by Structured Settlement Watchdog™
Woodbridge Amended Complaint filed 03/27/2014
#3 Defendant Genex Capital ("Genex Capital") is, upon information and
belief, a Maryland corporation, with a principal place of business at 400 E Pratt Street,
Baltimore, MD. Upon information and belief, Genex Capital has also stated in filings
that it has an office at 73 Greentree Dr. #99, Dover, Delaware, and that Roger Proctor is
its Registered Agent.
Genex Capital Corporation Answer filed 08/11/2014
#3 Defendant GCC denies the allegations set forth in paragraph 3 of the Complaint,
except as to admit that it has an office address on file at 73 Greentree Drive, #99, Dover DE, also
listing Roger Proctor at GCC’s registered agent for service in connection with GCC’s organization
as a corporation under the laws of the State of Delaware. In all other respects, Defendant GCC
incorporates by reference its response to paragraph 1 of the Complaint as if same were fully set
forth herein.
Like many companies in the structured settlement secondary market, Genex Capital proudly displays and promotes its rating from the Better Business Bureau. Clicking through from the BBB seal displayed on the public, consumer facing Genex Capital website, one sees the following
[Postscript 9/11/2014 It should be noted that the Genex Capital BBB record was altered after this post was published. The alteration is notable for removing the alternate business name Genex Strategies Inc.,while leaving the name of a former employee Gian Karla Limcangco. Hmm, wonder what that's all about?]
Woodbridge Structured Funding or any consumer for that matter could not be faulted for believing what Genex Capital promotes (or promoted as the case may be) to the public on its BBB listing is true. But is it?
On May 18, 2013, I posted a story questioning the Genex Capital Better Business Bureau Report and certain information contained in it. The May 2013 post speaks for itself. A continued Better Business Bureau rating and listing simply requires the payment of an annual fee. The company information can be controlled online by the owner, or such information can be communicated to a BBB representative.
So if one is to take Genex Capital at its word, based on how it answered the Woodbridge amended legal complaint against it, one wonders why the Maryland address in the BBB is listed as the Genex Capital company headquarters?
Upon information and belief Mr. Proctor and Co are situated and operate the company out of a condo at the Fairmont Pacific Rim in Vancouver Canada. The company has denied the Baltimore address, which is a Regus office center. The Delaware address is Box 99 at a UPS store 4435 in Dover Delaware. Looks like there is a great ice cream place next door! Check out the big cone! [ click on the "big cone" link, go to street view by clicking on UPS store and click the arrow away from you 3 times, until you see the UPS store on Google maps]
A chuckle perhaps for Melanie Rutkauskas and Angie Barnett at the Better Business Bureau of Greater Maryland, the following was posted on a Genex Capital blog in 2012 and still live on the internet at the time of posting:
"Genex Capital is the largest company that purchases structured settlements and annuities. They are also the only company who fulfill (sic) the all requirement relating BBB ACCREDITED BUSINESS SINCE 09/04/2008 and that Genex Capital meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public".
Regarding the first part of the sentence, I'm sure JGWPT Holdings, the undisputed secondary market volume leader and figurative "800lb gorilla", might have something to say about that. The second sentence of the Genex Capital blog excerpt is just pure BS.
