Reefpoint Business Services is the rebranding of Tradewind Settlements. It is the same business managed by the same people who owned and operated Tradewind Settlements.
The owner/VP of Tradewind Settlements, Thomas J. Smith served 8 years in prison for a 100 Million Dollar life settlement scam. Mr. Smith was the President/owner of Trade Partners in Grand Rapid, MI where this crime was committed.
Mr. Smith was released from prison in 2012, and started Tradewind Settlements. Mr. Smith’s criminal background was exposed in December, 2015. An announcement was made by the company that Mr. Smith no longer worked for Tradewind, and a new VP was appointed, Brad Raney. Brad Raney worked for Tradewind as the Marketing Director. The effort to appoint Mr. Raney as VP was in an attempt to hid Mr. Smith’s criminal background and involvement with the company. Mr. Raney has no previous experience in the life settlement industry.
It was announced in April, 2016 that Tradewind has closed, and the company is now called Reefpoint Business Services. The rebranding and renaming of the company is in an attempt to hid and minimalize the damages done by the exposure of Mr. Smith’s past criminal background and incarceration.
It has also been reported the President of Reefpoint Business Services, Jay Nault of Atlanta, GA is the owner of an adult sex toy and video shop called Inserection. Reefpoint Business Services and Inserection share the same physical address in Atlanta, GA. Mr. Nault has no prior experience in the life settlement industry as he has an IT background.
If you are interested in getting into the life settlement industry, you do not have to pay $24,950 to get into the business. The Life Insurance Settlement Association (LISA), the governing body of the life settlement industry offers a life settlement training program at a nominal fee.
It is important to note life settlement transactions are very difficult to find and settle. There are very narrow parameters for a policy to actually settle. Approximate 3,000 policies are settled on an annual basis.
Do not be lured into promises of 6 figure commissions paid on one transaction. The truth is, very few policies have actually been settled by Tradewind Settlements or Reefpoint Business Services.
Do not be fooled by Mr. Raney’s flowery and tricky wording on company announcements and materials. They are just empty words with empty promises.
Save your $24,950. You do not need Reefpoint Business Services to settle your policies for you. You can contact a reputable Life Settlement Broker who is familiar with the competitive bidding process to settle your policies for you. You will make more money on your transactions, as Reefpoint Business Services is essentially the middle man between you and the broker. They will take a percentage of the commissions from your transaction.
The life settlement program offered through LISA is your best bet of how to get involved in the life settlement industry.