by Structured Settlement Watchdog
The following firms are known to pay commissions and/or fees on referrals for structured settlement factoring transactions. This post is not about them. It is about the people who take these fees and do not make an upfront disclosure of such fees from the below listed companies, particularly the NEGATIVE IMPACT on the bottom line to the referred tort victims on these transactions
- Woodbridge Investments
- Structured Settlement Investments-advertises that it pays "top commissions" to Mortgage and Real Estate, Personal Injury and Bankruptcy Attorneys, Money managers. Remember commissions paid come directly out of the pockets of tort victims!
- Novation Capital Refer a Friend Program
- Annuity Transfers Ltd. "Double Payment Program"
- FDR Resources
- Washington Square Financial Pays $500 flat fee
- Stone Street Capital
- Rapid Settlements-Advertised that it pays a commission to referrer and to the annuitant and paid an additional fee to both the referrer and to those selling their payments. Under insurance law, which governs he sale of annuities at the time of the creation of structured settlements, the latter would be called a prohibited rebate or kickback, but the factoring industry is unregulated so there you have the inequity. Rapid requires that referral sources register in order to receive commissions and incentives, however this is NOT and should not be confused with a state or federally mandated registration or licensing process.
Comments:
I for one would like to know how much money a personal injury lawyer is getting paid off from Structured Settlement Investments, Ltd? Let me ask you, members of the American Association for Justice, what are the ethics of one of your millionaire members taking a commission which, when push comes to shove, reduces the bottom line to a desperate tort victim? Then consider how a story on the subject would look, featuring those members, in the New York Post, Smoking Gun, Drudge Report or your local tabloid?
I for one would like to know how much money a bankruptcy lawyer is getting paid off from Structured Settlement Investments, Ltd? Let me ask you, members of the American Bar Association, what are the ethics of one of your millionaire members taking a commission which, when push comes to shove, reduces the bottom line to a desperate tort victim who has sought advice from the bankruptcy attorney? Then consider how a story on the subject would look, featuring those members, in the New York Post, Smoking Gun, Drudge Report, or your local tabloid? For a little motivational reading consider the November 27, 2007 article by Anthony Lin from the New York Law Journal entitled "Bankruptcy trustee suits cause increasing concern for law firms" . Creditors read blogs too!
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