by Structured Settlement Watchdog
"The people at Novation have over fifty years of combined experience in helping customers get cash for structured settlements"- Novation Capital
The "Years of Experience" Stacker Scam
Don't you love it when companies try to impress you by totaling up the years of experience of all of it's staff to come up with a larger number. Let's do some grade school arithmetic. Say Novation has 50 people with 1 year of experience…that's 50 years of combined experience. Same with 25 people with 2 years or 2 people with 25 years or 10 people with 5 years or 5 people with 10 years or …you get the point!
The Novation Math Doesn't Work!
At the time of posting, the structured settlement business has essentially been in existence for about 27 years (since Rev Ruling 79-220). The business of cash for structured settlements (i.e. the payment rights!) hasn't been around for that long. JG Wentworth was founded in 1992.
According to the Novation Capital company web site, Robin Marc Shapiro CEO and co-founder of Novation Capital was, until 1995, " a partner in one of the country’s most prestigious international law firms. Before that, he was a legislative aide to a United States Congressman, wrote law-related features for a national radio network, and clerked for a judge of the United States Court of Appeals." That's 11 years by my calculations (2006 minus 1995=11).
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