by Structured Settlement Watchdog
Patriot Settlement Resources appears to be soliciting investors in structured settlement payment rights and mispresenting them as annuities.
- Florida Statute §617.4554 (b) expressly states that “Annuity” means an insurance product under state law which is individually solicited, whether classified as an individual or group annuity.
- According to the website of Florida's Chief Financial Officer Jimmy Patronis "Annuities must be sold by a licensed insurance agent"
- Florida has adopted the NAIC Life & Health Guaranty Association Model Act containing an express exclusion that is not mentioned in Patriot Settlements solicitation of investors. See Florida Statute §631.713(q) excludes "Structured settlement annuity benefits to which a payee, or a beneficiary if the payee is deceased, has transferred his or her rights in a structured settlement factoring transaction, as that term is defined in ). (c)(3)(A
There are only so many shades of bullshit folks. Here is red, white and blue version (sourced for commentary from the Boca Ration/Stuart Florida based Patriot Settlement Resources website January 27, 2022:
"We are ready to discuss the exciting investment opportunity. We will explain the process and give you the information you need.
Disclaimer: No securities regulatory authority has expressed an opinion about these annuities. it is an offence to claim otherwise. IRC 5891 Annuities are only offered for sale in the United States and are exempt from registration with U.S. Securities and Exchange Commission. Each prospective investor should be aware of their risk tolerance and consult his or her own counsel, accountant, and business advisor as to the legal, tax and related consequences of a purchase by him or her of any asset. No tax advice has been nor is beign (sic) rendered by PSR, LLC, any of its officers, directors, managing agents, employees, affiliates, or subsidiaries. IRS rules of practice require us to inform you that any description or discussion of taxation contained in this correspondence related to a federal tax issue is not intended or written by PSR, LLC to be used, and cannot be used by any taxpayer for the purpose of avoiding any tax penalties imposed by the Internal revenue service, or for promoting, marketing or recommending any tax related matters addressed herein".
There is no such thing as an IRC 5891 Annuity or Annuities. The word " annuity" appears nowhere in the text of IRC 5891
I.R.C. § 5891(c) Definitions —