Neither Billy nor Raphael are still employed by WBL. Nevertheless, WBL takes seriously its obligations to our business partners, including our obligation to pay ISO commissions when we make loans. It is not our practice to “broker” to any other lender the loans submitted to us as prospective lender by any ISO through our wholesale channel. Our business strategy provides only for our Retail Branch Originations to be “brokered” to other lenders if they do not fit our own lending criteria.

At this point, we can represent that 1) WBL never funded the Primo loan in question, 2) WBL never placed the loan for funding with any other lender, 3) WBL never received any consideration whatsoever with respect to this loan, 4) Primo, an ISO signed up with WBL, elected to communicate with a former WBL retail employee (Raphael) on this loan instead of dealing directly with their assigned wholesale representative, and 5) WBL has requested that Primo substantiate the basis of their claim of a $10,000 commission they claim was represented to them on this file, and they have yet to produce any evidence, including an email. (Had WBL funded the loan in question, Primo’s ISO commission under their ISO agreement would have been substantially less than $10,000.)

A a result of the complaint made by Primo cash, WBL launched a forensic investigation of facts surrounding this loan, including the actions of certain staff of WBL. That process is ongoing, and may require further legal process by WBL, and thus will move with the appropriate level of care and diligence (and clearly not to the satisfaction of Primo’s preferred timeframes). When we have completed our review, we will advise Primo (and this thread) of our decision, and other facts/circumstances as we deem appropriate.

Considering the subject of this thread, we were not surprised to see that there have not been even a single additional submission from the ISO community as to claims of non-payment of what they were due from WBL.

We at WBL take our obligations very seriously and conduct our business with the highest of ethical and professional standards.


Alex Gemici
Managing Director
World Business Lenders