Mud Mongerer Patrick Hindert’s Libelous Words About Structured Settlement Industry Riding Knife Edge
In a blog post dated November 6, 2007 Patrick Hindert writes and publishes “although the annuity products (equity-indexed v fixed annuities) and the sales targets (elderly persons v personal injury victims) are different, structured settlements (at least the primary market) appear to share many of the business practices (class action lawyer Andrew S.) Friedman described.
Despite using the word “‘appear” and not offering any proof, Hindert implies that structured settlement professionals have/do many of the following:
“Promote their professional expertise with:
- Bogus credentials (example: “Certified Estate Planning Specialist”) resulting from a one or two day “certification program”; and
- Assurances that state insurance departments regulate insurance sales practices – which, according to Friedman, is totally inadequate to prevent sales abuses.
- Invariably recommend annuities and do not sell any other product;
- Do not undertake any due diligence to prevent misleading or incomplete sales presentations;
- Promise high rates of return, safety, liquidity and assets sheltered from potential creditors with no taxation;
- Intentionally conceal or fail to disclose important information about their products;
- Engage in the unauthorized practice of law;
- Make sales misrepresentations and omissions – for example: “you don’t pay me anything”.
- Develop marketing and sales materials that appeal to vulnerable elderly investors and exploit their fears of risky or insecure investments and living out their retirement years without financial security.
- The insurance companies pretend to be innocent and to know nothing about these allegedly unethical business practices”
Patrick Hindert has a law degree and he is an author. Patrick Hindert sold his company, Benefit Designs, Inc. in 1998. According to his bio, “for the past seven years, Hindert has worked, studied and written about web 2.0 and how web 2.0 impacts structured settlements, personal injury settlement planning and special needs planning. In collaboration with Denham Grey, and other knowledge experts, S2KM advises clients about their Web 2.0 strategies.”
Patrick Hindert’s bio appears to include a misrepresentation. He claims to have “worked studied and written about web 2.0 for the past 7 years”. According to published sources “Web 2.0 began as a technology conference” in 2004. My math says 3 years Patrick, how about yours readers?
According to his bio, “for the past seven years, Hindert has worked, studied and written about web 2.0 and how web 2.0 impacts structured settlements, personal injury settlement planning and special needs planning. …
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