by Structured Settlement Watchdog
Why are Retirees Investing in Structured Settlement Receivables Allowed to be Victimized?
The Walls invested almost $153,000 of retirement money in factored structured settlement payment streams that were scam labeled annuities by those that sold them on the investment. Now after more than two years of litigation and a big legal bill, the Walls have $0, as the Western District of Pennsylvania has granted summary judgment in the favor of Altium Group on April 30, 2019. Download Wall v Altium Summary Judgment in Favor of Altium Group
Altium Group Misled Investors with Claims of “Unparalleled Safety of Principal” Despite Known Risk
Just look at what the Altium Group advertised. Altium Group advertised to the masses that an investment in “Secondary Market Annuties” (which ARE NOT annuities) as having “Unparalleled Safety of Principal” (see below, Source: Internet Archive) 
The Wall’s Retirement Money | From Unparalleled Safety of Principal to $0 and Big Legal Fees
More than a CD? More than a United States Treasury?
Corona Capital originated the deal in Florida, the factored payment stream was marketed to the Walls as a Secondary Market Annuity by their financial adviser
Despite the fact that the investment was not an annuity under Pennsylvania state law
- “Annuities are a contract under which an insurance company pays you income at regular interviews in return for a premium or premiums you have paid.”. Source: PA.gov Annuities | Insurance Department | Commonwealth of Pennsylvania. The money invested by The Walls was not a premium.
- It turned out that the Corona originated deal was procured by fraud and the court order creating the factored structured settlement payment streams was vacated when the original annuitant filed suit.
- Now after a two year odyssey in which they are left with nothing but a pile of legal fees for their $153,000 investment one wonders what better job the legislatures around the country can do about regulating the structured settlement secondary and tertiary markets?
Maybe the FTC should look into claims against those advertising ” annuities” that are not in fact annuities
- As a result of the Wall case, Altium began to includes disclosures on its website. it no longer says “unparalleled safety” as they and others have done.
- Altium, along with a few other miltants, insists on slapping the scammy label “secondary market annuities” on things. Back in December 2018, the National Association of Insurance Commissioners made it clear that factored structured settlement payment streams are neither annuities nor insurance products See NAIC Statutory Issue Paper No. 160 (Finalized April 6, 2019).