How Payee Counsel Unknowingly Gets Wrapped Up In Fraud
Payee Counsel, Independent Professional Advisor, IPA, whatever you want to call them; they’re the guys that represent the person selling the structured settlement, and they are the ones that are being accused of fraud, along with the company that is buying the structured settlement.
The companies buying the structured settlement are under scrutiny by consumers, regulators, and the SEC. Are these companies transparent? Do we know who owns these companies? Can we hold the owners of the companies accountable for their business practices? Some of the business practices would not take place if the identity of the owners of the company were revealed.
Business practices like offering pennies on the dollar–below acceptable value– for a person’s structured settlement, and getting away with it.
This is old news. But it keeps popping up. It pops up when there is a rash of injuries; there is suddenly all of these (shell companies) companies that want to buy structured settlements born out of the rash of injuries–like a class action suit.
It also is a constant in this industry.
These new companies aren’t registered with the SEC, or with their state, or any state. They have a business name, a mailing address, and that’s it. Typically, the company ends in an “LLC” or it could be a Corporation too.
When the payee goes to the Independent Professional Advisor, the Advisor unknowingly gets involved with a company that makes fraudulent choices.
Remember, not all companies are fraudulent. Your IPA can help you switch to a company that is registered, and you know who the owners are…chances are that company will be offering more money for your structured settlement. Shop with your Independent Professional Advisor for a legitimate company to buy your structured settlement and get more money on the dollar.