The National Structured Settlement Trade Association (NSSTA) has established a corporate partnership program offering marketing opportunities to vendors wanting access to an upscale demographic and financial product distribution network of over 600. Partnership levels range in price from $3,000-$10,000 and each offers considerable benefits including mailing lists of NSSTA members.
The partnership opportunities appear to be open to anyone, without restrictions. All that seems to be required is to complete the application, mail in your check and wait for it to be processed. This is exactly the type of "strategic thinking" that snookered the SSP when, in the absence of any other membership qualifications, factoring executive Deborah Benaim (then of cash now pusher Peachtree Settlement Funding) sent in an application along with a $10,000 check in May 2005, the SSP Board muddled over it but was "intimidated" into accepting it by Peachtree’s attorneys Greenberg Traurig.
This author has written to me
mbers of the NSSTA Board and marketing committee asking whether NSSTA intends to accept money from factoring companies like JG Wentworth or factoring brokers like Bentzen Funding Solutions (the President of which, less than a year ago admitted to paying kickbacks to 90% of its structured settlement industry clientele. Such kickbacks mean the tort victim gets less). If NSSTA intends to accept money in any form from "financial crack" dealers then it ought to be disclosing that to its members so they can have the opportunity to individually determine whether or not being a member of an association that accepts such sponsorships is in their best interest.
NSSTA members should be mindful that according to the NSSTA Corporate Partnership application form the sponsorship fee permits the sponsor to advertise "official NSSTA partner"
Whether the NSSTA Board permits the 2009 Winter Regional and 2009 Annual NSSTA meetings to channel the 2005 SSP annual meeting in which it seemed every other attendee was a factoring company representative remains to be seen.
Let’s hope common sense prevails.
Post Script
848am October 6, 2008
Joe Ricci NSSTA Executive Director made the following emphatic statement " WE HAVE NO INTENTION OF PURSUING OR ACCEPTING MONEY FROM FACTORING COMPANIES!". This statement allows NSSTA absolutely no wiggle room.
"NSSTA is governed by Bylaws and Policies and Procedures that specifically
outline recourse for handling sponsorships and use of the NSSTA brand and logo
that require Board review and approval over any potential corporate partnership".
This author understands that the NSSTA Corporate Sponsorship form will be amended to include disclaimers about sponsors and use of NSSTA brand and logo requiring Board review and approval.
It is appropriate to opine that bylaws and standards of conduct that are for show, but not enforced, are essentially meaningless. Permitting someone like Patrick HIndert to be an NSSTA member, who so openly promotes the factoring industry, while repeatedly stabbing the NSSTA with a rusty jagged blade sends the wrong message about the NSSTA bylaws to the NSSTA membership and the legal community.
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