In my opinion, Don Lake, Jr. a Certified Structured Settlement Consultant ("CSSC") out of Oklahoma City, is the latest example of the few structured settlement brokers who don’t get it. A recent issue of JG Wentworth’s Present Value magazine features a profile about Don Lake, Jr. Download jg_wentworthdon_lake_cssc_pv_article.pdf
Before the inevitable platitudes about "Swan
Lake" and sub references to the McCarthy hearings are heard from Patrick Hindert, like after my "Snyde Remarks" (see below), let’s ask the tough question… "What was the quid pro quo for Don Lake, Jr. in exchange for the article and use of his image?".
Such profiles are clearly used by JG Wentworth to give off the illusion that they are part of the structured settlement industry. Brokers such as Don Lake, Jr. and previously profiled Dave Snyder supposedly add credibility to JG Wentworth’s cause. Yet agreeing to be profiled (i.e.advertising) in JG Wentworth’s PV also diminishes their individual credibility to the structured settlement industry. One wonders what disclosures have been made about the apparent relationship on their company websites. WHERE IS THE FACTORING POLICY ON THEIR WEBSITES? As an example click here for ours!
In the recent past this author has received a call from a structured settlement broker seeking assistance on a case which he or she received directly or indirectly from a JG Wentworth lead. Based on this experience this author also believes that JG Wentworth is referring mistaken identity cases (some of which are likely created by its false advertising "certified structured settlement consultant") to structured settlement brokers who patronize it for factoring referrals.
The following in an excerpt of a email I received last week from an officer of a structured settlement brokerage firm and former board member of NSSTA, speaking on behalf of his company in relation to JG Wentworth.
"It is our opinion that it would be inappropriate to attempt to influence structured settlement brokers and others not to do business with any other companies involved in the structured settlement industry. In fact, it is XXXX policy to refrain from activity that could have the effect of restraining free market competition"
It’s sad to see the capitulation by the officer of this firm that JG Wentworth is in the structured settlement industry. My first thought was whether this "opinion" has been communicated to, and is a shared opinion of, all or a majority of the members of that firm.
I don’t enjoy having to make these revelations readers. However, there are tough questions that need answering. Back in April virtually every candidate for the NSSTA Board of Directors included some part of his or her campaign speech with a concern about factoring, including a member elected to the current NSSTA Board that is affiliated with the unnamed firm XXXX above (but not the individual quoted). Is it appropriate for an NSSTA member, using an NSSTA sponsored professional designation, to appear in a marketing publication of a firm that has created a web page (also see August 7 post link below) that makes unauthorized use of the professional designation?
Some people have communicated to me that they are actually losing business because plaintiff lawyers and judges are fearful that structured settlements can be too easily factored. One day that will be you. You can stick your head in the sand or you can do something about it.
- Why has JG Wentworth Been Allowed to Falsely Advertise "Certified Structured Settlement Consultant" Through Alter Ego With Impunity? August 7, 2007
- Well Sumo It’s Belly Bump Time! June 15, 2007
- Snyde Remarks and Inconvenient Questions of Association June 13, 2007
- An Open Letter to Connecticut State Regulators May 19, 2006
The opposing view
XXXX=name of firm omitted
Leave a Reply