by Structured Settlement Watchdog
It doesn't get any more real than this folks. Jim Terlizzi the CEO of DRB Capital, a settlement purchaser associated with Blackstone Group, sent a November 1, 2018 open letter addressed to all of the Board of the National Association of Settlement Purchasers (NASP), in which he expressly states that structured settlement (factoring) fraud is rampant and NASP is doing nothing about it. Terlizzi opines that it must stop if NASP is to retain any credibility as an organization. There you have it from an insider.
Terlizzi maintains the following are presently occurring in the structured settlement secondary market:
- Forum Shopping
- Hiring of " Shill Counsel"
- Unlicensed Practice of Law
- Suborning (indeed conspiracy to commit) perjury and a myriad of other unfair, deceptive and illegal acts are rampant
- Contract poaching
- Relocating claimants
Document fabrication and slander are too common to mention, writes Terlizzi. Everyone receiving this letter knows exactly what we are talking about and also knows this is going on at unprecedented levels. Theft and thuggery have replaced robust but good faith competition.
Terlizzi's company has filed complaints with various states' Attorneys Generals, has a suit against John Jacob Associates but laments that NASP has not pulled its weight.
via GIPHY The "Shamster Wheel". Morris is not Amused
Who are NASP Board Members?
According to a NASP official, NASP Board members are as follows:
- Rick Connelly, JGWPT
- Amanda Dobanton, Fairfield Funding
- Shannon Harvey, Annuity Transfers
- Tricia Laborde, Stone Street Capital
- Lori Lasher, JG Wentworth
- Fred Love, Sutton Park Capital
- Jason Sutherland, DRB Capital LLC
One of the biggest challenges NASP has is that some of the bad actors are not members of NASP.