by Structured Settlement Watchdog®
The risks to investors in structured settlement payment rights in the secondary and tertiary structured settlement markets can be summed up in a single movie line from Dr Emmet Brown in the 1985 movie Back to The Future, "Where we're going we don't need roads".
How else can a multiple times convicted felon and Ponzi schemer like Todd Dyer, be involved in structured settlement investments?
Wisconsin Federal Magistrate Judge Nancy Joseph rejected Todd Dyer's request to travel so he could work on a business called Income Stream Exchange. The judge noted that as a condition of his personal recognizance bond, Dyer is banned from directly or indirectly "accepting new clients and from handling investments on behalf of others." Dyer sold the trading platform business last year for $2 million, according to the Milwaukee Journal Sentinel.
Despite "selling the business for $2 million' or so he purportedly testified in 2015. he asked the magistrate judge for permission to go to Palm Springs to assist an associate in Income Stream Exchange and claimed he had no money Download Todd Dyer Income Stream Exchange Motion May 10, 2016.
Some of the deals currently advertised on the Income Stream Exchange charges could very well be beaten elsewhere. Income Stream Exchange also falsely insinuates that the structured settlement payment rights it sells to investors are immediate annuities by linking to this Market Watch piece on immediate annuities on its what they're saying section. they are not immediate annuities.
In 2015 I exposed Income Stream Exchange for using NSSTA produced content. Income Stream Exchange still uses NSSTA produced video
Even more scary is the April 22, 2016 letter (that accompanied Dyer's request to travel) which indicates that Income Stream Exchange has only $420 in its bank account. The letter was authored by a Michael Cheley listed as Income Stream Exchange President
Download Income Stream Exchange letter re Defendant Todd Dyer. In denying dyer's motion to travel the Judge found that Michael Chesley the President of Income Stream Exchange made a misrepresentation to the court.
Dyer awaits charges on two federal indictments charging him with more than 30 felony-related fraud counts. Dyer was convicted in 1999 and again in 2004 on charges filed in federal court in Milwaukee and Illinois state court related to a Ponzi scheme he ran in the 1990s. He was indicted in federal court again in June 2015, on charges that he helped run a $1.5 million investment scheme that conned investors into pouring money into firms created to buy farmland. Then in July 2015 Todd Dyer was indicted again on charges that he defrauded an individual out of $250,000. Then in early May 2016, he attempted to intimidate victims of the farmland scheme in threatening emails, according to the US Attorney in a recent court filing. As one can readily observe in the exhibits accompanying court filings, Todd Dyer (using the alias T. Allen Dyer) threatened these folks using the Income Stream Exchange logo. Download T Allen Dyer threatens investors.
Ironically T Allen Dyer is listed as Due Diligence and Risk Management for Income Stream Exchange and a phone extension is active for him on June 4, 2016
The Yelp listing for Income Stream Exchange says investing and financial advisor, although would FINRA give Dyer a license with his criminal record?
Convicted felons have no place anywhere in the structured settlement purchasing or investment business, just as in any financial services business. Todd Dyer is not the only one as will be revealed soon. Nationwide regulation of the structured settlement secondary and tertiary markets is needed now.
References
read Cary Spivak's May 18, 2016 report in the Milwaukee Journal Sentinel Watchdog Reports here
Also see United States of America v Todd A. Dyer Eastern District of Wisconsin Case 15 CR 137
Dyer Straits" for Income Stream Exchange Founder | Indicted by Grand Jury July 17, 2015