[Michael I]

http://debanked.com/2017/11/iso-alle...n-of-judgment/

I love the way lenders are finally attacking the bad iso. Would love to know which lender and iso this is .

[Andy]

http://debanked.com/2017/11/iso-alle...n-of-judgment/

I love the way lenders are finally attacking the bad iso. Would love to know which lender and iso this is .

It says in the complaint. Funder is Fundkite, ISO is JTT Funding. Also sued is debt consolidation company D1 Servicing

Good job Fundkite!!

[Michael I]

oops was looking on mobile and missed that . good job fundkite

[anydealfunded]

This business is going to complete ****

[capfront]

Fundkite doing God's work

[ridextreme]

So the merchant is in Florida, and the ISO, who is located in Melville, NY, sent the COJ direct to FK with a Melville, NY notary? You can't make this stuff up.

[Chambo]

nobody said these folks were the brightest in their class

[Karen37a]

They also should have noticed the notary coming out of the wrong state in Final Underwriting and the tracking fed ex etc.

Just an added note.

It looks like a lot of people are mentioned in the lawsuit as employees working there. Did they participate in it or are they a broker sitting in the next cubicle or the receptionist?

As stated previously " People do not lose money gracefully" and if someone does something wrong they are suing everyone who even touched the file.

[Asset Advance]

They also should have noticed the notary coming out of the wrong state in Final Underwriting and the tracking fed ex etc.

Just an added note.

It looks like a lot of people are mentioned in the lawsuit as employees working there. Did they participate in it or are they a broker sitting in the next cubicle or the receptionist?

As stated previously " People do not lose money gracefully" and if someone does something wrong they are suing everyone who even touched the file.

... They should if the merchant never signed the COJ & never left Florida the ISO obviously signed the COJ and had the notary notarize it
She will loose her notary licence in a min, there are very few rules to being a notary and having the signer in front of you is like #1

[Eagle Funding]

The notary could easily be an employee of the company. Becoming a notary costs less than $100 I can easily see the scenario being a rep called the deal so they are named the rep has a team leader who is probably named the team leader asked the office manager who is probably named to have an employee who is a notary who is probably named to sign it and the owner is named because its the owner. I doubt the headache this brings all of them is worse the few grand commish.

[CraaaCraaa Radio]

http://debanked.com/2017/11/iso-alle...n-of-judgment/

http://debanked.com/pdfs/forgedcojallegation.pdf

Hhhhmmm read this article today and it blew my mind away, I really hope it is not true and this mess is cleared up. These are some strong allegations and I really think that an iso/broker would never put themselves in jeopardy or this kind of problems for a deal to fund.

Just thinking about lawyer fees alone makes it a no brainier.

[Karen37a]

http://debanked.com/2017/11/iso-alle...n-of-judgment/

http://debanked.com/pdfs/forgedcojallegation.pdf

Hhhhmmm read this article today and it blew my mind away, I really hope it is not true and this mess is cleared up. These are some strong allegations and I really think that an iso/broker would never put themselves in jeopardy or this kind of problems for a deal to fund.

Just thinking about lawyer fees alone makes it a no brainier.

I agree. Some of the conniving and finagling some people do.( this and funders and iso/broker backdooring, coaching deadbeat merchants, purposeful defaults for commission ) If they ever put that much energy into marketing, they would be rich.

[WestCoastFunding]

I bet it was just a $15,000 advance.

[Karen37a]

I bet it was just a $15,000 advance.

That would be an episode of "dumbest criminals known to mankind"

[wefund21]

They also have video notary services where they can do a live video of the merchant signing and then scan the form and the notary in a different state notaries.

[Karen37a]

this is what probably happened. The merchant told the iso.

Hey, I am busy cant you just sign for me..you know I am good for the money. I am not going to default, old buddy old pal.

They signed thinking ...wtf he is going to pay.

Then the sc*m bg merchant fks you ( because he had no intention of paying you from the start and played you)

Or the broker did this, not caring because their name isn't on the Iso ...they are now long gone working for uber or driving a truck or mickey dees
( both the iso and broker )

Because they should have just settled if they had money to avoid this

[ridextreme]

I sure hope that notary wasn't an employee and forced to do these things on the regular. I wonder how many underwriters are re-checking all their COJ's from these clowns. I bet there will be more cases in the near future.

[wefund21]

i've dealt with the iso before , he actually changed the payback amount to the merchant and then changed back when he sent back the contract to us.

[Karen37a]

The hardest part of having an iso with brokers in it is the brokers do not give a crap if the deal defaults. It wasn't under their iso and this industry was another pit stop for them. They are not veterans in the Financial industry.

That's why it amazes me when people are coaching these brokers to get an LLC and set up shop in the basement of their house.

They are illiquid, no skin in the game ( not even rent) and it's dangerous.

If you cant afford an office for 1k a month, you shouldn't be an iso. ( make your bones in a physical location until you can generate enough money to not commit fraud )

OR you must be supervised directly from a seasoned Iso or brokers broker ( if they want you)

[wefund21]

Well said!

[abfunders]

They also have video notary services where they can do a live video of the merchant signing and then scan the form and the notary in a different state notaries.

Video notaries are all based out of Virginia. Notary has to be physically in the same state as is his/her legal ability to notarize.

notarize.com and notarycam.com (I recommend the latter for professionalism and cuootmer support, but the former, last I checked, has a great back-office)

I tried using it for a merchant with a YS deal, but they didn't accept it. "Get a real notary." That is so old school!

[Sachip24]

i've dealt with the iso before , he actually changed the payback amount to the merchant and then changed back when he sent back the contract to us.

wow lol thats first time i head going to that extreme. guess if you cant close it the right way..

[WestCoastFunding]

They also should have noticed the notary coming out of the wrong state in Final Underwriting and the tracking fed ex etc.

Pretty much.

[WestCoastFunding]

i've dealt with the iso before , he actually changed the payback amount to the merchant and then changed back when he sent back the contract to us.

This is wild stuff. I bet he's got a coke problem.

[ryan $]

The hardest part of having an iso with brokers in it is the brokers do not give a crap if the deal defaults. It wasn't under their iso and this industry was another pit stop for them. They are not veterans in the Financial industry.

That's why it amazes me when people are coaching these brokers to get an LLC and set up shop in the basement of their house.

They are illiquid, no skin in the game ( not even rent) and it's dangerous.

If you cant afford an office for 1k a month, you shouldn't be an iso. ( make your bones in a physical location until you can generate enough money to not commit fraud )

OR you must be supervised directly from a seasoned Iso or brokers broker ( if they want you)

I disagree. At 19 I went out on my own and Started in my Basement.

As did multiple people I know that noe ave multi million dollar ISO and funding companies.