?

While taking an average years of experience would be more reasonable, years of experience stackers exaggerate by advertising a sum total but not making it clear it's a sum total.  It's silly season when you go back the number of years they advertise and cross reference dates with actual facts about structured settlements.

"Absurd is The Word"

If one were to assume, arguendo, the illegitmate practice of years of experience stacking was legitimate (it isn't), the largest structured settlement firm in the United States (which I emphasize DOES NOT stack years of experience), with 250 brokers and let's assume an average of 20 years experience, could advertise it had 5,000 years of experience, tracing its roots smack dab in the Stone Age and the Invention of Writing, in stacking "fantasy world".  The Stone Age ended between 4,000 BC and 2,000 BC. While the firm with 60 stacked years of experience could conceivably raise the "modern Stone Age Family" in retort, the 1960's group The Trashmen drew a line in the sand with "the B side version" to their #4 in January 1964 "surfing avian" tribute,  "Absurd is The Word". But then "everybody's heard about the word".

"The Incredible 'Ulp' "

The great Roman jurist "Luigi Ferrigno" Ulpian (170-228 AD) is credited with being one of the first dealers of annuity contracts in history. Not only that, he was reputed to have created one of the first actuarial life tables.

Early Development of the United States Court System (thoughtco.com)

Article Three of the US Constitution stated:

"[t]he judicial Power of the United States, shall be vested in one supreme Court, and in such inferior Courts as the Congress may from time to time ordain and establish."

Thalidomide to The Bo Diddley Beat

In the late 1950s and early 1960s, the use of Thalidomide in 46 countries by women who were pregnant or who subsequently became pregnant resulted in the "biggest anthropogenic medical disaster ever," with more than 10,000 children born with a range of severe deformities, , as well as thousands of miscarriages.  Some of those were purportedly settled with annuities.

"Over 60 years of experience" would put you at the epicenter of the Bo Diddley beat" and the anti-year of experience stacker song "You Can't Judge a Book by It's Cover"

The Periodic Payment Settlement Act of 1982 was signed into law by "The Gipper" in January 1983, 41+ years ago

Time for breakfast

 

 

Funny Typos I Have Known | Structured Settlement "Epxpert" Eugene Ahtirski

by Structured Settlement Watchdog

I thought I'd lend a helping hand to Van Nuys California attorney Eugene Ahritski who provides advice concerning structured settlement transfers and now holds himself out as a Structured Settlement "Epxspert". In"gene" ious!

Came up in a Google search 8-23-2022

 

You know I aced phonics back in the day...

Mr. Ahtirski has close to 20 years of experience in the transfer of structured settlements from "A to Zebra" and a good sense of humor.  Good on ya mate!

Chronovo Could be Promoting Annuities Using Red Sox Legend Instead of Bobby Bonilla

by Structured Settlement Watchdog

Chronovo, which is based in a suburb of Boston Massachusetts continues to promote annuities using "Bobby Bonilla Day", a “holiday” of sorts celebrated by baseball fans, who use memes and jokes to talk about how the New York Mets pay someone who hasn’t been on the field since 2001 over a million dollars every year until 2035 when there are far better and more relevant choices to illustrate the value of deferred payment plans using other baseball players and other sports figures as examples.

The Key Decificiency in Chronovo's Marketing with Bobby Bonilla Day

• There was no annuity purchase to fund the Mets obligation.
• The story relies on the notoriety of dead crook Bernie Madoff to work, but it still doesn't work
• The dead crook would not be necessary if there was an actual annuity purchased.

Let's dive a little deeper. 

The Gratuitous Trivialization of Madoff to Promote Annuities

Why would a rerun of "Creepend at Bernies" be deemed essential to Chronovo to promote the value of annuities, specifically structured settlement annuities?  Bernie Madoff's fraud was the 2nd biggest in US History. Having a value proposition that is NOT gratuitously intertwined with a Bernie Madoff victim would be more approriate. For back story see Madoff Investment Scandal and how it hit former Mets Principal Owner Fred Wilpon 

Unfortunately, but not unsurprisingly, this seems to have been lost on Chronovo, which highlighted the Madoff connection in its most recent Chronovo Chronicle celebrating Bobby Bonilla Day. At least the lack of depth perception stopped short of trivializing Joey Gargan, another convicted felon, a former structured settlement broker and company owner and "Kennedy connection", who was incarcerated at FMC Butner, where Bernie drew his last breath in April 2021, until Gargan's being granted compassionate rwlease in October 2022.

There's Nothing Unusual About Deferred Payment Plans to Athletes But There Are Much Better Examples

Hey, there's nothing unusual about a team paying athletes deferred payments, but Bobby Bonilla is no Ken Griffey, Jr. or Manny Ramirez, both of whom have bigger annuities and arguably had greater career accomplishments, by quite some distance. In my opinion Griffey Jr and Manny Ramirez in particular are better examples to promote annuities for any company, let alone, a company from Boston.

I'm a lifelong New York Yankees fan, but in this case, since we're discussing annuities, I'm waxing lyrical about a Red Sox legend in an effort to change the narrative of certain annuity promoters' (at least structured settlement annuity promoters) narrative from Bobby Bonilla to other athletes who had better careers and more significant deferred payment plans. 

Manny Ramirez  was a Boston Red Sox and Major League baseball legend and 12 Time All Star.  Manny was a complete hitter, who hit for both power and average, and recognized as one of the best right-handed hitters of his generation, Ramirez finished his career with a lifetime .312 batting average, 555 home runs (15th all-time), and 1,831 RBI (18th all-time). In 111 postseason games, Ramirez posted a .285 batting average with 29 home runs and 78 RBI in being on 2 World Series winning teams.

Ken Griffey Jr.

Griffey Jr.  630 HR,  .284 BA,  1836 RBI,  184 SB, .538 SLG   Griffey, Jr. is a Hall of Famer,  a thirteen-time All-Star and one of the most prolific home run hitters in baseball history, 7th in MLB history. Griffey  won ten Gold Gloves as a center fielder and tied for the record of most consecutive games with a home run (eight, with Don Mattingly and Dale Long. He's been on the cover of the box of more than one variety of Wheaties "for goodness flakes"!

The Manny Ramirez Deferred Payments

Manny Ramirez signed a $160M contract with the Boston Red Sox in 2008, with deferred $1.968MM/year increasing at 0.25% from  2011-2026 (16 payments) Total payout $30,077,936. Here is the schedule: 

2011 — $1,968,677   2012 — $1,973,599  2013 — $1,978,533   2014 — $1,983,479  2015 — $1,988,438  2016 — $1,993,409

2017 — $1,998,393   2018 — $2,003,389  2019 — $2,008,397   2020 — $2,013,418  2021 — $2,018,452  2022 — $2,023,498

2023 — $2,028,557   2024 — $2,033,628  2025 — $2,038,712   2026 — $2,043,809  Source: Boston.com

 

Just in case you were wondering, says Chronovo, the total payout to Bobby Bonilla at the end of this road in 2035 will be $29,831,205.00.  Ouch!

 

Funnily enough, in a 2020 article Sportscasting.com reported that Red Sox Will Keep Paying Manny Ramirez Until He Turns 54

The Ken Griffey Jr. Deferred Payment Plan

Griffey, Jr. has even been on a Wheaties Box

Ken Griffey, Jr.  $112M contract deferred $3.59MM/year from 2009-2024. Despite being retired and not playing for the Reds since 2008,  the 13 Time All Star Hall of Fame slugger Ken Griffey Jr. is the 6th highest-paid players on the Cincinnati Reds.  Total Deferred Payout $57,440,000

Just to remind you in case you were wondering, the total payout to Bobby Bonilla at the end of this road in 2035 will be $29,831,205.00. Ouch!

Better Career Stats than Bonilla, Better Deferred Payment Plan than Bonilla

Ken Griffey, Jr.  $112M contract deferred $3.59MM/year from 2009-2024. Despite being retired and not playing for the Reds since 2008, Hall of Fame slugger Ken Griffey Jr. is the 6th highest-paid players on the Cincinnati Reds. 

Bonilla       287 HR   .287 BA    1173  RBI   48 SB     .472 SLG  6 Time All Star, One time time World Series winner (with the 1997 Florida Marlins)

While a quality player, Bonilla's career stats performed well below Manny Ramirez and Ken Griffey Jr,  his peers with deferred payments

Bobby Bonilla himself was quoted in the New York Post on July 1, 2022 as saying "“I’m probably more famous for that deal than the career I had” 

But for the fact the Mets and its owner were scammed by the late crooked Bernie Madoff, there would be no Bobby Bonilla Day.  Instead of "celebrating" Bonilla, perhaps Chronovo should reconsider their post given Bonilla's deferred compensation peers as a better role model for annuities. Madoff was a crook who destroyed lives and died a miserable death. 

One of the more significant and impactful parts of the July 1, 2022 New York Post article was the statement that Bonilla has never approached the Mets about receiving the funds all at once, instead opting to keep the yearly tradition going.  “I’ve never even thought about it,” Bonilla said.

This statement IS something to get in front of young people of color with structured settlements who are targeted by structured settlement factoring companies when they reach 18 and throughout their 20s. 

Think  "Just Say No. Like Bobby Bo" and Manny Ramirez and Ken Griffrey, Jr.

Related Reading

Annuity.org Revives Tired "Bobby Bonilla Day" for the Ides of March. Why?

 

Unfortunately Chronovo Steps on an Another Advertising Duck

by Structured Settlement Watchdog

Just one month after Chronovo's questionable "Bagging the Settlement" smartoon, Chronovo tweeted this, while hashtagging #structuredsettlements and #let's settlethis!

Not really thinking things through

"Better Call Saul" is a popular spinoff from the show Breaking Bad that airs on AMC.  The write up on the show is " Before Saul Goodman, he was Jimmy McGill. And if you're calling Jimmy, you're in real trouble. The prequel to "Breaking Bad" follows small-time attorney Jimmy McGill as he transforms into Walter White's morally challenged lawyer, Saul Goodman". 

Says Michael Asimow, in Jewish Lawyers on Television, for the Journal of the Oxford Centre for Socio-Legal Studies "Presumably, however, McGill wishes to capitalize on the Jewish lawyer stereotype exemplified in All in the Family. Jewish lawyers get business because they are thought to be shrewder and less ethical than other lawyers and McGill definitely wants all the business he can get". 

There are risks in the use of stereotypes in business, particularly when ‘Better Call Saul’ only drew 1.6 Million viewers for Season 5 Premiere, according to The Wrap on February 25, 2020. That viewership is less than half of one percent of the USA population in 2020 as recorded by the United States Census Bureau during the Covid-19 Pandemic (See 2020 Census Apportionment Results Delivered to the President)

Origins of the name Goodman

The name Goodman is a proud symbol of ancient Jewish culture. Before the late Middle Ages, people were known only by a single name. However, as the population increased and travelers set out on their journeys, it became necessary for people to adopt a second name to identify themselves. Jewish hereditary surnames were adopted from a variety of different sources. Two of the most common types of Jewish family names are patronymic surnames, which are derived from the father's given name, and metronymic surnames, which are derived from the mother's given name. As a Jewish (Ashkenazic) surname, Goodman comes from the male given name Gutman, which means God and man, and was a transformation of many similar sounding names. 

Source: Houseofnames.com

All in the Family

In a 1971 episode of All in the Family, Archie Bunker has an auto accident with a Jewish woman driver. After spouting his usual anti-Semitic opinions, Archie realizes that he can fake a back injury and make some real money. Clearly, this requires a smart but crooked lawyer. Archie and his son-in-law start leafing through the yellow pages looking for one and find Rabinowitz, Rabinowitz, & Rabinowitz. That’s it! But the Rabinowitz firm sends over Whitney Fitzhugh IV, its token gentile. Archie throws him out and cries “Bring me a Jew!”  Sol Rabinowitz soon arrives, but the case falls apart when witnesses (a station wagon full of nuns) declare that the accident was Archie’s fault.

Norman Lear’s inspired idea for All in the Family (1971-1979) was to put all sorts of bigotry and right wing political slogans into the mouth of the buffoon Archie Bunker as a way of ridiculing those opinions. In this episode, Lear was parodying the stereotypes surrounding Jewish lawyers—they are greedy, unethical, and more cunning than other lawyers.

Source: Asimov  (Ibid.  citing "Archie’s Aching Back,” Seas. 1, Ep. 3).

Saul the Lottery Winner is also a Old Dark Joke

So Saul, a 90-year-old Jew, wins the $300 million lottery. He's at the news conference to accept the check, and the reporters ask him if there's anyone he'd like to thank.

"Yes," he says solemnly. "I'd like to thank my brother Eli for lending me the $5 to buy the ticket, and my brother David for driving me to the Circle-K to buy the ticket.

"Lastly, I'd like to thank Adolf Hitler."

The silence was sudden and complete; you could hear a pin drop.

Finally a reporter raises a shaky hand and asks, "D-did you j-just say you w-wanted to thank H-hitler?"

"Yes, of course," Saul replies.

"Whatever for?"

Rolling his sleeve up, Saul points to the inside of his forearm. "For the NUMBERS!"

Cultural Awareness?

A little cultural awareness goes a long way. The CEO of Chronovo's response to my post in January, questioning the timing and apparent lack of cultural awareness of a member of the structured settlement industry, where both alternatives contemplated by the spear toting hunters portrayed in the Chronovo blog image involved killing animals revered in Asian cultures, when millions of animals were dying in Australian wildfires, was met with a "toys out of the pram" ad hominem attack. I regret that it's necessary to have to highlight something else, but it seems necessary, in my opinion.  I offered to review before their publication but so far they have not taken me up on it.  What a pity.

 

 

 

"Bagging the Structured Settlement" , An Awful Socially Unaware "Dumbtoon" Ad by Chronovo

by Structured Settlement Watchdog®

Good god. For all the good they think they are doing, Chronovo has today published a truly awful, socially unaware advertisement that kills the structured settlement message and, in my opinion, is an embarrassment to the mission of the structured settlement industry. 

Millions of Animals Are Dying and Chronovo Shows No Sensitivity With "Smartoon"

At a time when millions of animals are being killed by wildfires in Australia and when Facebook postings of poseurs standing in front of magnificent elephants killed for sport are widely met with the highest disdain, Chronovo has presented what they call a "Smartoon" that:

1. Presents an elephant as an  "evil beast" in a caricature by New Yorker cartoonist Pat Byrnes that is reminiscent of Saddam Hussein in his pomp, but is a "large tasty prize"
2. "Bagging the Settlement" rhymes with elephant. No wiggle room there.  The settlement in the image is a hairy evil beast with ivory tusks. A mammoth is an extinct elephant. There are only 7 two-syllable words in the English language that rhyme with mammoth.
3. The giant image places the emphasis on animal killing will offend vegans and people offended by cruelty to animals at a time when millions of animals are suffering, at the expense of a message which is relegated to the small print at the bottom of the page.
4. Bagging the structured settlement is targeted to plaintiffs, a significant segment of which may find the use of "Spearchuckers" to be racist, even though the people in the "Dumbtoon" are white.
5. On the other hand it may also conjure the thought of cavemen with “useless tools” to the task at hand. Maybe that's a self-inflicted wound.
6. The caption to the image of bagging the elephant, implies that the better alternative to killing an elephant is killing a rabbit "because you can get it fresh everyday".  "Bunny boilers" that's all the industry needs.
7. Chronovo says "Seen through this fresh perspective, structures are a win-win for all parties.  Begs the question of the fate of the elephant and the bunny.

In my opinion Chronovo needs to demonstrate more social awareness of what is happening in the world today and better judgment than is on display in publishing the Bagging the Stuctured Settlement "Dumbtoon". 

Postscript

I received a response from the CEO of Chronovo  on January 21, 2020 which I'd publish but for the fact that it was laced with an ad hominem attack. Chronovo's ad remains posted. Chronovo's choice.  That's the original point.  They chose the ad and chose to publish it, leaving them open for criticism. Some will be offended and perhaps some not.  My readers are mature enough to consider the talking points and judge for themselves. I even offered to proof read Chronovo ads before publishing.

In 4 Cross Cultural Marketing Flops You Wont Forget in a Hurry,  you will find a fascinating history of major companies who have paid millions to ad agencies whose message bombed in translation. It comes from a company called Kwintessential which takes take professional “translation” to the next level. They have an extensive team of native language copywriters that specialize in advertising and promotional translation, to ensure that your company’s key marketing and business messages are accurately localized for your target market. When our copywriters ‘Transcreate’ these messages, they take into consideration not just the language, but also the culture, political and economic climate, hyper-local colloquialisms and local perceptions of the market.

Symbolism represented by elephants in Asian culture

Hinduism & Elephants: The elephant is a very powerful and significant symbol in the Hindu faith as one of their favorite gods, Ganesha, is depicted in the form of an elephant. Ganesha is thought to be the remover of obstacles, as well as the god of luck, protection and fortune.

Chinese Culture & Elephants: In Chinese culture, the elephant is believed to be a symbol of good luck and happiness. In Feng Shui, elephants can also symbolize good luck, wisdom, protection and fertility, depending on the position they're depicted in. An elephant with its trunk raised up represents good luck, while fertility is symbolized when the trunk is down. It's notable the Chronovo elephant's trunk is down. Killing the symbol of fertility misplaced metaphorically, figuratively or whatever, as a value proposition for a structured settlement? No thanks.

According to Univerrsalsymbolism.com. rabbit, the "fresh" meat alternative depicted in the caption of the Chronovo ad, is a sacred symbol of good luck, radiating all of the energies of good luck. It is as if good luck and fortune seem to blossom upon, surround and bless the path of the Rabbit spirit animal. Rabbit appears on the horizon as a messenger that something new is on it's way to you. "Killing your luck" misplaced metaphorically, figuratively., or whatever, no thanks.

Do injured claimants of these cultures or claims adjusters come from these cultures?  You bet they do.

And finally Genesis edited out a helicopter from its Super Bowl ad in the wake of the helicopter accident that took the lives of 9 people in Calabasas CA on January 26th out of sensitivity to its victims.

  

 

Use Your Money When You Need It | JG Wentworth Tag Line Invoked For Attorney Fee Deferrals

by Structured Settlement Watchdog

The San Diego based office of Ringler Associates recently parodied a decade old JG Wentworth tag line to support its marketing effort for attorney fee deferrals. in one of its daily Tweets.  The clever use of the tag line is " use your money when you need it". Here's our spoof of the JG Wentworth Soap Opera. i

In unconfirmed fake news from the "Team J.G." crisis center in Radnor Pennsylvania, a "McFly on the wall" named 'Marty' quipped, over a mug of Colombian coffee,  "Nothing says 'Buenos Dias' like M. Valdez".

 

JG Wentworth "Leads" From The Back in Deceptive Ad Targeting African Americans

by Structured Settlement Watchdog

J.G. Wentworth Deceptive and Misleading Structured Settlement Advertising

The home page of JG Wentworth*, which recently underwent its second bankruptcy in 9 years last year, displays an African American man in a suit vest being showered in $20 bills. His facial expression is that of a person who has won the lottery.   Given that doing business with J.G. Wentworth, or any of its competitors is guaranteed to be a money loser 100% of the time, there is just no excuse for such an ad targeting African Americans, let alone anyone else. When a so-called industry leader publishes such an ad it destroys the sinking credibility of an unregulated industry that insiders freely admit is in a race to the bottom.

J.G. Wentworth Bluff Take

J.G. Wentworth also displays on its home page an infographic that says "Take a Little, Take a Lot or Take it All". The "take it all" is a complete lie by J.G. Wentworth because J.G. Wentworth and those who invest in its securitizations will take it all, and pay you pennies on the dollar. Nobody, but nobody can "take it all" if they sell their structured settlement to J.G. Wentworth , or anyone else.  You can sell it all, if a judge approves, but you cannot take it all. You always lose money by selling. Totally shameful by J.G. Wentworth.

* as it appeared on June 9, 2018 at 11am

Structured Settlement Stability | If You Like Things That Bounce Around Try a Hoppity Hop

 

 What You Need to Know About Structured Settlements

Patriot Settlement | Would You Trust "Canker Sore Chick" With Your Settlement?

by Structured Settlement Watchdog

A Matter of Trust is settlement purchaser Patriot Settlement Resources' tag line   Yet a year after the question was first raised about, the walnut shaped cluster of festering sores on the tongue of Patriot Settlements About page model, "Canker Sore Chick",  Patriot Settlement has simply done nothing to improve her oral hygiene. Totally gross Patriot Settlement Resources.  Apparently Patriot has not figured out that "Canker Sore", or four, doesn't get you more!

. 

Patriot Settlement Resources Just Disgusting Ad

Was Client First Settlement Funding Show Of 8% Investment Projection to Structured Settlement Annuitant A Permissble Inducement?

by Structured Settlement Watchdog

The Consumer Financial Protection Bureau is already looking into what JG Wentworth is doing and whether it could be construed as providing financial advice, why not the rest of the structured settlement purchasing industry?

Escobar is Link to Client First Settlement Funding/ Wells Fargo Connection

It is ironic that I write this post after seeing the movie Infiltrator last night, the story of US Customs Agent Bob Mazur who infiltrated the banking connections of the Medellin cartel led by the late Pablo Escobar in the 1980s.

In late December 2013, a Florida Resident with cognitive deficits that were immediately obvious to me, contacted me. He was extremely distraught and looking for a "Mr. Escobar from Wells Fargo'.  I knew it wasn't 'Don Pablo', because he died in 1993. The Florida resident had contacted Wells Fargo because he believed this other Escobar worked there, but was told there was nobody there with that name and he thought he had been scammed. his entire $60,000 annual income stream from an Allstate Life of New York structured settlement had been sold. At 29 years old and unemployable, all he now had was under $600,000 to support him for the rest of his life and his two toddlers and someone from Wells Fargo was trying to sell him investments that were unsuitable to boot .  How could this happen I thought in a state that requires a judge to approve the transaction as being in the seller's best interest. So I asked for a copy of the structured settlement transfer papers and learned from them that Client First Settlement Funding was involved. i then learned that 'Escobar' worked for Client First when I called Client First.

A chain of events followed that served to restore the Florida resident's structured settlement payments via the structured settlement transfer order being vacated. A lawyer for Client First tried to bully me into a confidentiality agreement but I refused knowing that a time would present itself to reveal some information that was vital for structured settlement consumers and investors.

It always bugged me why the Florida resident believed that Escobar worked for Wells Fargo.   When I contacted then Wells Fargo rep Jeff Eglow, whose name was given to me by Burt Kroner of Client First,  he indicated he had never met A.D. personally but had spoken with him via a Skype or Facetime meeting while Escobar was with the client on an Ipad in a Tampa Florida area restaurant.  But I kept digging for over 2 years and here is what I have found.

Client First Settlement Funding Sent Letter With 8% Average 30 Year Investment Projections to Potential Sellers As An Inducement

The following appears on Client First Settlement Funding letterhead in a letter believed to be sent concurrent with the solicitation of an a structured settlement annuitant to sell their structured settlement payment rights:

"Please find attached an example of what your lump sum could grow to if you were able to average 8% rate of return compounding annually. in addition, rather than having all your eggs in the current insurance company's basket, you could potentially invest in 10, 20 or 30 different companies in order to spread your risk. we have relationships with 4 different financial advisors that are well equipped to show you the lifetime advanatges of investing a lump sum as opposed to continuing to receive your annuity. we are here to answer your questions..."

it is important to notice that there is no other percentage other than an average rate of 8% for 30 years even though, that would be standard practice for someone who is an investment adviser and that there is a general disclaimer that acknowledges that investments do not have guarantees and  there is a possible loss of principal.  Is there a coincidence that the 8% average rate is not far off from the discount rate that is charged by Client First?

Download Client First Settlement Funding Sell Structured Settlement Investment Letter

It is clear from the letter that despite the disclaimer all over the letter Client First Settlement Funding used this strategy over and over again for some period of time.

 In my March 27, 2015 post Amputee Burn Victim Sues Settlement Purchasers over Alleged Abuse,   (Terrence Taylor 11 structured settlement transfers in 2 years), there is a discussion about Bexhill LLC,  whose agent is Client First and The Alleged Client First Funding/ Wells Fargo Connection Tie-In'

"According to Terrence, as set forth in the Complaint,  a representative named Alex told him that Defendant Bexhill, and its agent. Boca Raton based Client First (Funding) were affiliated with Wells Fargo, a nationally recognized banking institution. Alex told Terrence that he could invest the money he received from doing this transfer with Wells Fargo. Alex told Terrence it would be crazy to pass up this deal.   [Complaint at #62]

Alex convinced Terrence that Wells Fargo would double his money if he did the
proposed deal with Defendant Bexhill and its agent. Client First.  [ Complaint at #63]

In order to induce Terrence to do the deal with Bexhill and Client First, Alex accompanied Terrence to strip clubs, flew him to Florida and encouraged him to spend money recklessly. Alex took Terrence grocery shopping, to the movies and out to dinner at restaurants. Alex encouraged Terrence to spend even more lavish sums of money on women and gambling so that Terrence would "need" to sell even more of his structured settlement annuity payments to pay his debts, which would qualify Alex to eam
additional commissions. [ Ibid.]

"Alex told Terrence that it would be a bad idea for him to seek advice from an
independent advisor such as an attorney. Alex said that Terrence would get his money quickly if
he just signed the paperwork without independent professional advice".  [ Complaint at #65]"

Upon information and belief Bexhill settled quickly.

The Issue of Inducement Must Be Dealt With By The CFPB, State Regulators and State Legislators

The question of "What is, and what is not, a proper inducement?" must be clarified.  There needs to be regulation of sale practices of structured settlement transfer companies and their agents consistent with other financial services. The Florida resident was lucky to get his order vacated.  Many structured settlement annuitants do not have the resources to fight hedge fund backed structured settlement purchasers.