by Structured Settlement Watchdog®
While the laws differ from state to state, there are many professions for which state or federal law restricts individuals from working if they have a felony conviction:
- Members of the securities industry
- Insurance brokers
- Members of the retail banking industry
- Medical doctors and other workers in the health care field
- Accountants
- Lawyers
- Fiduciaries for trusts
- Real estate brokers and salespersons
- Architects
- Psychologists
- Teachers
- School administrators
See 15 U.S.C. § 78c(a)(39) (securities industry); 15 U.S.C. § 78o-3(g)(2) (securities industry); 18 U.S.C. § 1033(c)(2) (insurance industry); 12 U.S.C. § 1829 (association with FDIC insured banks); 42 U.S.C. § 1320a-7 (medical field); 21 U.S.C. § 335a (generic drug industry); CGS § 20-281a (accountants); NY Surr. Ct. Prod. Act Law §707(1)(d) (fiduciaries); NY Real Prop. Law § 440-a (real estate); CGS §§ 20-316, 20-320 (real estate); CGS § 20-294 (architects); CGS § 20-192 (psychologists); CGS § 10-145b(m)(1) (teachers or school administrators). Many of these regulations restrict employment in certain industries solely for individuals convicted of specifically listed crimes, rather than any felony.
Because it is unregulated there is no such bar of felons in the structured settlement secondary market
- A convicted felon, Todd Dyer, with jail time for a Ponzi scheme has been involved in a so called structured settlement exchange, which solicits both sellers and investors. Dyer still owes significant restitution according to the Milwaukee Journal Sentinel.
- A felon associated with interstate travel fraud and as of this summer still owes over $3 million in restitution is believed to be currently associated with a Florida company that buys structured settlement payments rights in a customer facing position. The same individual was required to complete significant drug treatment as part of his sentence.
- And a child molester, who molested his step child and moved to another state, is believed to currently work for a factoring company and is believed to be in a customer facing position for a structured settlement buyer.
None of the individuals characterized above are members of the National Association of Settlement Purchasers (NASP)
- It's bad enough that there are no laws currently requiring buyers and intermediaries in structured settlement payment rights be licensed.
- It is bad enough that there is no regulator with the power to fine, suspend or revoke a business license,
- BUT a felon could be pitching you in your living room.