by Structured Settlement Watchdog
Buying structured settlement payments rights, or rights to any cash flow in the secondary market is not the equivalent of buying an annuity. Buying purported cash flows from athletes or agents of athletes are even further removed from what an annuity is. A series of investors have learned that the hard way.
But things may be looking up.
On October 6, 2022, Montgomery County Maryland judge Debra L. Dwyer denied motions to dismiss and summary judgment
motions from Paul Millsap and Brendrick DeAngelo Simmons in a long running dispute over an odd investment in subsets of an NBA agent fee that was marketed to investors as an annuity.
Millsap, 37 is an American NBA professional basketball player who most recently played for the Philadelphia 76ers (and previously played as a power forward for the Utah Jazz, Atlanta Hawks, Denver Nuggets and Brooklyn Nets), and his uncle and agent Brendrick Simmons. The investment was in a purported agent’s fee due Simmons September 16, 2021. Daily penalties were to be assessed if payment was not made on time.
Count V – Fraud against Simmons and BDS Sports DENIED, Motion to Dismiss, or in the alternative Summary Judgment by Simmons
Count VI – Negligent Misrepresentation against Simmons DENIED, Motion to Dismiss, or in the alternative Summary Judgment by Simmons
Count VII – Breach of Contract against Simmons DENIED Motion to Dismiss, or in the alternative Summary Judgment by Simmons
Count VIII – Aiding & Abetting Fraud against Millsap DENIED Motion to Dismiss or in the alternative Summary Judgment by Millsap
Count IX – Unjust Enrichment against BDS Sports DENIED motion by Simmons DENIED motion by Millsap
Count X – Violations of Maryland Consumer Protection Act against Simmons (this was dismissed).
THE CIRCUIT COURT FOR MONTGOMERY COUNTY, MARYLAND
GENERAL & VASCULAR SURGERY OF LONG ISLAND, PC, et al.,
Plaintiffs
v. Case No. 487210V
BRENDRICK SIMMONS, et al.,
Defendants
It is believed that Millsap previously contributed to a monetary settlement to similar investors who bought subsets of the same purported fee payment from Millsap to Brendan DeAngelo Simmons in what was dubbed the ‘Secondary Market “Annuity” Shit Show’ lawsuit, but was not able to obtain resolution with the remainining plaintiffs. See link below.
Background
- The Ties That Bind | Witness to Millsap’s Agent’s Signing of Millsap’s Name Was Hired by Reliance Funding LLC
- SMA Hub Purchase Order Referred to NBA as an Insurance Carrier
- New York Lawsuit Reveals 7 SMA HUB Purchase Orders That Named NBA as “Insurance Carrier”October 7, 2021
- Settlement Reached in Hansen Lawsuit Against Settlement Planners, SMA Hub, NBA Player, Agent et al
- $1.5M Confessed Judgment Against NBA Player & Agent Over SMA Hub “guaranteed” “NBA Annuity” October 17, 2021
- The Annuity That Never Was: Understanding the Lawsuit – Structured Settlements 4Real® Blog September 10, 2021
- Michael Vick agrees to chip away at a nearly $2 million judgment stemming from an unusual financial deal November 27, 2020