Litigation

Bentzen Funding Solutions Not Paying For Factoring Deals On Time?

By John Darer

Back in September 2008 Rhonda Bentzen boasted that it was "business as usual" and assured everyone in a blog post that she has now taken down that Bentzen Funding Solutions was purchasing AIG annuities. My how times have changed and how very disturbing to say the least.

This author has become aware of a Connecticut woman who was referred to Rhonda Bentzen and Bentzen Funding Solutions by a structured settlement broker who is a member of the National Structured Settlement Trade Association.

The woman settled her personal injury case last summer with a structured settlement from American General Life Insurance Company as part of her recovery. Within a few months she realized that she she needed more cash and was referred to Rhonda Bentzen by the structured settlement broker who had the duty to represent her interests in creating the structured settlement.  The process to factor 240 monthly payments of $1,600** for a promised amount of $150,000 (an effective discount rate of about 12.03%) to Structured Asset Funding (more on that later in this post) started on or about October 23, 2008. She was told that the process would take 2-4 months.

On or about January 20, 2009 the CT judge approved the structured settlement factoring transaction, but American General had some issues that were subsequently resolved and on February 23, 2009 there purportedly was a "closing" during which time the Connecticut woman was promised that the money would be released within 5 days.

Needless to say the money HAS NOT been released according to what we understand to be the terms, purportedly numerous promises have been made as to when payment would be made after the closing and those time lines have passed. I understand from the structured settlement recipient that the livid structured settlement broker has been actively involved in trying to resolve this and I understand that Rhonda Bentzen IS NOT returning his calls. We believe that Bentzen/Structured Asset Funding may be unable to fund the deal almost 7 months after the process started and 8 months after Rhonda Bentzen proclaimed on her blog "business as usual".

I understand that as a result of what has been promised not being paid the Connecticut woman's  utilities have been cut off, and she is in danger of losing her home. To add to her stress she has an elderly relative on oxygen.

April 2, 2009 correspondence to the structured settlement recipient from Bentzen's representative stated  "My client is working diligently and taking all available action to close on your client's transfer as quickly as possible..I firmly believe that my client is not ultimately responsible for your client's predicament".

One useful piece of information that has been uncovered solidifies the connection between Bentzen Funding Solutions, LLC and Structured Asset Funding (a/k/a 123 Lump Sum, a/k/a 123 Lump Dumb, a/k/a Structured Ass), companies that I've pointed out are domiciled in Florida and have common ownership. This author has ranked on Structured Asset Funding for years due to its promotion of the cash now fraud and the maxim that high end sports cars and boats as legitimate reasons to sell your structured settlement. Now it has come to light that while the NSSTA member structured settlement broker referred the business to Bentzen Funding Solutions, LLC the contract the Connecticut woman signed was with Structured Asset Funding!

A search of the records of the Connecticut Secretary of State seems to show that Bentzen Funding Solutions is not registered to do business in the state

Download C.O.N.C.O.R-Bentzen Funding Solutions 4-14-2009

A search of the records of the Connecticut Secretary of State seems to show that Structured Asset Funding is not registered to do business in the state

Download C.O.N.C.O.R-Structured Asset Funding 4-14-2009

According to published information it has been within the purview of the Attorney General of the  State of Connecticut Richard Blumenthal to sue out of state companies for failing to register with the Connecticut Secretary of State PRIOR to doing business in Connecticut. This author believes that factoring intermediaries like Bentzen and Structured Asset Funding should be registered with the Secretary of State in each state that they do business AND that professional licensure should be mandatory.

It seems from the available evidence that patronizing Bentzen Funding Solutions means that the structured settlement recipient's factoring deal is funded by a cash now pusher.

It is common knowledge that Bentzen has infiltrated the structured settlement and settlement planning industry and on December 12, 2007 she published this blog post Download Bentzen Funding Solutions 90 pct blog post 12-12-2007 (since taken down) in which she stated affirmatively that 90% of her clientele take payments from her because of these deals. How many of these deals referred by structured settlement brokers and settlement planners were funded by cash now pusher Structured Asset Funding?

Bentzen exerted extraordinary efforts to try and stop a structured settlement transparency intiative. The NSSTA even issued a public statement disclaiming the initiative. To this day less than 5% of the structured settlement and settlement planning industry make public disclosures of their factoring activities. Perhaps it's time for people to rethink their positions on the topic.

** please note that this represented less than 1/5 of the woman's total monthly payments

Full post as published by Structured Settlements 4Real on April 14, 2009 (boomark / email).