by Structured Settlement Watchdog
Rising Capital, a structured settlement factoring firm out of Delray Beach Florida, is courting settlement payees with a highfalutin : “Division of Plaintiff Rights”spiel that’s about as authentic as a unicorn riding a pogo stick
The Division of Plaintiff Rights is just a figment of someone’s imagination to induce people receiving structured settlement payments into selling, and assigning the rights to their structured settlement payments to Rising Capital.for just pennies on the dollar. As a plumber might say, “Same poop, only the depth varies”
Rising Capital Sales Pitch is Like a Flaccid Souffle
Just to be clear if you sell to Rising Capital, or any other company like them, your “dough” ain’t rising. “Pennies on the dollar” sure isn’t rising. More like a flaccid souffle.
The recipient of the letter received an envelope that has a return address of 5300 West Atlantic Ave, S200 Delray Beach, FL 33484. Next is listed on the envclope is Division of PL. Rights C-
With even more jiggery-pokery, the envelope further states “The contents of this parcel have been filed and registered in our files office prior to sending. Please do not tamper with contents”. And “enclosed belongs to receiver only”.
The “Division of Plaintiff Rights” is Silly Billy Stuff
If you settle a lawsuit against all parties with (or without) a structured settlement and your case is dismissed or discontinued with the Court, your Plaintiff is no longer a plaintiff on that case. He/she is a structured settlement payee.
Same Cats, Old Ball of Yarn
Back on May 12, 2019 I reported in Rising Capital’s Rising BS | Spoofs John Hancock Life Insurance Company Internal Audit
“Rising Capital sent a mailer with the header “Audit Alert-Time Sensitive” bearing the subject line “Internal Audit for: John Hancock Life insurance Company.” An audit is “an official inspection of an individual’s or organization’s accounts, typically by an independent body.”. Rising Capital is suggesting that it has done an internal audit for John Hancock Life Insurance Company. Given that John Hancock has its own internal auditors, why would they hire Rising Capital Associates? One wonders what Martin Sheerin, the John Hancock CFO will say when he sees Rising Capital’s fulminating piece of bullship? A copy of Rising Capital’s work is on its way to John Hancock. A Cardeno Vice-President-Audit Department doesn’t appear to come up on the grid on 3/9/2019″.
See my March 10, 2019 blog High Pressure Structured Settlement Factoring Company Mailers Reviewed
An industry friend recently shared with me that the National Association of Settlement Purchasers (NASP) brought up the subject of extensive negative publicity the the industry segnment was receiving.
It may be time for NASP to take a more serious approach to collaborating, advocating and implementing a licensing standard for the structured settlement secondary market, similar to existing standards for life settlements
Surely that would be good for business. Unethical solicitations such as Rising Capital’s “Division of Plaintiff Rights” and the John Hancock spoofing from 2019 described in the prior posts have no place in the structured settlement secondary market, or any business
Rising Capital mailers that would never be valid sales practices in a regulated industry
The types of mailers deployed by Rising Capital and others (like late Seneca One’s old “National Structured Settlement Registry”) would never be allowed if sales practices in the structured settlement secondary market were actually regulated everywhere instead of the unregulated morass that has gone on for more than 20 years. History has proven that self-regulation and self discipline is clearly not the structured settlement secondary market’s strong suit.
