Litigation

Should the credibility of the Society of Settlement Planners Standard of Conduct For Settlement Planners be called into question with its appointment of factoring intermediary to its Board of Directors as Treasurer-Elect?

Consider this excerpt from  Rule 9: Factoring Structured Settlements

employment by a person known to be entitled to future payments as the result of the settlement of a claim in connection with the factoring of the person?s rights to such future payments".

The SSP Board member's website is poorly maintained and for almost a year and a half has not written about much else other than trashing this author. With a bounce rate in the 90%+ range it's clear that in order to survive in business the SSP Board member and factoring intermediary "solicits by phone, real-time electronic contact persons known to be entitled to future payments as the result of the settlement of a claim in connection with the factoring of the person?s rights to such future payments "

In the recent case where the SSP Board member and factoring intermediary was referred a case by a settlement planner, the SSP Board member's offer was clobbered by 50% and she lost the deal. The effective discount rate was well into the teens.

Rule 10(d)  Dealings With Persons Other Than Client

A settlement planner shall not engage in unfair trade practices, including but not limited to:
(1) engaging in any activity in connection with settlement planning for which the planner
does not have a proper license as required by applicable law;

This author reported yesterday in Is She Offering Securities Without A License? that the SSP Board Member and Treasurer-elect was distributing materials about her OFFERING variable products purported to be issued by St. James Assurance, a Barbados insurance company and "sourced through Oppenheimer", despite no evidence on the website of FINRA or the SEC that she or her purported entity had a valid FINRA registration or were a Registered Investment Adviser or Investment Advisory Representative of an RIA.

That notwithstanding consider FINRA Rule 2210

In the opinion of this author,The Society of Settlement looks foolish for promoting Standards of Conduct, making a "cause celebre"  in the process of its members using them in promotion of services to trial lawyers, failing to enforce them, and THEN rewarding such conduct with a seat on its Board of Directors. This author believes that the membership of the factoring intermediary in the SSP combined with that person's seat on the Board is severely impeding the expansion of the organization.

Members of the SSP and others who wish to cast aspersions on the structured settlement watchdog's opinions need only refer to the SSP's own document which states"

Compliance with these Rules depends upon voluntary adherence and, secondarily, upon reinforcement by peer and public opinion.

The Standards of Professional Conduct for Settlement Planners are not intended to conflict with laws, court
rules, licensure requirements or other standards imposed on any regulated profession such as law, accounting, financial planning, securities trading or insurance. In the event of a conflict, the member should abide by the laws or professional standards imposed on the member?s discipline and bring the conflict to the attention of the Society of Settlement Planners Board of Directors