by Structured Settlement Watchdog
New Yorker’s structured settlement was set up when he was a child. At 25, he was happy with his structured settlement and had no desire to sell
The solicitation came out of the blue from a Florida company
A Florida structured settlement factoring company’ s representatives met the annuitant for lunch in New York City in June 2021, at which one of the owners of the Florida based Delaware registered company, nervously suggested that the annuitant could fly back with them to Florida (i.e with people he’d never met before), according to the annuitant.
The annuitant declined, well schooled in the old adage “don’t get into cars (or onto airplanes) with strangers!” It could have been much worse.
New York to Florida is the Classic Structured Settlement Factoring Company “Sucker’s Run”
- All 50 states now have a structured settlement protection act, which requires a judge’s approval that the structured settlement transfer is in the best interest of the payee and any applicable dependents.
- It’s not supposed to be a rubber stamp (or a rubber duck for that matter) and New York judges happen to be some of the most scrutinizing.
- It is because of this scrutiny that certain Florida company predators attempt to induce annuitants to commit fraud (and succeed).
- Victims are coached to fabricate and stage a Florida address, drivers license and other “proof of residency”, lying to and concealing this from a judicial officer in the State of Florida, for the purpose of completing a pennies on the dollar deal, which might not be approved in New York beacsue it wasn’t in the victim’s best interest.
- In the best of circumstances the buyer will pay the annuitant only pennies on the dollar.
Florida’s courts have overseen some of the worst cases of financial rape of structured settlement annuitants
Efforts to vacate orders in forum shopped cases run into obstacles because a certain defense to be raised by the factoring company inducers’ lawyers, is that the annuitant was complicit in the fraud and therefore has “unclean hands”.
[e.g. see Lape v Structured Asset Funding, LLC et al Supreme Court of the State of New York County of Monroe Index E2020003377 Document 122, Defendants’ June 24, 2021 Reply Memorandum of Law “Plaintiff’s Participation in the Alleged Fraud Requires Dismissal” ]
Don’t jump on board the structured settlement cash now forum shopping train
If you’re asked to participate in fabricating an address in a state you don’t rally reside, don’t do it! Report the company (and its representatives to your state’s Attorney General’s office
Attorney Generals: Contact Information, Websites and Phone Numbers
CT Attorney Generals Office Employee Phone List