by Structured Settlement Watchdog®
In his June 28, 2013 deposition, Sovereign Funding Group CEO David Springer testified that he used Melissa Springer's name with a Sovereign Funding email extension because he was "not legally allowed to work yet". It was evident from the published portion of the transcript, that his second former attorney, Offit Kurman's Elyse Strickland, frantically attempted to get Springer to take the 5th before he made the disclosure. While Springer eventually took the 5th, the cat was already out of the bag and "taking the 5th" in a civil cases does not afford the same protection as taking the 5th in a criminal case.
A jury CAN draw a negative inference when the Defendant "takes the 5th" in a civil case. A possible reason for doing so in David Springer's case, is if one does a simple mathematical equation taking into account two 2011 press releases from Sovereign Funding Group themselves.
We have good reason to believe there are even more lies surrounding the business of David Springer and Sovereign Funding Group, a Mt. Airy MD company whose advertising was subject to a BBB review in 2011-2012. Here's why...
1. On August 20, 2011 a press release was issued stating, in pertinent part, "David Springer has been in the business for 15 years. His business continues to rise". The press release also references a facelift to the Sovereign Funding Group website that was being launched. On August 26, 2011 a review of the name server history shows that the name server for sovereignfunding.com was changed to webuypayments.net. [The Springers.us, a personal David Springer family website was also switched to the webuypayments server on that date, according to domaintools.com]
If David Springer testified under oath June 28, 2013 that he "wasn't legally allowed to work yet", referencing a 2004 comment in a Google forum, where he admitted to being an imposter for his wife Melissa, how do we characterize the work "in THE business" that he did for the 8 years prior to 2004? [ i.e. "in business 15 years" as of 8-20-2011; 2004 is 7 years earlier; 15 years ,minus 7, equals 8 years]
Download 8-20-2011 Sovereign Funding press release represents Springer in the business 15 years
2. On November 22, 2011 a press release was issued by Oassist.com about a joint venture with David Springer and Sovereign Funding Group, which said, in pertinent part, that Sovereign Funding is " a group that works on structured settlement, annuities, and lottery winnings. David (Springer) is a successful structured settlement broker, working on to (sic) many to mention cases. David Springer has been in THE business for 15 years. His businesss continues to rise" (emphasis added)
The year 2011 minus 15 years equals 1the year 1996, right? Were the Sovereign Funding Group press releases true, or just other examples of outright lies surrounding David Springer and Sovereign Funding Group?
Let's see...In Defendant Springer's Statement of facts submitted to the United States District Court for the District of Maryland [Case 1:11-cv-03421-MJG Document 108 page 16], he said, "In 2002 DavidSpringer started Sovereign Mortgage & Funding Group (hereafter SFG). From 2002 to 2006 the only business that SFG did was brokering mortgage loans. When the home sales slump of 2005/2006 hit SFG/Springer began to look at other business opportunities. SFG/Springer began to BROKERING structured settlements and annuities in 2007". So on his own written admission,at the time of the press releases, Sovereign Funding Group was only operating in the structured settlement space for 4 years at the time of the two 2011 press releases or 9 years in total. What was David Springer doing from 1996 until 2002?
David Springer's Google Plus which was captured on May 28, 2012 stated that he graduated from Concordia University (in Montreal) in 1993. He met his wife in St. Kitts where she was at Ross University School of Medicine and Springer worked around the pool. Springer and his wife used to talk about their cats around the pool, according to postings on thespringers.us website which has since been taken down. His wife has been practicing veterinary medicine since 2001, according to her online work profile.
Then there's this...
On January 9, 2002, a letter from the Liquidator of First International Bank of Grenada, a massive Ponzi scheme, was sent by FAX to the United States Immigration and Naturaliation Service Download Liquidator of FIBG letter to Immigation and Naturalization for David Springer 1-9-2002 . The copy of the document was created March 5, 2012, 11:44pm, notable for being later the same day as a screenshot of David Springer's Outlook interface highlighting connection between Springer, structuredsettlement-quotes.com, Genex Capital,Roger Proctor and Boris Drubetsky Roger Proctor. provided to me by a former contractor for Sovereign Funding Group. Both documents were provided to me by the same source, on May 25, 2012.
A nightmarish amount of online material is still up there:
A. September 8, 2007 Grenada Today wrote in an article entitled " Cat Out of The Bag" that "During the same period of time Creft (Michael Creft the former Grenada offshore regulator) reported receiving $15,000 from David Springer, defendant (Larry) Barnabe's partner." among others.
Further "Immediately after the election, on February 10, 1999, Creft wrote a letter responding to an inquiry from the FBI (Federal Bureau of Investigation) in which he stated the bank (First International Bank of Grenada) was in good standing and in compliance with the law.
During his deposition, he (Creft) admitted that the letter was not true, and that he had been"influenced" to write it by the receipt of money discussed above"
B. March 16, 2001 Cayman News Association " Offshore Bankers Charged With Fraud"
"St. George's, Grenada, September 1, CANA - Two Canadian offshore bankers in Grenada have been charged by police with offences relating to the troubled First International Bank here.
A report in Thursday's edition of the Grenada Today newspaper identified the two as David Springer and Peter Bean.
Springer and Bean have already made their first court appearance and were placed on bail of 10,000 Eastern Caribbean dollars (US$3,700) following their arrest in St. George's.
Grenada Today is reporting that Bean a lawyer by profession was nabbed at the Point Salines International Airport as he attempted to board an aircraft.
"This does not explain the lack of arrests and charges against those who went to live in the United States after helping to defraud mostly US citizens of an estimated $206 million of principal.
D. 2001 The Supreme Court of Grenada and West Indies Associated States High Court of Justice in the matter of the Winding Up of First International Bank of Grenada Limited/ First Report of the Liquidator
At 15. "Under the direction of Larry Barnabe, David Springer and in conjunction with FIBG, the marketing function was carried out through a series of apparently arm's length and independent organizations.... At 16 " The above combination was very successful in attarcting enw depositors for FIBG and/or its correspondent banks.
E. 2003 One Big FIB: The Incredible Story of Fraudulent First International Bank of Grenada by Owen Platt p46
"The sales pitches from the seminars were reeling in the clients and, to prorve the attractiveness of establishing offshore, some meetings were now being held in Grenada at the Rex Hotel. There the lucky attendees were calmed by the lapping waters of the Carribean plied with tropoical drinks and seduced by the scharm of...not infrequently aided by members of the government who provided a verismultitude to the whole charade. Speaking along with a dubious cast of characters such as Larry Barnabe, David Springer...
F. Larry Barnabe-a businessman to be avoided at all costs David Marchant Offshore Alert February 29, 2000
Offshore Alert has uncovered further disturbing information about the dubious past of another of the senior officers within the First International Bank of Grenada group. As with several other North Americans involved in the FIBG scam, Canadian citizen Laurent Barnabe, who is known as Larry Barnabe, has a history of ripping off investors.
[David Springer was in a number of places referred to as Larry Barnabe's "right hand man" or "partner" (see A above)]
So at the time of the two 2011 press releases, the first of which was smack dab in the middle of the webuypayments redirect scheme, was David Springer REALLY in the structured settlement business for 15 years?
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