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Structured Settlement Buyers in Court Scraping Dust Up in Broward County

by Structured Settlement Watchdog

Court scraping is at the center of a Broward County legal controversy according to a complaint filed last month. In its complaint, DRB Capital asserts claims against Defendants for tortious interference and violation of Florida’s Deceptive and Unfair Trade Practice Act [See DRB Capital, LLC, a Delware limited Liability Company v Jacob Joseph & Associates, LLC, a Delaware limited liability company and Joel Gosset, an individual, CACE 17-009260   Download DRB v Jacob Joseph et al] What has got DRB Capital CEO Jim  "Terlizzi in a Tizzy" is how court scraping competitor Jacob Joseph & Associates, LLC and Joel Gosset have allegedly profited at their expense.

What is Court Scraping

Court scraping refers to the "scraping" of court records of court approved settlements, or structured settlement transfers, for personal identifiable information that can be used to identify people who are receiving structured settlements so they can be solicited by cash now pushers or companies they outsource to.

Court scrapers are like sea gulls, swarming pests chasing someone else's hard work.

Often court scraped annuitants are bombarded with excessive direct mail, harassing phone calls and/or other forms of approach that some have considered to be harassment. One South Carolina annuitant represented she was getting hundreds of calls. Chasing fat profits, come companies scrape the records of recent filings so they can attempt to gazump competitors like seagulls hovering over a fishing boat an ogling the day's catch.  Proponents of court scraping say it's good for consumers, particularly those who have not shopped around and detractors say that someone else is swooping into scarf up their hard work.

Factoring Company Scrapes Court Records and Impersonates Competitors to Get Information    January 8, 2014

In its June 8, 2017 news alert,  the Philadelphia law firm of Drink Biddle & Reath says that "DRB Capital’s complaint illustrates the dramatic increase in competition among factoring companies over the last few years. As such, structured settlement obligors and annuity issuers must avoid unnecessary involvement in disputes that arise between factoring companies and payees, and ensure that factoring companies do not obtain conflicting orders involving the same structured settlement payment rights".

Who is Jacob Joseph & Associates, LLC?

CEO Kobi Ribak, most recently of BTG Advisors. In 2011, after only 4 months, Ribak was discharged from Topeka Capital Markets.  The SEC disclosure on the IAPD website states that there were allegations that "Mr. Ribak was distributing trading ideas without footnoting his sources implying the ideas were his own". It is my understanding that he funds his deals through Novation. Defendant Joel Gosset works for JJ&A.

 

Tales From the "Court Scraping Annals"

1. Jolly Rogers Peachtree "Over Easy" in 5th Circuit Scrape Scrap Over Poached "Huevos Rancheros"  March 26, 2017
2. Did DRB Capital Previously Benefit From Court Scrape?  August 10, 2015
3. Courtscrapers Getting More Brazen  June 4, 2015
4. Court Scraping was Key to JRR Funding/Fairfield Funding Strategy  January 31, 2015
5. Court Scrapers of Structured Settlement Annuitants for Cash Now Pushers   September 5, 2014
6. Factoring Company Court Sniffers Should Be Banned July 12, 2007

 

Big Data Court Scrapers Go For "Very Very Unfair Advantage" for Structured Settlement Vultures

by Structured Settlement Watchdog®

In a sign it has recognized the massive profits to be made by structured settlement buyers who "financially rape" structured settlement annuitants, a company called Premonition,using Artificial Intelligence, says its has crawled Circuit courts to compile the World's Largest Litigation Database. They have recently added a function for Structured Settlement Funders to search within court documents for specific terms or text strings with instantaneous results.They admit to giving "a very,very unfair advantage". The result of their work, which really is of little social benefit to consumers, will likely be more bombardment and harassment of structured settlement annuitants by unlicensed and drastically under-regulated "cash now vultures" who Premonition is targeting for what it calls "hidden structured settlement leads".

Premonition and their clients even target minor's settlements! How low can you go? If anyone who is a minor or parent of a minor with a structured settlement, is bombarded with calls and mailings while the child is a minor please let us know.Save everything and document everything.

Companies like Premonition are driven by the fat $1M plus spreads taken by NASP member companies such as Novation Funding and Seneca One from naive sellers on low risk deals.

The following email was forwarded to me by one of the targeted.

---------- Forwarded message ----------
From: "Nathan Huber" <[email protected]>
Date: Apr 20, 2016 10:54 PM
Subject: Mine Big Data for Hidden Structured Settlement Leads!
To: "Stan Harlan" <[email protected]>
Cc:

Mine Big Data for Hidden Structured Settlement Leads Using Artificial Intelligence, Premonition has crawled Circuit courts to compile the World's Largest Litigation Database. We have recently added a function for Structured Settlement Funders to search within court documents for specific terms or text strings with instantaneous results.         Search Examples structured settlement annuity guaranteed payment structured sum guaranteed sum approving settlement minor’s claim minor’s settlement < This capability effectively streamlines and automates your entire research function. You now have access to more data than ever before, giving you a very, very unfair advantage in lead generation.  Nathan Huber Director of Business Development Copyright © 2016 Premonition, All rights reserved. Our mailing address is: Premonition 8101 Biscayne Blvd. PH 701 Miami, FL 33138