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May 12, 2024

Boston Asset Management and Leo Govoni Report Chamberlin Class Action in Regulator Disclosure

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Public disclosures to securities regulators FINRA and the SEC by Boston Asset Management Inc.("BAM") and Leo J. Govoni about the Chamberlin class action Pooled SNT lawsuit, demonstrate an intent to defend vigorously.

BAM and govoni response to chamberlain in regbulatory filings("On February 19, 2024, the Plaintiffs filed a Class Action Lawsuit (Amended 4/4/2024) against Eleven (11) different Defendants, which included Boston Asset Management, Inc. (BAM) and Leo Govoni (Govoni)".  [ see my prior blog of February 21, 2024]  Class Action Lawsuit Filed in Response to $100M FL Pooled SNT Administration Scandal - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)]

Neither BAM, nor Govoni have ever done business with the Plaintiffs, They Claim

"Plaintiffs are beneficiaries of a trust adminstered by The Center for Special Needs Administration, Inc. (The " Center") and are attempting to recover funds that The Center loaned to Boston Finance Group, LLC ("BFG") )("The Loan"). BFG is an affiliate of BAM and Govoni. The Centre is a noticeably absent party in the Chamberlin Lawsuit because it filed for Bankruptcy".

BAM and Govoni Claim Plaintiffs are Seeking to Do an End Around the Loan and Center's Bankruptcy

"In February 2024, Plaintiffs are seeking to do an end around the Loan and the Center's bankruptcy in an attempt to recover from a wide range of parties who had no relationship to the Plaintiffs. PLaintiffs are inventing legal thories and duties as well as fiduciary relationships by attempting to insert themselves directly into what is, at its heart, a comerical loan matter, between the Center and BFG. The allegation against BAM is for breach of fiduciary duty and the allegation against Govoni include conversion, breach of fiduciary duty aiding and abetting breach of fidicuary duty adn alter ego.

BAM and Govoni view this lawsuit as completely specious and without merit, the plaintiffs had no relationship or dealings with BAM or Mr. Govoni and appear to have sued a wide avriety of individuals and entities with no affiliation to, or relationship with, the plaintiffs. BAM and Mr. Govoni intend to vigorously defend against what they believe to be baseless allegations, inlcduing asserting all defenses and available counter claims. In the opinion of management after discussion with counsel, we (BAM and Govoni) beleive the resolution of these matters will not have a material efefct on the Company's financial position or results of operations".

Read copies of the BAM and Govoni filings at these links or go directly to IAPD.com and/or FINRA.org

Download BAM Form ADV Other Than Annual Amendment dated 5-2-2024

Download LEO JOSEPH GOVONI - Investment Adviser at BOSTON ASSET MANAGEMENT INC

Download Govoni individual_726213 Form ADV

Latest News from the Tampa Bay Times Broken trust: How a Clearwater man took $100M from funds for disabled, records say (tampabay.com August 2, 2024

Last updated August 10, 2024

Posted at 04:20 PM in Leo J. Govoni, Pooled SNT Class Action, St. Petersburg Pooled SNT, Structured Settlement Watchdog®, Tampa Pooled SNT |

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February 28, 2024

Center for Special Needs Trust Administration Chapter 11 | 11 of Top Unsecured Creditors Owed $1MM Plus!

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Public filings in the Center for Special Needs Trust Adminstration, Inc. Chapter 11 reveal 

What about the rest of the poor folks in a 248 PAGE Form 206SUM?

What is Chapter11 and What Does It Mean?

Chapter 11 is often called a “reorganization bankruptcy” because it allows businesses or other entities to keep operating while they restructure their finances. They either file a reorganization plan voluntarily or can be forced into that if three or more creditors file a petition with the bankruptcy court.   Source: Debt.org

The Emerging List of Shortfall Victims in the Centers for Special Need Trust Adminstration, inc. Chapter 11

Parents hope for answers about missing $250K after special needs trust fund company’s bankruptcy filing (fox13news.com)

"In 2013, Richard and Kim Musczynski settled with a doctor and hospital in Palm Beach County after filing a lawsuit accusing them of misdiagnosing their daughter's condition when Kim was pregnant. Their daughter, Abagayle, was born with a brain abnormality that caused her to develop cerebral palsy. She also suffered from severe seizures, was blind in one eye and unable to walk and talk".

St. Pete special needs trust fund founder accused of taking $100M becomes target of lawsuit: Court records (fox13news.com)

Legislation - Center for Estate Administration Reform - Fraudulent Guardianships and Probate Abuse Prevention (cearjustice.org)

‘There’s nothing left in there:’ $100M missing from St. Pete trust fund company for people with special needs  | WFLA  March 7, 2024. Read and Watch about the Capasse family story

Apple Valley family loses over $46,000 after suspected embezzlement (vvdailypress.com)  March 5, 2024 Read the Rollins family story

Last updated March 11, 2024

 

 

 

 

 

 

 

 

Posted at 08:23 AM in Center for SNT Chapter 11, Florida SNT, Leo J. Govoni, Pooled SNT Admin Chapter 11, St. Petersburg Florida SNT, Structured Settlement Watchdog®, Tampa Pooled SNT, Tampa SNT |

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Guide to Structured Settlements 2024

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
  • Top Structured Settlement Annuity Companies 2024
    Which life insurance companies issue structured settlement annuities in 2024? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated June 14, 2024
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2024
    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team in 2024.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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  • STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News, Information and Commentary, John Darer Reviews, Settlement Planning News and Financial Solutions for over 18 years,
    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 41 years financial services experience and 31 years in the structured settlements and settlement planning space. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated July 10, 2024

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  • "...Thanks to Mr. Darer's blog and personal pointers I was able to obtain a fair price for the sale of client structured settlement. Therefore, if one has no choice, but to sell their settlement educate yourself first before selling start by reading John's blog" Mr P. 11/17/2012
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  • John—this (video published 11/2010) is a well done piece. I like the way you always stick to the facts-AM
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  • Thank you so very much for discussing my concerns about Symetra, my annuity company. I am amazed that PI attorneys as well as a settlement broker in San Diego, could not answer the simplest questions I had regarding the Safeco/Symetra issue. Your blog/web site is most interesting and informative, and I am grateful you have take on the "watchdog" role! Thank you so much again (3/25/10)
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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
    5 Survey not yet complete.

Comments and Trackback Policy

  • Comments and Trackback Policy
    Comments to this blog are encouraged, welcome and add spice to the interactive nature of blogs. However, the unscrupulous practice by some to deliver comment spam, to connect all manner of unrelated products to structured settlements, detracts from user experience, is NOT tolerated by this author and thus necessitates the practice of comment screening.

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Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

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