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What To Know Before Selling Monthly Structured Settlement Payments For a Lump Sum | CFPB

by John Darer CLU ChFC MSSC CeFT RSP CLTC

The Consumer Financial Protection Bureau (CFPB) published an update to its guide for people who have disability, personal injury or structured settlement payments on February 2, 2018.

What should I know before giving up my monthly disability, personal injury or structured settlement payments in exchange for a one-time lump sum payment?

Answer by the CFPB:

Dealing with companies that offer lump sum payments for your disability, personal injury or structured settlement payments can be very risky.  You could receive much less cash than your settlement is worth. Some companies target people with disabilities who have structured settlements. If you receive a flyer or solicitation promising fast cash or a lump sum payment for your monthly or periodic payments, be aware! Consider all options, including talking to people you trust with your finances, or your own lawyer or financial counselor, before trading your future payments for instant cash.

Get a second opinion or an independent evaluation from a trusted source, your own attorney, or a financial adviser. Be cautious of recommendations from the company trying to get your structured settlement.

Read the full CFPB Guide here

What is the Consumer Financial Protection Bureau?

Consumer Financial Protection Bureau (CFPB), is a U.S. government agency whose role is to make sure banks, lenders, and other financial companies treat you fairly.

 

Brandjacker SSQ is Unreliable Source for Insurer Ratings

by Structured Settlement Watchdog®

SSQ, currently a defendant in a Connecticut lawsuit over deceptive business practices, continues to target American consumers with misleading information about Berkshire Hathaway Life Insurance Company of Nebraska (BHLN) and other life insurers issuing structured settlement annuities.

SSQ has continued to falsely state for almost 8 months that Berkshire Hathaway has a negative outlook on the structured annuity issuer which is rated AA+,  Standard & Poors second highest financial strength rating.  On June 23, 2014, S&P actually assigned a stable outlook to the structured annuity issuer BHLN, and on August 27, 2014 published the following about BHLN:
"Extremely strong competitive position based on well-diversified mix of insurance and reinsurance businesses and diversified noninsurance subsidiaries Leadership in U.S. personal auto segment and global reinsurance sector supports its competitive position"

SSQ is not a reliable source for ratings of insurance companies.  SSQ and/or the people/entity who/which own and/or  control of that website have the potential to benefit from hijacking and diverting web traffic from the brands of established insurance companies with the clear goal of dominating key word searches that pair "structured settlement quotes" with the name of any insurance company whether or not the insurer issues or has issued structured settlement annuities**.

In June 2012,  a Canadian company, Genex Strategies, Inc. contracted with Nicholas John Jackson, a Missouri resident, part of whose work was to compile ratings of insurance companies as part of a revamp of the SSQ website located at the URL structuredsettlement-quotes.com. Jackson's work found its way onto the SSQ website between July 2012 and September 2012. Upon information and belief the domain and website was acquired by one of the Proctor led entities in 2011. Jackson interfaced directly with Genex CEO Roger Proctor and COO Boris Drubetsky according statements he made to me, and copies of communications between him and Drubetsky and Proctor that he voluntarily supplied after Jackson's relationship with Genex ended at the end of September 2012.

 

 

Cash For Annuity | Value of BBB Rating Questioned

by John Darer®. CLU ChFC MSSC RSP CLTC

Cash for annuity companies like to promote themselves using a rating from the Better Business Bureau because, despite criticism of the Better Business Bureau, many of these settlement purchasers have little else to offer. The reliability of BBB ratings is inconsistent throughout the United States.  The BBB runs on a franchise system where franchisees are in business to make a profit. Franchisees charge members a fee to be accredited but accreditation is not automatic.

For example, the BBB of Connecticut, which does a good job of enforcing BBB standards, in my opinion, clearly states and fully discloses thy following with respect to any accredited business:

"BBB has determined that (name of company) meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services."

Accredited businesses affirm that they meet and will abide by the following standards:

Build Trust
Establish and maintain a positive track record in the marketplace. An accredited business or organization agrees to: Have been operational (actively selling products or services) in any BBB service area for at least the most recent 12 months, unless the principal(s) previously operated a similar business with an eligible record (one that qualifies for BBB accreditation). Fulfill all licensing and bonding requirements of applicable jurisdictions; provide all license and bonding information upon application for BBB accreditation; and provide periodic updates upon request of BBB. Be free from government action that demonstrates a significant failure to support BBB ethical principles in marketplace transactions (this requires a determination by BBB as to the nature of any violation, whether it was caused or condoned by management, and actions taken to resolve underlying issues that led to the government action). Be free of an unsatisfactory rating and maintain at least a B rating at the accrediting BBB and the BBB where it is headquartered, if different. In its relationship with BBB: meet all applicable standards within this Code of Business Practices cooperate with BBB's activities and efforts to promote voluntary self-regulation within the business' industry honor any settlements, agreements or decisions reached as an outcome of a BBB dispute resolution process complete the required application and pay all monetary obligations to BBB in a timely manner
Advertise Honestly
Adhere to established standards of advertising and selling. An accredited business or organization agrees to: Follow federal, state/provincial and local advertising laws. Abide by the BBB Code of Advertising. Supply, upon request, substantiation for advertising and selling claims. Correct advertising and selling practices, when recommended by BBB. Adhere to applicable BBB industry codes of advertising. Cooperate with BBB self-regulatory programs for the resolution of advertising disputes. Use the BBB name and logos in accordance with BBB policy. Avoid misleading customers by creating the false impression of sponsorship, endorsement, popularity, trustworthiness, product quality or business size through the misuse of logos, trustmarks, pictures, testimonials, or other means.
Tell the Truth
Honestly represent products and services, including clear and adequate disclosures of all material terms. An accredited business or organization agrees to: Make known all material facts in both written and verbal representations, remembering that misrepresentation may result not only from direct statements but by omitting or obscuring relevant facts. Ensure that any written materials are readily available, clear, accurate and complete.
Be Transparent
Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer's decision to buy. An accredited business or organization agrees to: Upon request, provide BBB with all information required to evaluate compliance with BBB standards. This may include, but is not limited to business name, address and contact information; names and background of principals; business and banking references; licensing and/or professional accreditation; and a complete description of the nature of the business. Clearly disclose to customers: direct and effective means to contact the business terms of any written contract any guarantees or warranties accompanying a product any restrictions or limitations imposed (e.g. limited supply,maximum number available per customer) the business' return/refund policy any recurring commitment into which the customer may be entering, including information on how future billing will occur total cost of the transaction, including tax, shipping and handling, and other related charges If selling products or providing services on Web sites or via other electronic means: provide any required product labeling information disclose the nature and terms of shipping, including any known delays or shortages of stock provide an opportunity to review and confirm the transaction before the sale is completed provide a receipt summarizing the transaction after the purchase
Honor Promises
Abide by all written agreements and verbal representations. An accredited business or organization agrees to: Fulfill contracts signed and agreements reached. Honor representations by correcting mistakes as quickly as possible.
Be Responsive
Address marketplace disputes quickly, professionally, and in good faith. An accredited business or organization agrees to: Promptly respond to all complaints forwarded by BBB by: Resolving the complaint directly with the complainant and notifying BBB, or Providing BBB with a response that BBB determines: is professional, addresses all of the issues raised by the complainant, includes appropriate evidence and documents supporting the business' position, and explains why any relief sought by the complainant cannot or should not be granted. Make a good faith effort to resolve disputes, which includes mediation if requested by BBB. Other dispute resolution options, including arbitration, may be recommended by BBB when other efforts to resolve a dispute have failed. BBB may consider a business' willingness to participate in recommended dispute resolution options in determining compliance with these standards. Comply with any settlements, agreements or decisions reached as an outcome of a BBB dispute resolution process. Cooperate with BBB in efforts to eliminate the underlying cause of patterns of customer complaints that are identified by BBB.
Safeguard Privacy
Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information. An accredited business or organization agrees to: Respect Privacy Businesses conducting e-commerce agree to disclose on their Web site the following: what information they collect, with whom it is shared, how it can be corrected, how it is secured, how policy changes will be communicated, and; how to address concerns over misuse of personal data. Secure Sensitive Data Businesses that collect sensitive data online (credit card, bank account numbers, Social Security number, salary or other personal financial information, medical history or records, etc.) will ensure that it is transmitted via secure means.Businesses will make best efforts to comply with industry standards for the protection and proper disposal of all sensitive data, both online and offline. Honor Customer Preferences Businesses agree to respect customer preferences regarding contact by telephone, fax and e-mail, and agree to remedy the underlying cause of any failure to do so.
Embody Integrity

In its E-Book on selling structured settlements,  Toronto based Strategic Capital says "you might have heard that certain structured settlement buyers have an A+ BBB rating, and you might assume that this means this company has few complaints. Actually, that is not necessarily true. Companies with good BBB ratings have many structured settlements complaints when it comes to buying payments. To earn a good BBB rating a company needs only meet some BBB specific criteria"  (see above).  Stratcap then focuses on the number of complaints associated with some of the bigegr players in the market to support its assertion.   To wit "When considering what a BBB rating means, think about this: if you look at J.G. Wentworth’s listing on the BBB you will find that they have an “A+” rating. This sounds great. But if you look further you will see that they have had 40 complaints filed against them, through the BBB. That is 40 complaints, but still a perfect rating? Stone Street Capital has an “A+” rating as well, though they have had 57 complaints as of this writing. Imperial Structured Settlements, on the other hand, has only an “A” rating (no plus), yet they have only two complaints filed against them. And Strategic Capital doesn’t even appear on the BBB website, presumably because no one has ever complained about them to the BBB"

Comment:  While nobody likes to receive complaints, valid complaints also help a business improve. The number of complaints should be looked at in relation to the number of deals that the company has done. For example if JG Wentworth did 2000 transactions over a 3 year period and had 57 complaints that's 2.85% of their customers.  The real question (and this is where the BBB comes in) is if a company resolved the complaints in timely fashion through the BBB resolution process. If complaints do appear on a BBB listing the BBB posts if there was a resolution or not. 

A classic example of improving from customer complaints is Coca Cola.  New Coke was the reformulation of Coca-Cola introduced in 1985 by The Coca-Cola Company to replace the original formula of its flagship drink, Coca-Cola (also called Coke). New Coke originally had no separate name of its own, but was simply known as "the new taste of Coca-Cola" until 1992 when it was renamed Coca-Cola II. The American public's reaction to the change was negative and the new cola was a major marketing failure. The subsequent reintroduction of Coke's original formula, re-branded as "Coca-Cola Classic", resulted in a significant gain in sales. This led to speculation that the introduction of the New Coke formula was just a marketing ploy; however the company has always claimed it was merely an attempt to replace the original product  [source: Wikipedia]

The BBB of Greater Maryland is unfortunately one example of why the credibility of the BBB is in question.  Despite being put on notice that David Springer, CEO of a now defunct Maryland based structured settlement factoring broker admitted, in a 2013 deposition and in trial testimony, to fabricated information in its BBB and other social media, to include people that did not even exist, BBB continues to give the company an A+ rating. It's a complete joke.  The same BBB office gives another company an A+ rating despite publicly available information from the Maryland Secretary of State that conflicts with the BBB listing for the company.

Strategic Capital suggests that you Google a company name and the words complaints to get a more revealing rating than BBB. 

Comments:

I'm surprised that Strategic Capital would in this instance, subscribe to and promote such refutable rubbish.

Here's a smattering of what I've uncovered over the past 3 years about the structured settlement secondary market.

A. Several structured settlement factoring companies have actually paid for positive reviews from video testimonial websites

B. Several structured settlement  factoring companies have used stock photos which they portray to consumers as real customers in order to drum up more business, such as Imperial Structured Settlements and DRB Capital until they were exposed.

C.  A number of cash now pushers proudly display their topconsumerreviews.com, a paid survey without disclosing the nature of the results  (i.e these were paid reviews). In September 2014 I posted how Topconsumerreviews.com was given a low trust rating by scamadviser.com  Download Scam adviser report for topconsumerreviews.com 9-18-2014.

D.  StructuredSettlement-Quotes(dot)com,  whose controllers are competitors of JG Wentworth and Woodbridge Structured Funding, posted negative reviews of these competitors and then promoted them with hundreds of spam links from all over the world.   Woodbridge is now suing Genex Capital and Genex Strategies, Inc. over what they allege is "a fraudulent and deceptive scheme". The complexity of the litigation is an illustration of sorts over what it would take for a consumer or investor to litigate against Genex, which essentially solicits US consumers from outside the United States. Its US address is merely a mailbox at a UPS store.  Canada does not permit sales of structured settlement payment rights.

E. Genex Capital itself has been promoted with a ridiculous amount of spam comment reviews, some of which are downright comical

F. " Complaints" on commercial complaint sites appeared against witnesses in federal lawsuit against one factoring company.  Those complaint sites hide behind the ironically named Communications Decency Act and charge hundreds and, in one case, thousands of dollars to conduct an investigation. Regardless of the results they will not remove the reports.

Strategic Capital shares Patrick Hindert's opinion that "one criterion to consider when selecting a purchaser is whether that purchaser belongs to the National Association of Settlement Purchasers (NASP), a professional association that promotes best practices among its members and provides industry education about the transfer process.”

Comment:  The NASP Code of Ethics is Pollyanna. Unfortunately I have shown that time and time again that some of the worst behaviors are exhibited by members of NASP.  Allegations in the matter of Lafontant v Imperial Structured Settlements,  portray a nightmare of abuse by a NASP member.  NASP does not speak for and does not control the behavior of the entire industry, let alone its own members.

Conclusion.

I understand where Stratcap is coming from, however a market place, like the structured settlement secondary market that lacks regulation of how consumers and investors are solicited and general marketplace business conduct that includes fines and where serious violations could result in the suspension or loss of license to practice,  is a marketplace that is fraught with dangers for both consumers and investors. Self-regulation is not possible based on a 12 year track record of wildly accelerating abusive behavior that shows that the "honor system" does not work.

Fortunately the muck is beginning to get raked.   Lawsuits have been filed and more are coming against structured settlement factoring companies over their business practices. Mainstream news media have taken an interest as have government agencies.

 

 

 

 

 

 

Selling Structured Settlement To Pay For College Has Negative Effect on EFCs

by John Darer® CLU ChFC MSSC RSP CLTC

Cash in a student's bank account will result in less needs-based financial aid.  The Expected Family Contribution ("EFC") is higher for child's assets than a parent's.  EFCs represent the MINIMUM amount you pay to get in the door"according to the "Simplified Guide to Expected Family Contributions and College Aid"

So why do cash now pushers suggest that you sell structured settlement payments (at a discount) to pay for college? It's hard to find a website for a settlement purchaser that does not make such a suggestion. Furthermore, the issue of Expected Family Contributions appears to be totally ignored by the settlement purchasers that suggest it on their websites, as well as the  bloggers that support the cash now pushers.

                                                                                                       

Image: Dreamstime/Skypixel                                                                     

 

Aviva Structured Settlements and the Athene Buyout of Aviva USA Business

by John Darer CLU ChFC MSSC CeFT RSP CLTC

The New York Department of Financial Services (DFS) agreed to bless Athene Holding Ltd.'s pending $1.55 billion acquisition of UK insurer Aviva PLC's  U.S. operations after a series of negotiations with Athene Annuity and Apollo representatives, the agency said August 14, 2013.  Athene is largely funded through an Apollo affiliate, and the Apollo manages money for the insurance company.

Apollo and Athene agreed to a set of new rules not typically required of insurers, the agency said. They include heightened capital standards to protect against potential losses and tougher disclosure requirements.

New York DFS has highlghted, and continues to highlight a spike in private equity firms and other investment companies moving into the annuity business.  Insurance Circular Letter 5 (2022): Acquisitions of Control and Disclaimers of Control | Department of Financial Services (ny.gov)

This trend raised concerns since such firms typically have a more short-term oriented business model than traditional insurers, and the annuity business is focused on ensuring long-term security for policyholders

As part of the new set of rules, New York Department of Financial Services wanted higher capital standards because they serve as a buffer to absorb unexpected losses. Athene Life Insurance Company of New York agreed to capital levels of not less than 450 percent and a separate backstop account with $35 million to top off those funds if they fall below a certain level. The New York regulator will also scrutinize Athene's operations, dividends, investment strategies and potential reinsurance transactions. If Athene pursues a so-called material change in its operations, it will need written approval from the New York agency first. Athene will also now have to file quarterly reports detailing its capital position.

Link to New York DFS statement on the Athene acquisition of Aviva New York dated August 14, 2013.

Aviva and Structured Settlement Annuities

A substantial amount of structured settlement annuity business has been placed with Aviva life companies and their predecessors until Aviva ceased writing new structured settlement annuity business at the end of 2008. The company has roots going back 300 years. Through a series of mergers and renamings the following compnanies wrote structured settlement annuity business and current structured settlement annuitants may be receiving payments from Aviva that originally had structured settlements paid from the following life insurance companies.

• CU Life Insurance Company
• CU Life Insurance Company of New York
• CGU Life Insurance Company
• CGU Life Insurance Coompany of New York
• Aviva Life Insurance Company
• Aviva Life Insurance Company of New York

The following qualified assignment companies applied to

• CGU Annuity Service Corporation (later  Aviva Assignment Corporation)
• CGNU London Annuity Service Corporation  (later Aviva London Assignment Corporation)The obligations of certain structured settlements funded with CU Life annuities were backed by a  surety bond issued by Commerical Union Insurance Company.

The obligations of certain obligations assigned to Aviva London Assignment Corp had a Capital Management Agreement (CMA) with Aviva UK based affiliate, CGU International Insurance.  As stated therein the agreement ensures that Aviva London Assignment will have the funds necessary to satisfy all Structured Settlement obligation to make funds available to Aviva London Assignment Corp is absolute, unconditional and continuing.

What is the impact of the Athene acquistion of Aviva on the structured settlement portfolio?

I telephoned Aviva customer service on August 22, 2013 and the response, as I expected, was that what is in the contracts will be honored. I specifically asked about the surety bonds and the Capital Maintenance Agreement obligations with those structured settlements where periodic payment obligations were assigned to Aviva London Assignment Corporation and was informed that these would still apply.

Structured settlement annuitants who wish to confirm for themselves or who have any concerns whatsoever, should contact their structured settlement consultant or Aviva directly at their toll-free number, which is 888-285-4332

What Then Happened?

About 15 months following the publication of this post, in October 2014, the fate of the CMA was learned to not be as described by Aviva. After learning of an occurrence that seemed inconsistent with what the Aviva customer service rep said in 2013. John Griffiths, an annuitant from Hawaii contacted me and after dealing with some unfortunate obfuscation, we learned in a written letter from Athene, that "the CMA was terminated according to its terms", seemingly quite the opposite of what was in Aviva's marketing materials. John Griffiths became the lead plaintiff in a successful class action lawsuit against Aviva and Athene. 

Athene ended up providing annuitants a new CMA and certain annuitants received a modest financial recovery.

It was a needless and unfortunate episode for the insurers and underscored the importance for structured settlement consumers and their advisors to be vigilant when insurers transition, or runoff their product lines.

Extensive coverage of the story can be found using the Google search on the right side of this blog

Who is Athene Annuity? 

Athene annuity is a significant underwriter of annuties in the United States. While Athene acquired the structured settlement book of Aviva, Athene does not underwrite structured settlement annuities as of the date of the last update to this blog.

The roots to Athene Annuity go back to 1905, when Liberty Life Insurance Company was started by one "Hipp"  guy,  Here is a helpful timeline from the Athene website. The company, which previously acquired former structured settlement annuity issuer Presidential Life Insurance Company,  offers some innovative retirement annuity products. At the time this blog was last updated Athene Annuity held a A (Excellent) rating from A.M. Best and a A+ from both Standard & Poors and Fitch ratings as well as an A1 from Moodys. The ratings represent an IMPROVEMENT from the ratings at the time of the Aviva/Athene deal. For more details see Financials | Athene.

Also see The best annuity companies for April 2024 | CNN Underscored Money which has ranked Athene as one of the best annuity companies as of April 2024.

Last updated April 2, 2024

 

 

 

 

 

Structured Settlement Quotes (SSQ) Hosted by Genex Strategies Officer Boris Drubetsky

by Structured Settlement Watchdog®

Additional information concerning the Structured Settlement Quotes online platform has found its way to the Structured Settlement Watchdog.  The domain structuredsettlement-quotes(dot) com is hosted at an IP address associated with Boris Drubetsky, the Chief Operations Officer of Genex Strategies, Inc., a Vancouver Canada company that is led by NASP member Roger Proctor.   At the time of publishing of this post,  the Zoominfo.com listing for Genex Strategies also lists a Dover, Delaware address which is a mailbox at a UPS store that corresponds to Genex Capital and links to the Genex Capital website.

According to his LinkedIn profile Boris Drubetsky has been COO of the company since July 2009.

TIMELINE

In February 2012 I received an anonymous email which included some material from the Better Business Bureau that appeared to tie Structured Settlement Quotes to Genex Capital as one of the addresses listed on the material corresponded to Andrew Cravenho's home address. Upon information and belief Cravenho was bought out of SSQ.

In May 2012, the Better Business Bureau records for Structured Settlement Quotes, Inc. listed Roger Proctor (Ceo Genex) as " Customer Contact" and Boris Drubetsky as principal.  Subsequent to a blog post that I published in May 2012 , the BBB report was changed and Proctor's and Drubetsky's names were removed.

In early July 2012 SSQ launched a new website which contained:

1. Purported review pages of competitors of SSQ and Genex Capital.

2. Misrepresentations that four primary structured settlement brokers were factoring companies.

3. A testimonial about Andrew Cravenho, who it is believed at the time it was posted was not associated with the company.  

4. Specially targeted review/complaint pages for Genex Capital competitors JG Wentworth/Peachtree and Woodbridge. We previously reported on January 15, 2013 about the "black hat" search engine optimization technique that was employed to promote the Woodbridge and JG Wentworth pages here.

5. A load up of virtually every insurance company in the United States, with the insurers'  trademarked brands captured so well that if someone is looking for structured settlement quotes ,  SSQ's listing for that company dominates the search result.  See for yourself by entering structured settlement quotes and this sampling of insurance companies. There are MANY more.

Allstate Life

American General

Berkshire Hathaway

John Hancock Life (USA)

Liberty Life Assurance Company of Boston

Metropolitan Life

New York Life

Pacific Life

Prudential Insurance Company of America

Symetra

USAA Life/ USAA Life Ins Co. of NY

Insurance Company  (fills up pages of results!)

The financial ratings for some of these insurance companies on the SSQ website, transcribed from other sources, are old and inaccurate. The urls that would be useful to consumers are often neither complete nor live.

On September 4, 2012, after SSQ did not respond to my lawyer's letter sent in July 2012,  I sent an email to Boris Drubetsky asking him to remove an inaccurate listing that appeared on the SSQ website concerning my company.  I included in my email these 3 items

Website informer print out with an IP address for both the structuredsettlement-quotes.com production and staging websites  traced to Boris Drubetsky, Coquitlam, BC Canada with an email of [email protected] Download Boris+Drubetsky Hosting   Download Staging SSQ Boris Drubestsky Download Structuredsettlement-quotes SSQ Boris Drubetsky

To which Drubetsky responded by email.

"Thank you for your request; regrettably I am unable to assist you with in this matter as Genex has nothing to do with StructuredSettlement-Quotes(dot)com. Moreover, I am not, nor have I even been the president of Structured Settlement Quotes Inc. I suggest you contact Brad Jones"   [ so at this point there is denial of anything to do with SSQ, despite Boris Drubetsky being named in the Whois record with an @Genex Capital.com email address as being the focal point for complaints and as the host would be the appropriate target of a DMCA take down notice ].

On September 9, 2012 Boris Drubetsky changed the registration of a website called structuredsettlementwatchdogs.com to be private. Download Structured Settlement Watchdogs Dot com Boris Drubetsky 3-10-2013 . [That website made unauthorized copies of the Structured Settlements 4Real content during the period March 2010-April 10, 2010] The September 9, 2012  date coincides with the scheduled deposition date of a material witness in a John Doe litigation  Shortly before the deposition was scheduled a Philadelphia lawyer known to represent Roger Proctor appears on behalf of the witness, Nicholas John Jackson of Annapolis MO.  There is evidence that that ties Boris Drubetsky to that witness.  For example in June 2012,  Drubetsky briefly held the registration of the Jackson's domain and then operational website Sellingyourstructuredsettlement(dot)com and later Jackson was threatened with a lawsuit over after he changed it back.

November 15, 2012 Boris Drubetsky appears on  SEOMOz.com discussing the installation of an SSL certificate and the loss of search engine rankings

  "So we made a big mistake with our website last month. Without thinking things through, our entire website was switched to using a SSL certificate and https urls on all pages of the site. I know it is recommended that SSL is only used on sensitive pages, but we have a lead form on all pages. Of course Google is taking some time to adjust to all of our urls changing. A week later we lost all of our Google search rankings".

On December 10, 2012 a do it yourself press release for SSQ is released on PRWeb referencing apparently referencing the Google search engine issues that were mentioned by Boris Drubetsky in the November SEOMoz forum.  Yet the new statements are attributed to "Brad Jones". To wit...

"In November 2012, StructuredSettlement-Quotes.com decided to do something that few companies within their industry do – provide their clients with robust, reliable security for their personal and financial information by implementing SSL encryption across their website. The initial result of this was a total loss of Google search results, something that most companies would never stand for".

On February 4, 2013, I receive an anonymous tip from a third party in the structured settlement industry (presumably in the secondary market) alerting me to what I confronted Boris Drubetsky with on September 4, 2012, namely the IP address tracing the hosting of structuredsettlement-quotes.com to Boris.

1. So does anyone question who is behind SSQ anymore?
2. Now the question becomes why all the layers of concealment?
3. If you generally have good prices and good service, which they do, why does SSQ need to use others' trademarks and brands?
4. How much financial revenue is SSQ and its principals deriving  from its apparent strategy to use the brands and trademarks of others to steer web traffic?
5. Why is SSQ listing a Hartford Connecticut address and no other, with no registration with the Connecticut Secretary of State?

Download CT Sec of State Genex Strategies

Download CT Sec State Genex Capital 2-10-2013

Download SSQ CT Secretary of State Search 2-10-2013

Genex Capital IS doing business in the State of Connecticut as is clear by being awarded the Bronze by the readers of the Connecticut Law Tribune for 2012.

Genex Capital  became a member of The National Association of Settlement Purchasers (NASP) which states it "is dedicated to ensuring the secondary market for structured settlement transfers remains fair, competitive, and transparent. We strive to improve awareness and understanding of how this vital market works".  (emphasis added).

Postscript

As a result of the settlement of litigation against Genex Capital and Genex Strategies, Inc. in June 2015, Genex had to disclose its involvement in SSQ on the SSQ website. Wonder why they just didn't do so in the first place.

 

 

 

 

 

 

 

 

 

Structured Settlement Quotes and Cognitive Dissonance

by John Darer ® CLU ChFC MSSC CeFT RSP CLTC

Define structured settlement quote? In this informative podcast New York City area structured settlement expert John Darer reviews what you need to know about structured settlement quotes

.

While it seems pretty straightforward, a certain amount of "cognitive dissonance" may result from the search engine optimization efforts of certain members of the secondary market for structured settlement payment rights that (shall we say?) take some "creative liberties.

A classic example of " cognitive dissonance" illustrates the longstanding approach used by a number of members of the structured settlement secondary market in an attempt to get lure structured settlement annuitants to part with (sell) the long-term financial security provided by their structured settlement payments. 

In one of Aesop's fables, a fox sees some high-hanging grapes and wishes to eat them. When the fox is unable to think of a way to reach them, he decides that the grapes are probably not worth eating, with the justification the grapes probably are not ripe or that they are sour (hence the common phrase "sour grapes").

On a parallel, one can observe that some factoring companies seek to create cognitive dissonance by attempting to change the belief systems of structured settlement annuitants using the 'why wait for teensy weensy payments" concept to unsettle annuitants and get them to believe, that their annuity payments are like the Fox's grapes; that they will actually receive a "huge lump sum"; and that the benefit from that " huge lump sum" will offset the "nutritition" of  longer term financial security.

To wit, Imperial (" Why should you have to wait for your own money?"); Peachtree  (" You shouldn't have to wait for your payments to arrive over time" ; TV mailbox ad waiting for payments "until the tumble weeds come");  Integrity ("If you're tired of waiting on small, monthly payments for 5, 10 or 20 years) 123 Lump Sum ("Why should you wait to live the life of your dreams?")

Takes annuitants' eye off the ball and all that financial shrinkage they will suffer.

 

Image source: Wikipedia                   

Genex Capital and Settlement Quotes, LLC: Shopping or Window Dressing?

by Structured Settlement Watchdog®

Settlement Quotes, LLC has long advertised that it offers structured settlement sellers the opportunity to shop multiple companies in an effort to get the best price.  I like the idea of a factoring auction, but I believe that something has changed. 

On February 22, 2012 a concerned independent researcher tipped us off that the address for Settlement Quotes, LLC and Genex Capital are one and the same, 75 Bette Drive Manchester, CT 06040, a private residence address. This is consistent with one of the 5 addresses the Better Business Bureau report for Genex Capital pulled up today May 4, 2012.

The Better Business Bureau Listing for "Structured Settlement Quotes" shows Roger Proctor of Genex Capital as Sales Contact, but a business called "Structured Settlement Quotes" IS NOT listed as as registered to do business in the State of Connecticut.

Download CT Public Inquiry for Business called Structured Settlement Quotes

Our source expressed concern about the level of independence of "shopping around" when Genex Capital has an office at the same location as Settlement Quotes, LLC. Indeed the Genex Capital website, at the time of posting, suggests you should shop around at structuredsettlement-quotes(dot)com,  the website of Settlement Quotes, LLC.

Recently an industry colleague related the details of a recent conversation he had with Genex Capital CEO,  Roger Proctor, in which Proctor was alleged to have said something about the bidding process that, if true, would throw what is being advertised into doubt. Settlement Quotes, LLC recently advertised that it added a new funder to its stable without naming it. While I like the idea of a factoring, there needs to be transparency to maintain confidence in the process.

Settlement Quotes, LLC is not publicly transparent about its funding sources or its relationship with Genex Capital. Therefore we call on Settlement Quotes, LLC and Roger Proctor, in his capacity as CEO of Genex Capital and as sales contact, to be transparent about their business relationship.

Download Settlement Quotes LLC Genex Capital Is It Really Shopping?

The Structured Settlement Watchdog® thanks the "Concerned Independent Researcher" for the "bone". 

A note on anonymity to the concerned researcher. You may want to close your other browser windows when making a screen shot. Why does the world need to know that you are one of millions who banks with Chase online, have health insurance with CIGNA, have  Google Adwords account, a Reach Local account, listen to WFAN for your sports and enjoy listening to tunes on Radio.com? I'm just sayin'...

Postscript

Following the June 2015 settlement of a 2014 lawsuit brought against Genex Capital and Genex Strategies, Inc. (both of which are led by Roger Proctor), by its competitor Woodbridge Structured Funding, Genex Capital began to publicly disclose that the domain and website at structuredsettlement-quotes(dot)com was a member of the Genex Capital Group. One wonders why they didn't just do so in the first place.  Between the time of the original posting date of this post and the settlement Genex took extraordinary steps to conceal its ownership.  When confronted, Chief Operating Officer for both companies,  Boris Drubetsky, continued the ruse by even putting in writing a denial of any Genex involvement in SSQ.  The Woodbridge lawsuit aginst Genex Capital, questioned the veracity of the claims appearing on the SSQ website that it was an independent exchange.

 

Structured Settlement Watchdog® on the Prowl

 

Is Selling a Structured Settlement A Smart Money Move?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Kudos to structured settlement factoring company thought leader Andrew Cravenho who writes a responsible post that defends the value of structured settlements in the current environment and makes for a pleasant diversion from the "cash now pushers" that employ "the trickling payments vs big lump sum" deception on tort victim consumers.

Some poignant quotes from Cravenho's post:

"Cashing out a structured settlement eliminates the tax-free guaranteed payment stream that you and your family may receive on a monthly, annual, or semi-annual basis".  (note other types of structured settlement payment streams are also possible

"With the diminishing state of the stock market and the collapsing housing market, it would be a wise investment to keep the guaranteed payment stream of  structured settlement  intact. Experts predict that the housing market will continue to spiral out of control for the next few years. Creating an investment portfolio from the sale of a structured settlement could create disaster for you and your family".

"In this author’s (Cravenho's) opinion, a smart investment can mean not investing at all".

Structured Settlement Quotes... Need Structured Settlement Quote Now?

by John Darer® CLU ChFC MSSC RSP CLTC

If you need structured settlement quotes you want to get in touch with a specialty insurance agent or structured settlement broker who is licensed in your state**. For the average person searching on Google it's tough to tell who can give you structured settlement quotes.

4structures.com, LLC can give you structured settlement quotes if you call their toll-free number 888-325-8640,  or using its secure structured settlement quote form (information you enter is secure if the https shows in the URL) But then to find the next one, you have to go several pages in before you get someone who can give you structured settlement quotes. 

There are a ton of companies in the search engine results for "structured settlmeent quotes" who have no licenses, may not be registered to do business in your state and do not give you structured settlement quotes. Many of them are willing to buy structured settlement payment rights from people who already have structured settlements. There needs to be a distinction between structured settlement factoring quotes and structured settlement quotes so that you don't have to waste your time.

** if you are interested in a structured settlement with an alternative qualified funding asset, such as Treasury Funded Structured Settlements, you may wish ask the specialty agent, broker or settlement planner who can direct you accordingly.