by Structured Settlement Watchdog®
n January 2000, while at Peachtree Settlement Funding, DRB Capital Chief Jim Terlizzi characterized settlement purchasers as the "police" in a Business Insurance article entitled "Exposing Structured Settlement Scams". The only thing I see in common between "The Fuzz" and Chief of DRB Capital is the ZZ at the fanny end of each. Time has proven that Terlizzi's claims weren't worth the paper that they were written on.
Terlizzi incredibly characterized structured settlements , which are funded with regulated insurance products, issued by licensed insurance companies and placed by licensed agents or brokers, as a three card Monte game at a time that his "police" weren't required to carry a badge and there was no "Internal Affairs Bureau. His Peachtree charged some of the highest discount rates around. Here is my podcast "Structured Settlement Scam Hoax", my response to "ZZ" top Terlizzi's "Tube Snake Boogie" and other scam-mongers in the structured settlement secondary market.
None of Terlizzi's "Three Card Monte players" have been the subject of a Washington Post cover story. 15 years on members of the settlement purchasers' "police" squad are reeling from contemporary allegations of bad business conduct that I have cataloged here and has been reported elsewhere. The subject of the sub-industry's bad business conduct has been a hot topic at recent meetings of the National Association of Settlement Purchasers, an admission. Prior to Terlizzi's arrival at DRB Capital, DRB Capital misrepresented a stock photo as one of its customers.
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A contemporaneous response to Jim Terlizzi's outrageous 2000 piece, by the late esteemed Chicago trial lawyer Philip Corboy, referred to Terlizzi's industry as "a new breed of aggressive hucksters", a term later echoed by Texas trial lawyer Joseph Jamail in 2008. Netti C. Vogel, a judge in Rhode Island later referred to them as vultures, a flesh ripping scavenger moniker that has stuck, to the chagrin of players in the settlement purchasing industry that try to do things right.