While the majority of the responses to our Structured Settlement Factoring Compensation Declaration project. Download StructuredSettlementDeclarationonFactoringPractice.pdf have been positive I've been getting some interesting responses from some:
Here's an excerpt of an email representation from Dave Snyder, an NSSTA veteran who runs the structured settlement brokerage, Delta Group, who was given the opportunity to make the "Structured Settlement Best Practices Declaration Concerning Structured Settlement Factoring Compensation"
"Further, no Delta Broker is allowed to recommend a factoring company or receive any compensation from any factoring company to any annuitant that received a structured settlement through the efforts of the Delta Group or it's brokers"
"This being said, if an annuitant (that did not receive an annuity through Delta Group contacts any Delta Company broker, he/she is not restrained by Delta company from recommending a particular factoring company. If the broker receives any compensation it is not included in our agreement and Delta Group does not receive any compensation".
I don't know if you read this the same way that I do, but it's clear that that NSSTA member Delta Group's business philosophy that it's OK to effectively take money out of the mouths of tort victims as long as you don't know them. And I ask the members of that firm, who I understand are "independent contractors", and ALL OF WHOM were copied** on the email I received, do you subscribe to your firm's philosophy?
Moreover, why hasn't Delta Group posted any statement to the public about its business philosophy? There appears to be nothing about factoring on the Delta Group web site at the time of this posting, not even an answer to an FAQ.
How would any trial lawyer doing business with Delta Group, or any of its independent contractor associates, know that the company or any of its independent contractor associates, many of whom are members in the National Structured Settlement Trade Association (NSSTA), are effectively in the factoring brokerage business, as long as they don't know you already.
I'm curious why Dave Snyder seems to have a problem with "under penalty of perjury". I say "why not?", if you aren't doing it? If you are doing it come clean to the public and let the chips fall where they may.
Snyder seems to have taken umbrage by stating "as you know, you have personally used the "under penalty of perjury" tactic against a Delta broker with the DOJ". Does that mean that Dave Snyder condones perjury?
Several months back I highlighted one of the Delta Group's brokers, John S. Bat who was on the United States Department of Justice approved list having had to have signed an affidavit under penalty of perjury (to get on that list) that he provided substantial structured settlement services to defendants in each of the preceding 3 years. This document was signed at the same time the broker was marketing himself as plaintiff exclusive. I also received a phone call from one of Delta Group's "plaintiff exclusive" brokers who considering signing the same affidavit out of frustration in dealing with the USDOJ as a plaintiff Representative. Fortunately that broker had a conscience and the sense to contact me, we talked about it and he decided not to go forward. Dave Snyder also states to me copied to all of Delta Group, the NSSTA and the NSSTA lobbyist, "I am very disappointed that anyone in this industry would recommend a sworn statement under the penalty of perjury for an issue that only you seem to have an abnormal personal interest". Snyder's statement clearly underscores the problem- when the head of a National Structured Settlement Trade Association member firm says it is "ABNORMAL" to have an interest in disclosure that leads to tort victims getting a fair deal.
USDOJ Leaves No Doubt in Interpretation of Minimum Requirements for Structured Settlement Brokers September 13, 2007
As an aside the Delta Group website states as one reason to do business with it "many Delta Group specialists are registered settlement advisors who offer a complete analysis of the claimant's future financial needs". I have looked long and hard for a "registered settlement advisor" web site or even a reference to the "designation" of "registered settlement advisor"*** other than on the Delta Group company web site. Perhaps Mr. Snyder can, for the benefit of all consumers, point us to the accredited entity that conferred the alleged professional designations that Delta Group refers to as inducement in solicitation of regulated insurance business.
Taking in all the above, it seems hypocritical of Mr. Snyder to continue to post a January 24, 2005 Society of Settlement Planners press release, on the Delta Group company website, which calls for regulation of alleged undisclosed rebating. Where's the symmetry?
Footnotes and Further reading
** in addition to the NSSTA and its chief lobbyist.
*** AOL/Google search "Registered Settlement AdvisEr"
Download search_for_registered_settlement_adviser.pdf
***AOL/Google search "Registered Settlement AdvisOr"
Download search_for_registered_settlement_advisor.pdf
***Delta Group FAQ, Why Use Delta Group?
Download delta_group_customer_faqregistered_settlement_advisor_designation_representation_1.pdf
"Snyde" Remarks and Inconvenient Questions of Association June 13, 2007
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