by Structured Settlement Watchdog®
Just discovered another structured settlement purchasing company or broker whose official address appears to be a box at a UPS store. The company's physical mailing address used in its written solicitations appears to be a Florida address with a "Unit number" that corresponds to a UPS store, an apparent attempt to make the address appear something that it is not, to make it appear as something bigger than a mere mail gathering receptacle. I contacted and spoke with the building manager of Boca Village Square which leases the subject store to UPS, on May 5, 2015, and confirmed that the subject address is not an office building bearing the subject unit number. A written solicitation from the company appears to be post marked from another city, in an entirely different state, where upon information and belief management is actually located, but bearing a return address label to the UPS store box.
Just because a company is operating out of a UPS box does not mean it is an illegitimate company, BUT…
A company's physical address and location of management should be known to consumers. Insurance laws in states like New York recognize this and require that advertisements have the full legal name of the entity and the city and state of the home office. In an under regulated industry like the structured settlement secondary market, it is important that consumers, as well as investors in structured settlement payment rights, know where they can serve subpoenas on companies should they have a legal dispute. If a company address at a UPS box in Florida is really being operated out of Las Vegas, Cheyenne, Wyoming or another country, then how much trouble is it going to be for consumer or investor to seek redress should it be necessary.
The recent findings of a Maryland Federal judge about David Springer however, show that it is possible that an entire social media world of fake employees and a "purported entity" can be created to mislead consumers. David Springer was an extraordinary manipulator who used UPS store mailboxes, stored value credit cards and aliases to mislead consumers or compete with others. He even mislead the Better Business Bureau of Greater Maryland.
The acquisition and ongoing operation of the structured-settlement-quotes.com website is also subject matter for a currently pending lawsuit Woodbridge Structured Funding v Structured Settlement Quotes, Genex Strategies, Inc, and Genex Capital. Upon information and belief "Structured Settlement Quotes" is another purported entity that used the Regus office center in Hartford CT as a stated address when it was essentially a mail forwarding service to Roger Proctor's apartment at the Fairmont Pacific Rim in Vancouver Canada. Boris Drubetsky's credit card was used to pay for the Regus space. Among the allegations in the Woodbridge suit against Genex is that SSQ was nothing more than a fraudulent and deceptive scheme. Genex Capital Corporation stated address is a UPS Store in Dover, DE, but its management is in Vancouver Canada.
The structured settlement secondary market should not be an exception to the basic principle that consumers have the right to know who they are dealing with
The structured settlement secondary market should not be an exception to the basic principle that consumers have the right to know who they are dealing with and where the company is located.