[mcaguru]

Interesting...There is an entire aspect an ISO who funded lots of deals called me frantic about that no ones discussing but i don't want to bring it up.... either the investigators and lawyers will seek to go down that path that can be a whole story in of itself.

[Nunya]

Interesting...There is an entire aspect an ISO who funded lots of deals called me frantic about that no ones discussing but i don't want to bring it up.... either the investigators and lawyers will seek to go down that path that can be a whole story in of itself.

What?

[Kevin Henry-Seacoast]

Interesting...There is an entire aspect an ISO who funded lots of deals called me frantic about that no ones discussing but i don't want to bring it up.... either the investigators and lawyers will seek to go down that path that can be a whole story in of itself.

Quite possible....This is not some small fraud that occurred. The larger cases will certainly get the attention of several agencies that are already involved and they will likely go down several paths.... Wanna solve a fraud.....follow the money.....

[mcaguru]

Quite possible....This is not some small fraud that occurred. The larger cases will certainly get the attention of several agencies that are already involved and they will likely go down several paths.... Wanna solve a fraud.....follow the money.....

Kevin my iso's main question of concern was the commissions that was paid out to him (rightfully) will they say later that it was investors funds and will he need to return ? that what he said him and other ISO's were discussing and a little concerned ..i told him i'm no lawyer.

[Kevin Henry-Seacoast]

Kevin my iso's main question of concern was the commissions that was paid out to him (rightfully) will they say later that it was investors funds and will he need to return ? that what he said him and other ISO's were discussing and a little concerned ..i told him i'm no lawyer.

I am not an attorney, but you can bet your lucky stars the agencies involved are going to track every dollar in and out until the investors/creditors are paid and they find out who was involved and on what level. If they were doing a lot of business with them it is likely they are going to get a call from one of the agencies asking who, what, where, why, and when.

[mcaguru]

I am not an attorney, but you can bet your lucky stars the agencies involved are going to track every dollar in and out until the investors/creditors are paid and they find out who was involved and on what level. If they were doing a lot of business with them it is likely they are going to get a call from one of the agencies asking who, what, where, why, and when.

so that was the concern ...so if an ISO funded over a year 500K and commissions was 65K can they one day say it was ill-Gotten/earned ? I don't think ..i told him not to be concerned. you cant live life worrying and certainly they were just funding deals.

[Kevin Henry-Seacoast]

so that was the concern ...so if an ISO funded over a year 500K and commissions was 65K can they one day say it was ill-earned ?

Not sure if they are going to be concerned about commissions paid, but they may ask questions about business dealings if they did a lot of business with them.

[mcaguru]

Not sure if they are going to be concerned about commissions paid, but they may ask questions about business dealings if they did a lot of business with them.

What can they ask an iso??...it seems pretty clear that an ISO knows all about the Deal they submitted but what ISO would have or have known any of the inner works ..In that area i dont think any of the ISO's would have much value (if Any) on the inner works of the funder. its the commission question that perhaps (however an attorney already said non issue) that could be an ISO's potential (theoretical) issue.

[jenk12]

Kevin my iso's main question of concern was the commissions that was paid out to him (rightfully) will they say later that it was investors funds and will he need to return ? that what he said him and other ISO's were discussing and a little concerned ..i told him i'm no lawyer.

Attorney here. If the payments were done in the normal course of business, a regular commission payment would not be clawed back. Also, claw backs would only apply to payments made within 90 days of the bankruptcy. If I were an ISO, I wouldn't worry about it, but keep your invoices just in case to show this was an ordinary, arm's length transaction.

[mcaguru]

Attorney here. If the payments were done in the normal course of business, a regular commission payment would not be clawed back. Also, claw backs would only apply to payments made within 90 days of the bankruptcy. If I were an ISO, I wouldn't worry about it, but keep your invoices just in case to show this was an ordinary, arm's length transaction.

that's what i figured. He was just saying that the actual funds they paid (iso)) was whose funds at time it was paid ?! would that mean if its traced to be investors funds can it have to be retuned... your saying not i guess !! which is good for the ISO's that may not have those funds sitting around.

[Karen37a]

Attorney here. If the payments were done in the normal course of business, a regular commission payment would not be clawed back. Also, claw backs would only apply to payments made within 90 days of the bankruptcy. If I were an ISO, I wouldn't worry about it, but keep your invoices just in case to show this was an ordinary, arm's length transaction.

non Atty here and ex compliance officer ex series 7 /24 ex mortgage broker and insurance national producer

If someone participated in the syndication....they have a bit more to worry about IMO

[Kevin Henry-Seacoast]

Attorney here. If the payments were done in the normal course of business, a regular commission payment would not be clawed back. Also, claw backs would only apply to payments made within 90 days of the bankruptcy. If I were an ISO, I wouldn't worry about it, but keep your invoices just in case to show this was an ordinary, arm's length transaction.

Regardless of a commission claw back or not.... If any large sums of money passed through your firm on a regular basis from them, you are likely gonna get a phone call.

[Karen37a]

Regardless of a commission claw back or not.... If any large sums of money passed through your firm on a regular basis from them, you are likely gonna get a phone call.

this is true...you can get a call

[jenk12]

Regardless of a commission claw back or not.... If any large sums of money passed through your firm on a regular basis from them, you are likely gonna get a phone call.

From my experience the FBI/SEC investigate for 6-12 months before it hits the news. If a potential witness hasn't gotten a call from an investigator at this point, then I wouldn't expect one. Plus, it seems the focus of the investigation is on the investor side of 1st Global. Specifically, how they raised capital and made distributions to investors. The brokers who were raising capital for them are probably singing like canaries right now.

I doubt the investigators are focusing on the MCA side of the business, which would include the ISO's.

[Karen37a]

From my experience the FBI/SEC investigate for 6-12 months before it hits the news. If a potential witness hasn't gotten a call from an investigator at this point, then I wouldn't expect one. Plus, it seems the focus of the investigation is on the investor side of 1st Global. Specifically, how they raised capital and made distributions to investors. The brokers who were raising capital for them are probably singing like canaries right now.

I doubt the investigators are focusing on the MCA side of the business, which would include the ISO's.

How long have you been a lawyer and do you specialize in Financial issues and fraud

[WestCoastFunding]

he said him and other ISO's were discussing and a little concerned ..i told him i'm no lawyer...

Cont...: i told him I’m no lawyer, but if you have a trucking or construction file...