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11-03-2021, 05:39 PM #1
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11-03-2021, 06:02 PM #2
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11-03-2021, 02:48 PM #3
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I'm not taking sides here, trying to stay neutral. However, Splash has no right to write "This is ridiculous on Ryan and SBL's part to blame anyone else." They actually did not and have not blamed anyone else. They can say what they themselves have done, but the cannot judge or define what someone else did.
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11-03-2021, 02:57 PM #4
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Last edited by ryan $; 11-03-2021 at 03:00 PM.
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11-03-2021, 02:59 PM #5
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- Apr 2014
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- Chicago, IL
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11-03-2021, 03:06 PM #6
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Behavior and attitude?
Dude you owe me my commission. Man up and get on the phone with SPlash with Adam on a 3 way and try to figure out what went wrong if you're serious.
All that I'm getting here are sorry excuses from a spineless sack of crap. Don't tell me about attitude.
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11-03-2021, 05:36 PM #7
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11-04-2021, 10:55 AM #8
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Ricky, the are not privy to the other side of the story. They can show them everything on their side, but they should not throw anyone under the bus. SBL has not blamed anyone else for the situation. I would really think that innocent until proven guilty beyond a shadow of a doubt would apply, but not on the internet. At least nobody's made a meme yet.....
Oh, wait never mind!
5syj9a.jpg
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11-04-2021, 12:10 PM #9
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11-03-2021, 04:19 PM #10
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ryan are you the owner or only a worker there ?
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11-03-2021, 04:40 PM #11
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- Oct 2020
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I mean if you have funds available which you seem to as you resumed funding MAKE IT RIGHT. No one else should be responsible for your bank flagging your account. It just seems wrong for you to carry on with your funding. If this was me id be pissed as well.
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11-03-2021, 05:07 PM #12
Outsider looking in from a neutral standpoint, accounting wise you can't do that. Those may be funds tied strictly to funding. Furthermore, the whole situation sucks.
In regards to lost/missing money within ACH transactions on accounts that get frozen due to any form fraud committed or done to, especially in a reputable megabank, these things do take long. These are compliance, regulatory processes that can be extremely difficult.
Hope you guys figure it out.
Wish all sides the best.Last edited by BR-Nightmare; 11-03-2021 at 05:25 PM.
The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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11-03-2021, 05:28 PM #13
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- Apr 2014
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If it's your funds that you're funding with, you can do what you want. They're your funds!
If the funds are borrowed, then perhaps you have a point.
However, the issue isn't that the bank account is allegedly frozen. The issue is that there isn't any transparency into the process. Banks freeze accounts for a variety of reasons such as money laundering, terrorist activities, lying on federal funding applications, etc. Never have I heard anywhere of a bank freezing an account because of failed ACH or a reversal that's contested.
We can't validate his story. We haven't received anything but a MTD of an empty bank account. Banks don't just put accounts on fraud without correspondence. If a wire or an ACH was received after the account was frozen or closed, the bank can verify the deposit and even perhaps return it.
To put this in perspective, Splash is a company with far more capital. It took exactly 2 emails to get them to do a screenshare of their account and release to us the name of their banker to contact to verify that the ACH transaction from their bank did go out.
At the least, jump on the phone with Adam with a fraud specialist from your bank and ask them to explain to your ISO what's happening. It's been 30+ days since the dispersion of these funds and the minute we go public with the info with the intent to sue, somehow we're the jerks.
This whole thing is pretty fishy. Caveat emptor.
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11-03-2021, 07:15 PM #14
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- Oct 2020
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Valid point however we are talking a pretty small amount of money here so just pay it out of pocket until you resolve it with your bank. Splash is good for it money doesnt just disappear. Whole thing seems odd never had any dealings with SBL but even if i had done 1000 deals with no issues after seeing this thing play out i probably wouldnt fund with them again. Not trying to kick anyone while they are down but unless im missing something seems like bs.
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11-04-2021, 09:46 AM #15
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11-04-2021, 07:17 AM #16
I have no dog in this fight but I'm submitting a "friend of the forum" post to say that I also have had the exact same thing happen to me where a large commission was withheld even though the lender had already paid it. The excuse was the same: a bank account hack & freeze in the account (my) commissions were in. weeks went by but "their" problem was made "my" problem because they believed that screwing me would be more profitable than maintaining their own professional integrity. It's too bad some folks think like that; it makes it harder to do an already difficult job.
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11-04-2021, 10:28 AM #17
Just an observation, since this fiasco started and multiple posts have been made regarding the issue James has not commented on anything. He has provided no explanation, apology, defense, etc... Would be great if James would step up and at least reassure everyone that SBL owes money to that he will make things right...
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11-04-2021, 12:34 PM #18
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- May 2014
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- California
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Sitting around creating meme's when monies were not paid is not cool.
Last edited by Shorebird; 11-05-2021 at 02:22 PM.
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11-04-2021, 03:00 PM #19
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11-04-2021, 12:35 PM #20
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oooooh the plot thickens
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11-04-2021, 01:45 PM #21
Yes... There are multiple ISO's that are missing money in this situation so if the thought process was this is just a Splash commission payment dispute that's not accurate. Aside from that commission we are missing money from our syndication and other deals commissions from other funders than Splash. So if the issue was receipt of the Splash payment alone, the other money would be paid out to us, along with the other ISO's involved. I can respect that outsiders looking in might think things escalated rather quickly on this post. But the fact is we have been completely silent for weeks working with SBL in an effort to resolve the issue. Ryan has personally been speaking with me on a daily basis all month about the issue doing what I felt was everything in his power to get it resolved. Stories had changed a few times, but what was consistent is Ryan being transparent about what was being told to him by James. I know there were multiple conversations between the two of them where Ryan was trying to get our money sent any way he could for the syndication at minimum. And I know Ryan asked many times for a bank statement to verify they had not received a payment from Splash but James never provided it to us. At this point I feel like Ryan should be stepping aside so James can explain directly to the ISO's involved in this mess what is plan is to resolve the many issues.
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11-04-2021, 02:07 PM #22
To put things in perspective here is what we are owed in total:
$7,000 Commission on Funded MCA
$4,588 in participation money for MCA's Paid In Full last month
$11,195 Right To Receive from MCA participation
$4,905.48 Commission on Funded MCA
TOTAL $27,688.48
Now the issue I also have with this situation is our Syndication numbers are as follows: Average Factor 1.52, Average Term 1.9 Months So simply the $7,000 commission being 30 days late cost us $1,820. Not to mention everything else... As this continues to drag out the loss continues to compound further. Not to mention the time wasted on the situation, the demoralization of the sales rep etc.
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11-04-2021, 02:16 PM #23
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11-04-2021, 02:26 PM #24
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11-04-2021, 02:34 PM #25
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