by Structured Settlement Watchdog®
I doubt Cedric Martez Thomas fancies himself as a “sucka”. He’s a 21 year old with the world at his feet and a cool $1,037,000 in cash coming his way so he can be the next real estate mogul..
Cedric Martez Thomas cut a really bad deal with 365 Advance Services,a DBA for Novation Settlement Solutions, to sell $6.6 million in structured settlement oayments of 1/5th that amount ($1,037,000) when a structured settlement secondary market scam on the date of original publication says Mr. Thomas could have reaped as much as $2,500,000 in cash.
Too bad Cedric Martez Thomas didn’t have capable Independent Professional Advice. The deal was approved in Okeechobee Florida on October 29, 2015.
In his affidavit submitted with the Petition to Transfer on October 1, 2015, Cedric Martez Thomas stated he wanted to sell his structured settlement payment rights “to invest in real estate.” Just imagine what Cedric Martez Thomas could have accomplished with almost two and a half times more.
- I was able to determine that on my first phone call. He could have bought more properties that generated more income. or he could have sold less of his structured settlement to get the $1,037,000 that 365 Advance Services paid him and would have been able to meet his goals and still had a substantial steady income tax free stream of income.
- What I find fascinating is that JG Wentworth spends $20 million or more in advertising annually and 365 Advance Services finds this huge deal without any internet presence [ searches for 365 Advance Services comes up empty on Google, Yahoo, Bing Better Business Bureau] and no advertising. How is that possible? How would anyone even know to contact 365 Advance Services?
- I checked the Secretaries of State in Florida, New York, California, Nevada, Delaware, Georgia and Wyoming and nothing comes up.
- So did an advisor turn Cedric Martez Thomas onto 365 Advance Services? If so, did the advisor shop around. Did he or she advise Cedric Martez Thomas that there was in excess of $1.4 million spread in the deal?I
One way or another if I had a structured settlement, I would not recommend that anyone deal with 365 Advance Services because of the plundering optics on the Cedric Martez Thomas deal.
It’s clear that that 365 Advance Services (Novation) had the investor’s interest and not the consumer’s interest as a priority
RELATED READING
- How Judge’s Structured Settlement Transfer Decision Ignited Financial Failure in 7 Years – Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews
- Structured Settlement Transfer: A Cautionary Tale – Structured Settlements 4Real®Blog