Considering a Structured Settlement? Watch Out for Fraud by ‘Bad Apples’
Your child was the victim of medical malpractice, and after a long legal fight you won a structured settlement. You may be relieved, but don’t let your guard down: The people you trust to set up your annuity payments may be out to steal your money.
It’s rare, but sadly, it does happen. Joe Gargan,, in June pleaded guilty to embezzling nearly $8 million meant for child victims of medical malpractice injuries. He faces up to 30 years in prison. The Gargan scandal is the second time in three years that a structured settlement broker has been sentenced to prison for crimes involving insurance settlements. In July 2017 Michael Woodyard, a broker with structured settlement company Ringler Associates, pleaded guilty to a $4.6 million insurance fraud and was sentenced to 87 months in prison.
