by Structured Settlement Watchdog
First there were court scrapers, now there appear to be two-timing notary publics in the structured settlement secondary market, where the river of sleaze knows no bounds. due to lack of regulation of sale practices.
Two Timing Notary Public Scheme
- Notary receives assignment from it’s customer, Company A, which is the process of concluding a structured settlement factoring deal with its customer who has agreed to sell structured settlement payments. In this context, the notary’s role is to take company A’s paper work to customer, verify identification, witness the signature and notarize the structured settlement transfer documents.
- Not known to Company A is that the notary is in cahoots with Company B, a competitor of Company A.
- Notary goes to the selling customer of Company A and presents Company B’s paperwork.
- Company B concludes the deal.
It appears that despite a deliberate concealment effort by Company B, a NASP member company processes the deals. More to come on that.
According to the Notary Public Code of Professional Responsibility, the Notary shall decline to notarize in any transaction that would result, directly or indirectly, in any actual or potential gain or advantage for the Notary, financial or otherwise, apart from the fee for performing a notarial act allowed by statute. The Notary shall not notarize for a client or customer who will pay the Notary a commission or fee for the resulting transaction, apart from the fee for performing a notarial act allowed by statute.