by Structured Settlement Watchdog.
On October 12, 2021, Montgomery Maryland Circuit Court entered a Confessed Judgment against Brooklyn Nets and NBA star Paul Millsap and his Agent Brendrick Simmons (known as DeAngelo Simmons) and in favor of General & Vascular Surgery of LI, PC DB Plan, Elizabeth Colantonio IRA and Anthony Colantonio Roth IRA
in the amount of $1,509,993.71 plus $2,745.44 per day until the date of judgment which is prorated liquidated damages of $10,000 per day (Section 2.4) prejudgment interest at the rate ( 6% or $248.22/day) until judgment and post judgment at the legal rate, attorneys’ fees in the amount of $5,500.00, court costs and post-judgment at the legal rate of 10%. [ Source: Circuit Court For Montgomery County Case 487210V retrieved from public case search online October 17, 2021]
Who Originated and Distributed the Investment?
The transaction was originated by Access Funding “alumnus” Lee Jundanian and Atlantic Solutions LLC, which was then pipe-lined to various investors, including the Plaintiffs here via Hub Business Trust, through its trustee ,NV Partners, LLC dba SMA Hub, an Oregon Limited Liability Corporation and financial advisors.
Among the other investors was Richard J. Hansen and the Richard J. Hansen Trust. Only days following the entry of this confessed judgment on October 15, 2021, a notice of settlement against Millsap and others at Pima County Superior Court in Tucson Arizona in what we have labeled the “Secondary Market ‘Annuity’ Shit Show lawsuit”.
However a New York law suit remains pending
NEW YORK STATE SUPREME COURT COUNTY OF NASSAU Index Number 612659/21
General and Vascular Surgery of Long Island, PC Defined Benefits Plan; Smithtown Medical PC Defined Benefits Plan; Smithtown Medical PC; Roth IRA FBO “A.C.”; 401(k) FBO “E.C.”, Plaintiffs
vs
Paul Millsap; Brooklyn NETS Basketball, LLC, an NBA Franchise; Brendrick DeAngelo Simmons; BDS SPORTS, LLP, a Foreign Limited Liability Partnership; Chase Bank; The Denver NUGGETS, an NBA Franchise and a Delaware Corporation; The Denver NUGGETS Limited Partnership, a Delaware Limited Partnership, as owners of the Registered Trade Name Denver NUGGETS; The Denver NUGGETS Corporation; Lee Jundanian; Reliance Funding; Atlantic Solutions LLC; EagleBank; Marc Wertheimer, ESQ.; Jonathan Walker; Tyson Wright; Jannae Palovich; SMA Hub, an Oregon Limited Liability Corporation; HUB BUSINESS TRUST through its Trustee, NV PARTNERS, LLC d/b/a SMA HUB, an Oregon Limited Liability Corporation, Jonathan P. Walker, President/Manager, NV Partners LLC; WESTERN CAPITAL CORPORATION, a Foreign Corporation d/b/a Northwest Bank; Happy State Bank d/b/a GoldStar Trust; GoldStar Trust, a Texas Banking Association; Anthony Martini, Jr., Anthony Martini, Sr., The Estate of Anthony Martini, Sr. (Executor Louis Pittocco, ESQ.); AM CPA; AM & Co.; Retire Smart.Today LLC, Nikia Foster-Vassall, ScanDocs, Inc., Defendants
On July 18, 2019, at or about the time of the Hansen and Colantonio deals, NV Partners LLC dba SMA Hub obtained a confessed judgment of their own in the Montgomery County courthouse in another Jundanian/Atlantic Partners originated SMA Hub distributed deal gone bad
{ Source: Circuit Court for Montgomery County Maryland Case 469630V, retrieved from publicly available online court records October 17, 2021. That one involved former NFL and Virginia Tech quarterback Michael Vick.
See A Washington Post article on the Vick mess hit the press on August 9, 2019 and Michael Vick targeted in Florida court over $1.2 million debt | Miami Herald July 1, 2022
Investors, financial advisers, lawyers, financial regulators, judges and compliance executives should take note of these cases
There is no regulation of sales practices of the actors who peddle factored structured settlement payment rights, or exotic sexy sounding things like pieces of an athlete or athlete’s agent’s contract.