by Structured Settlement Watchdog
I write this post in grave disappointment in one of the structured settlement industry's longest serving individuals, David Snyder President of Delta Settlements. To associate his name and be highlighted in a magazine called "Present Value", published by J.G. Wentworth, the firm, that has irreverently served to cause more confusion and "mistaken identity" in consumers seeking structured settlements is shameful. I have long written about the factoring industry and the business practices of certain of its members such as JG Wentworth.
Examples of issues I and many in the structured settlement industry have with JG Wentworth, which is a factoring company NOT a structured settlement company.
A. JG Wentworth has falsely advertised that it is "the leader in the structured settlement industry".
B. Through its alter ego 321 Henderson, proclaims that it is the "past present and future of the structured settlement industry"
C. JG Wentworth's glossary mysteriously fails to include intrinsic terms to its own business like "factoring "and "structured settlement factoring transaction".
D. Until recently a JG Wentworth alter ego, American Settlement Fund, displayed a web page called Certified Structured Settlement Consultant. Upon information and belief nobody at JG Wentworth holds this designation
E. JG Wentworth apparently bought the Kontera contextual keyword "Structured Settlements" through Allpages.com which served to divert people away from names that they were searching for (that included those words) like The National Structured Settlements Trade Association, of which Snyder is a dues paying member.
F. Much more that you can read by clicking on the JG Wentworth category tab on the right of this page
This begs the following questions:
- Does David Snyder, and the rest of Delta Settlements, agree with the above statements A&B and JG Wentworth business practices referred to in C-E?
- Is David Snyder or any other Delta Settlements broker (who primarily represent plaintiffs) referring business to JG Wentworth?
- Is David Snyder or any other Delta Settlements broker (who primarily represent plaintiffs) referring business to JG Wentworth in exchange for a fee paid by JG Wentworth?
- Is David Snyder or any other Delta Settlements broker (who primarily represent plaintiffs) comfortable with JG Wentworth educating his/their clients about structured settlements?
- How many trial lawyers are aware of this involvement with JG Wentworth?
In my opinion, David Snyder needs to address the entire industry on this issue because I'm sure many who become aware, of his apparent association with JG Wentworth, will ask "Dave, what the heck are you doing"?
Structured settlement brokers who associate with factoring companies with business practices like JG Wentworth and others highlighted here , needlessly tarnish the structured settlement industry and cost its members. Snyder may even run contrary to the views of members of his own company like Greg J. Howard, author of the excellent "Dump The Lump" dated October 31, 2005 that is posted on the Delta website. David Snyder's company web site has no reference to factoring business. Why?
In the twilight of his career one would hope that David Snyder is a leader and sets the record straight.
Structured settlement industry members would be wise to have the intestinal fortitude to boycott JG Wentworth's "Present Value" publication.
Postscript (May 27, 2012)
Shortly after its posting, on June 15, 2007 this post was characterized as "vicious, unfair and obscene" by Patrick Hindert, an industry veteran and author who has been criticized for long promoted factoring while being light on criticism of factoring business practices and abuses, but hypercritical of the structured settlement industry.
Hindert is the co-author of an industry text, Structured Settlements and Periodic Payment Judgments. While others do not agree with Hindert's message, in 2007 John Darer was the only one who called HIndert out.
Two days later, June 17, 2007 Hindert changed the word "obscene" in his post to "profane". It wasn't the first time that Hindert had gone over the top on The Structured Settlement Watchdog before back tracking.
In the run up to the 2007 NSSTA meeting Toronto, Canada, in an effort to thwart John Darer's candidacy for the NSSTA Board of Directors, Pat Hindert sailed past fair commentary when he published a written statement implying that John Darer's commentary was worse for the industry than James Gibson (a convicted criminal who stole money from tort victims and threatened to kill Federal Judge) and Stanwich.
When confronted face to face, Hindert meekly stated that he was "a bit harsh" and that he overreacted to my criticism of his friend Denham Grey, a knowledge management expert and professor, who had written a few factually inaccurate blog posts about structured settlements. Contemporaneous comnentary here.