[RickyR3712]

$7,000 is the commission in question. Syndication funds and another deal are waiting in addition to that.

That is such a small amount for a funder. Sounds like they are out of money, in trouble or screwing you. Taking this long it is getting harder to keep believing their side.

[Danielnathfunding]

That is such a small amount for a funder. Sounds like they are out of money, in trouble or screwing you. Taking this long it is getting harder to keep believing their side.

Completely agree- 7k for this big of a headache, plus bad press, and a ruined reputation in the industry is not worth it.

Interested to see what happens, good luck.

[abfunders]

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.

[ryan $]

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.

I've also said numerous times, not blaming splash, I'm saying if they sent it properly.....we didn't get it.

Those are the facts.

And...things are going to work out for me. With your behavior and attitude, I doubt they will for you, in life in general.

[aak723]

I've also said numerous times, not blaming splash, I'm saying if they sent it properly.....we didn't get it.

Those are the facts.

So money disappeared. Got it.

[aak723]

I've also said numerous times, not blaming splash, I'm saying if they sent it properly.....we didn't get it.

Those are the facts.

And...things are going to work out for me. With your behavior and attitude, I doubt they will for you, in life in general.

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.

[RickyR3712]

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.

of course they can , it makes them look bad and is giving them headaches

[abfunders]

of course they can , it makes them look bad and is giving them headaches

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

[BR-Nightmare]

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

lmao

[Michael I]

ryan are you the owner or only a worker there ?

[alexd12345]

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.

[BR-Nightmare]

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.

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.

[aak723]

Outsider looking in on 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.

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.

[alexd12345]

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.

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.

[ryan $]

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.

The only other account, not at the Bank Affected held Syndicator funds.
No, we can't do that.

[capaxess]

Hey guys:

I saw the post by Adam from HFG on SBL comp issues and want to chime in as the issue still isn't resolved. I'm one of the ISOs caught up in this mess. I have several deals with Adam and a few of them were/are sourced to SBL funding.

Here's the brief background.

The deal in question funded well over a month ago and we haven't been paid.
At first the excuse was that Splash funding ( a co funding partner) had not released commissions. However we found this to be untrue as the CEO of splash took us on a screenshare and showed our commissions leaving their account the next day.

When Adam pressed Ryan a little more, it turns out the story is that their bank account(s) are frozen due to some fraud from another ISO.

We were promised a wire on 10/29 Friday which didn't arrive.
Then we are being promised that this issue will be resolved yesterday, which didn't happen.

To compound matters, we have on good authority that SBL funding is continuing to fund renewals and new deals (meaning they have money but are refusing to pay commissions).

Essentially, my opinion is that Ryan and James decided that their banking problems are ISO problems and will only pay on deals when their issues (whatever they are) are resolved. In the meantime, they're going to spin stories to help buy themselves more time.

This is nonsense.

I have never put anyone on this forum on blast but am very frustrated at how this solution is panning out. Funder problems are funder problems. I funded my own deals pre-covid and there are always issues with deposits being held up, rejected payments, etc but those weren't issues I was going to let my ISOs suffer from.

Good funders find a way to pay their ISOs without the ISOs having to resort to litigation.

And yet, here we are, having to file a complaint against SBL this week.


I'll be updating this post on a regular basis.

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.

[Adam2326]

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...

[Shorebird]

Sitting around creating meme's when monies were not paid is not cool.

[aak723]

I am in the same boat, ran 4 deals through SBL last month, I have not been paid.

I feel that there was intent to defraud us all along last month.

So, there are other victims here, not just the deals that were run through Splash.

Commissions were not paid out on several deals from several funders.

It's not a joking matter. Sitting around creating meme's when monies were not paid is not cool.

So this idea that their bank accounts are frozen and they have no access isn't valid. I don't know whose driving the SBL funding bus out there, but I've now heard from enough brokers to know that the problem isn't just me and another ISO.

[Michael I]

oooooh the plot thickens

[Adam2326]

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.

[Adam2326]

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.

[RickyR3712]

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.

The biggest crooks in this industry that will backdoor ,steal and not pay commissions etc. Do NOT mess with syndication because that is jail time. Ryan if you are not an owner do not walk RUN

[Michael I]

The biggest crooks in this industry that will backdoor ,steal and not pay commissions etc. Do NOT mess with syndication because that is jail time. Ryan if you are not an owner do not walk RUN

ricky is right , not paying a commission is one thing.not paying syndication is a whole lot worse from a legal standpoint

[Adam2326]

ricky is right , not paying a commission is one thing.not paying syndication is a whole lot worse from a legal standpoint

Agreed. And it was not until syndication funds weren't being paid out that any of this went public...