by Structured Settlement Watchdog
A website located at structuredsettlementsonlinehq(dot)com seems a poorly veiled shill for structuredsettlement-quotes(dot)com (SSQ), a website that purports to be a bidding marketplace where the structured settlement seller purportedly receives the best of 6 independent quotes automatically.
In a August 4, 2012 posting criticizing J.G. Wentworth and Peachtree and elevating Structured Settlement Quotes, Inc. the structuredsettlementsonlineiq website says:
"Transparency: Who are you really dealing with?
There are other websites out there with multiple quotes, but how many of them are from the same company? How many people turn to both Peachtree and J.G. Wentworth without knowing they are the same company?
“In most regulated industries,
this practice would be unethical if not illegal.”
Those are THEIR words, not mine and now they will be hoisted on their own petard. The structured settlement secondary market is under-regulated. Sales practices of the secondary market are unregulated.
The following companies are affiliated by common ownership or business association, based upon information and belief
- Genex Capital (Roger Proctor CEO)
- Quote Me A Price, another bidding site (Genex -Roger Proctor)
- Solid Funding (Genex-Roger Proctor)
- Structured Settlement Quotes (Genex-Roger Proctor)
- Selling Your Structured Settlements (Nicholas John Jackson, a contractor for Genex)
- Sovereign Funding (David Springer, a business associate of Roger Proctor). Supported by a screenshot of David Springer's Outlook on March 6, 2012, later provided to me unsolicited, by Nicholas John Jackson of Annapolis Missouri (who worked for both Springer and Genex),
- Freedom1stFunding.com (one of our sources has claimed that he received a call from a Brad Jones -in response to an online inquiry-whose voice "sounded like Roger Proctor". "Brad Jones" was also listed on SSQ BBB report from 5/24/2012-see below)
Until a month ago, the Better Business Bureau report for SSQ showed Roger Proctor as its "customer contact" and Boris Drubetsky, another Genex employee. Download SSQ BBB w Genex and SSQ LLC ref
Then mysteriously those names disappeared leaving what were upon information and belief, fictitious names, and we simply asked why. [The question of independent bidding was on someone else's mind too, when we received information connecting the dots] The response to a very valid question , that is part of the public debate thanks to structuredsettlementsonlineiq.com, was negative attention to the structured settlement watchdog on the SSQ website and more libelous mutterings from a sock puppet. SSQ STILL hasn't answered the question and that's where the sunlight is shining. They still aren't transparent. They're even less transparent on their website than they were months ago. Yet a consumer is expected to throw business at them?
StructuredSettlementsonlineiq.com asks
"Why would you you shop the same buyer twice when at least 2 sites, including Structured Settlement-Quotes.com mentioned above, offer bidding marketplaces? Wouldn’t one stop shopping save time and hassle? "
Again, upon information and belief both SSQ and Quote Me a Price have common ownership. It is common knowledge that JG Wentworth acquired Peachtree. On the other hand little is known by consumers about the interrelationships between the Genex/Proctor companies. Up until the last month when its website was revised SSQ still held out that Andrew Cravenho was its President, when is role is estimated to have ceased in or about July 2011. What's up with the year of "hang time"?
SSQ latest web update still posts testimonials of Andrew Cravenho and James Spelling** when upon information and belief those individuals never even worked for Structured Settlement Quotes,Inc. They were with a completely different entity, Settlement Quotes, LLC. SSQ's recent blog post taking credit for a Rhode Island case from February 2011, didn't even involve SSQ, it involved Settlement Quotes, LLC, a company that was owned by Andrew Cravenho according to records on file with the Connecticut Secretary of State. Download Settlement Quotes LLC CT Secretary of State. Settlement Quotes, LLC was a company that Roger Proctor felt it so important to distance himself from that, through his attorney in May 2012, he put in writing to me that he had nothing to do with. Upon information and belief the transfer of the online platform to Genex did not occur until in or about July 2011.
The Internet has been flooded with paid social media mentions featuring one bogus, illiterate story after another to promote Genex Capital. Even if the prices are good one cannot help but look askance without SSQ providing greater transparency.
How about it?
Postscript
Following the settlement of a lawsuit against Genex Strategies, Inc., Genex Capital Corporation and SSQ by Woodbridge Structured Funding, a lawsuit in which Woodbridge had alleged that SSQ was nothing but a fraudulent and deceptive scheme to benefit Genex, SSQ was acknowledged by Genex Capital to be part of the Genex Capital Group.
** In a 2011 lawsuit brought by Woodbridge Structured Funding against David Springer of Mt. Airy, MD and pending at the time this post was originally published, David Springer admitted in testimony to using the fictitious name of James Spelling, among other fictitious names as part of what Maryland Federal Judge Marvin Garbis determined in April 2015 to be "questionable business practices"
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