by Structured Settlement Watchdog
According to our sources Patrick HIndert has leaked that several settlement planners attended JG Wentworth’s conference in Philadelphia this week.
Among them was Michael A. Upchurch of Jacksonville, FL, President of Delta Group and Upchurch Financial Services. Upchurch reportedly discussed property and casualty company approved lists with members of the factoring industry and the rest of the JG Wentworth attendees. Earlier this year Upchurch denied a rampant industry rumor that his take over of Delta Group was tied to JG Wentworth. Is he part of Patrick Hindert’s “pit crew” fueling J.G. Wentworth megalomania? According to our sources Patrick Hindert has bragged about being an adviser to Upchurch to third parties.
Unfortunately, our industry has not yet developed an adequate strategy to address the issues created by factoring
Upchurch has been quoted as stating “The secondary markets are a legal and business reality. As an industry, we should be more proactive in developing best practices related to factoring. We should advise our clients before and following the settlement. Where factoring is appropriate, we should assist the original structured settlement recipient to obtain as much money as possible. Delta Settlements wants to play a leadership role in helping our industry develop a more enlightened, and more effective, factoring strategy. If done correctly, we can improve our sales growth as well as improve the secondary market.”
A number of structured settlement brokers who place structured settlements for profoundly injured tort victims also receive referral fees and or % of profit based kick backs from structured settlement factoring companies on deals they refer to companies like JG Wentworth.
Such fees reduce the amount being paid to those tort victims who go down the structured settlement factoring route. Others may consult pro bono.
The names and firms of other structured settlement brokers who attended the JG Wentworth conference will be published shortly. If you attended “on the QT” and don’t like our spin I encourage you to contact me via email or by phone to give me “your spin” for publication.
This author encourages anyone who currently participates in structured settlement factoring transactions to come clean. Such activity should be posted on the company website and in marketing materials. If you truly believe in what you are doing then make a statement.
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