Litigation

Bentzen Funding Apology Letter ...From "Cash Now Pusher" Structured Asset Funding President!

By John Darer

The saga of "the Connecticut woman" continues.

Background
The woman lost an eye just over 2 years ago and filed suit against a defendant. The matter was settled in August 2008 and a large structured settlement funding with an annuity from American international Life Assurance Company of New York was part the resolution of her case.

Her father was with her every step of the way through the devastation of both her injury and her law suit. Shortly thereafter due to her father's debilitating illness she decided to construct an in law suite on her home. The up front cash from the settlement was not sufficient and therefore she sought assistance from her structured settlement broker who referred her to Rhonda Bentzen of Bentzen Funding Solutions in September 2008 for additional liquidity. Upon information and belief Rhonda Bentzen is the factoring intermediary most embedded in the structured settlement industry. In September 2008 Bentzen said it was "business as usual" despite the financial crisis.

Purportedly paperwork was submitted to Bentzen Funding Solutions on or about October 21, 2008. In prior blog posts in April 2009 we covered various issues concerning promises that were made and not delivered in timely fashion. It was also discovered that despite initially dealing with Rhonda Bentzen, the deal was actually funded with "cash now pusher" Structured Asset Funding", a company which ironically makes the advertising claim "fast cash now" (and continues to do so). The Connecticut woman was finally paid after having to hire a lawyer, several broken promises as to the timing which the woman relied upon (even talks of the deal not being able to be funded and emergency bank meetings) and 2 blog posts from this author.

As a result of the delay in funding (which meant significant construction delays and penalties) and her beloved father's worsening condition, she laments that the goal that she traded a portion of her financial future for (her father moving into the in-law suite) may never be fulfilled.

The Apology Letter
The apology letter is written on the letterhead of Structured Asset Funding and signed by Andrew Sacvsky, it's President. Structured Asset Funding is a "cash now pusher" based in Hallandale Florida and Savysky and one of those copied on the apology letter are principals in Bentzen Funding Solutions. There is reason to believe that Bentzen is essentially a front for "cash now pusher" Structured Asset Funding. Why else would Savysky have to write the apology letter?

A copy of the Structured Asset Funding-Bentzen Funding Solutions ApologyLetter Can Be Downloaded by Clicking on this link  Download Structured Asset Funding-Bentzen Funding Solutions Apology Letter to CT Woman for Delay in Structured Settlement Factoring

The Epilogue

The story does not end with the apology letter.

"Please let us know if there is anything we can do to assist you in solving any financial problems this delay in funding has caused you."

The Connecticut woman apparently spoke to Andrew Savysky whose actions suggest that such an offer was merely gratuitous purportedly denying that the aforementioned line meant any financial compensation. What Savysky did apparently do is offer to do another structured settlement factoring transaction with the victim!

Follow Up

The evidence suggests that all may not what is seems on the face when you refer a factoring deal to Rhonda Bentzen. If you detest cash now advertising you may have unwittingly participated in it anyway. Some of my readers may claim not to have known about this. Now they have been put on notice. Draw your own conclusion as to whether in referring structured settlement factoring business to Bentzen (compensated or uncompensated) you are directly, or indirectly supporting a "cash now pusher" that advises plaintiffs to sell their structures for luxury cars and boats and whether that is in your business interest.

Inasmuch as Rhonda Bentzen apparently does business with so many structured settlement brokers and settlement planners who cry out for transparency (she's membership chairwoman of the Society of Settlement Planners) and has heretofore not disclosed this relationship on her websites or blog, she is encouraged to add a disclosure of this relationship.

Download Bentzen Funding Solutions LLC Annual Report 1-9-2009 showing Savysky and Asseff as members. No mention of Rhonda Bentzen except that her last name appears in the name of the company.

Settlement planners must be careful to not over structure.

The issue of "servicing" of structured settlement payments by factoring companies is an industry issue that must be addressed promptly by industry leadership. This author believes most people are in the dark on this one, which represents "a herd of pachyderms" in the room

.

This author has written to the leadership at the National Structured Settlement Trade Association and requested a written response.

Prior Posts About "the Connecticut Woman"  Factoring Saga

April 14, 2009
April 22, 2009
April 23, 2009

Full post as published by Structured Settlements 4Real on May 15, 2009 (boomark / email).