Litigation

Factoring Broker Fights Structured Settlement Transparency Initiative...YET Supports Perjury and/or False Advertising? AND DOES NOT SUPPORT Financial Literacy?

By John Darer

Factoring heavyweight Rhonda Bentzen continues an obsession with this author (55% of her posts since January 2008) with "The List" that she published January 6, 2009

It is evident from the digital effluent that Ms. Bentzen has either not taken the time to read, or perhaps does not comprehend, the FAQ about the Structured Settlement Transparency initiative. For if she did, it would be crystal clear that it was HER written disclosure that 90% of her clientele (which are made up 100% of structured settlement industry members) took kick backs (and her identification of a a number of them to this author), that kicked off the need to even start the initiative in the first place.

Ms. Bentzen recently telephoned this author and stated that the 90% is now more like about 60%. Of course if Ms. Bentzen had the integrity to put that statistic in writing IF it is true, as this author requested, then God forbid she'd validate this author's efforts and those of the business leaders who subscribe to the structured settlement transparency initiative or those with the integrity to make written disclosures as Mark Wahlstrom has recently done.

Having made the original disclosure (about the 90%) it is clear that Ms. Bentzen has knowledge of (and her bank records would show) who is receiving her kickbacks AND who is not disclosing them. Why is Bentzen not setting the standards of disclosure instead of defending those who do not disclose, possibly to the detriment of tort victims?

Had Ms. Bentzen taken the time to read and comprehend, she'd learn that The Structured Settlement Transparency Initiative Responds to " Are There Any Questions I SHOULD be asking?". This information should be of interest to tort victims, plaintiff lawyers, judges who approve structured settlements. Does anyone believe that such information is not in the interest of those stakeholders and if so, why?

Those on this list represent those who were given the opportunity to declare their business practices on factoring since December 2007, but did not declare. Appearance on this list is not intended to imply that any particular individual is engaging in the practices that are subject of the initiative, but you stakeholders are encouraged to ask them for a written commitment regarding their practices because they have not disclosed them. Many of those Bentzen has  labeled  "cowards", that Bentzen putatively represents, have likely shrieked in the past about undisclosed rebating practices yet appear to now have an implicit double standard.

That being said, Bentzen's rant seems to suggest that it is Bentzen's opinion that perjury and/or false advertising are honorable business traits and that she does not support financial literacy, particularly by those who are supposed to be giving financial advice.  Those who hide behind Ms. Bentzen ought to reflect on what she is defending on their behalf. Ms. Bentzen's own financial literacy has been called into question several times due to Bentzen's well published flub on IRC 5891 in which she mischaracterized (on more than one occasion) what the statute actually says (a fundamental aspect of her business).

This author is amazed that Bentzen places such a great weight on the support of non disclosure of something financially material to tort victims yet lacks the class and discretion not to disclose to an unrelated third party, the extra marital sexual proclivity of certain industry members she calls friends.

Clearly pot stirrer Rhonda Bentzen does not enjoy widespread support as evident by the following email that this author received this afternoon which first alerted him to Bentzen's  "The List":

"Hi John

 

I don't know how I got there but I was reading a Rhonda Bentzen blog titled "The list" claiming/implying that you do all sorts of unethical things (which I'm sure isn't true).  The article REALLY got my back up because I can't think of anyone more underhanded and unethical than Rhonda.  That's why I'm writing.  To make sure I was referring to the correct Rhonda Bentzen, I went her web site (http://bentzenfundingsolutions.com/) that contained her picture (10 years younger and 100 lbs lighter) confirming my suspicions.  On the web site she writes a little on her background as follows:

 

"I have been a structured settlement broker since 1988 working both the plaintiff and defense side of brokerage in Canada and the U.S. My company, Bentzen Structured Settlements Inc., was one of only three approved structure firms in the province of British Columbia.  With 54% income tax and the cost of living competing with northern CA and NY, not to mention some political changes that was threatening to change the way B.C. did structures, it was time for a change. I moved to Nashville, TN in 2000 to do structures there."

 

Is that ever BS.  Her structured settlement history should read more like this:

I have been a structured settlement broker since 1992 working both the plaintiff and defense side of brokerage in Canada and the U.S.  After screwing over the man who mentored me from being a secretary to being a broker and paid for my wedding, I formed Bentzen Structured Settlements Inc., one of only three approved structure firms in the province of British Columbia. It took three tries but I managed to pass the exam.  Some years later, when the province of British Columbia rewrote structured settlement legislation allowing for more competition my company started going downhill.  Poor personal finance practices caused me to accumulate massive debts as Bentzen Structured Settlements Inc. revenues dwindled.  An unwillingness to repay those debts forced me to relocate to another country and I ended up in Nashville.  It didn't take my new employer long to realize how underhanded I was and fire me.  Again due to an inability to manage money I was broke.  Thankfully my mother in law loaned my family a large sum of money to sustain our illegal existence in Tennessee for a year or so.  This is another debt that I'm unwilling to repay but I have a new company.

Someone with low moral standards and inability to control their own finances shouldn't be giving financial advice to others.  Particularly to people down on their luck which I'm guessing many people looking for a structured settlement (factoring transaction) are.  Also, since she's Canadian I'm surprised she can do what she does in the US?  I didn't think there were visas available for single person businesses?

Best wishes for the New Year.  I've attached a couple pictures for your amusement.

Zach"

Full post as published by Structured Settlements 4Real on January 11, 2009 (boomark / email).