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11-03-2021, 10:07 AM #1
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- Apr 2014
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- Chicago, IL
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More SBL Commission Issues/ Ryan Pasco / James Delices
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.
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11-03-2021, 10:10 AM #2
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- Jan 2020
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- New York, NY
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- 102
Sounds like what happened during PAR Funding's last days. Time to stop sending them your hard earned submissions.
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11-03-2021, 10:11 AM #3
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- 185
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11-03-2021, 10:15 AM #4
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- Jun 2017
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11-03-2021, 10:20 AM #5
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11-03-2021, 10:45 AM #6
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- Jun 2017
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11-03-2021, 10:20 AM #7
This is the situation I had posted about previously. Obviously we aren't sending files over to them anymore not knowing if comp will get paid out or not. aak723 is involved in more than one deal with SBL so he is taking a big hit waiting on money to arrive...
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11-03-2021, 10:36 AM #8
- Join Date
- Feb 2017
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- 3,433
Apocryphal story about Albert Einstein, whether it happened to not makes a good point:
One day, Dr. Einstein wrong on the chalkboard:
9x1 = 9
9 x2 = 18
9 x 3 = 27
9 x 4 = 36
9 x 5 = 45
9 x 6 = 54
9 x 7 = 63
9 x 8 = 72
9 x 9 = 81
9x10 = 91
In class they mocked him and made fun of him because he had made a mistake, as the correct answer for 9 x10 is 90.
Albert Einstein waited for everyone to shut up and said: "Despite me answering the first 9 questions correctly, no one congratulated me. Instead, when I got one wrong, everyone started laughing. This means that despite being very successful, society will only notice the smallest mistake and make fun of it. Don't let simple criticism destroy your dreams."
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11-03-2021, 10:46 AM #9
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11-03-2021, 11:02 AM #10
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11-03-2021, 11:10 AM #11
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- Apr 2014
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- Chicago, IL
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This is also completely crap. It's not just one deal. You owe us on multiple deals.
Here is a DM I received from yet another ISO who is owed $7K:
"I don't know if we are going to get paid.
I feel their is additional run-around coming.
I am out 7k and I need to make my payments this week and it's being delayed again.
Who is suing? "
In other words, there are other ISOs that are not being paid commissions. Ryan can talk and post here all day long but the reality is that SBL funding isn't paying on multiple deals.
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11-03-2021, 11:11 AM #12
To this, I do want to ask if you have made any attempt to straighten that out with Splash? I know we viewed their account and saw the payment leave without issue & we were awaiting verification that it did not arrive in the SBL account and if that is the case get things cleared up with them. Splash was extremely helpful and willing to do whatever needs to be done to straighten the issue out. But we would need to make some progress on that front if the issue with that deal is missing compensation.
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11-03-2021, 11:42 AM #13
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- Jun 2017
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- 2,049
Other than the MTD, as mentioned, I don't have the actual Statement in my hand to make a case. You will know when I do, and will have iit shortly after.
And you will be paid, when we are paid.
We got paid this morning for a deal that lowered payments 2 months ago out of the gate. Not 15 Minutes later Adam was paid.
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11-03-2021, 11:07 AM #14
- Join Date
- Apr 2015
- Posts
- 300
if you live long enough -the hero always ends up the villian - another daily funder consistent poster who will now go down in flames!
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11-03-2021, 12:04 PM #15
this thread right here is why we haven't signed up with a new funder in probably 3 years if not more
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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11-03-2021, 12:08 PM #16
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- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
Smart. We're suffering right now. We're owed 10s of thousands of dollars on syndication funds as well as brokered funds. I am done with these superbrokers tbh.
The gall of this guy. He pays a few hundred dollars so he can go online and show how he's paying on his deals. Like anyone in this game is that stupid to believe him.
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11-03-2021, 12:41 PM #17
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- Jun 2017
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11-03-2021, 12:45 PM #18
I agree with this, the dollar amount means nothing. If its a $15k or $150 commission makes no difference. What is important is that money is moving from one hand to another as it should. This deal that just paid I am grateful for because it was a technical default and didn't have to pay out so I understand the good faith image that is being painted because of it. It makes me feel a bit better than money has moved hands but again the elephant in the room is the Syndication & Larger Splash Comp that are unaccounted for. The other small deal paying out would be great as well lol
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11-03-2021, 12:52 PM #19
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- Jun 2017
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Also, to mention, the other 2 Deals mentioned that were not paid out missed multiple payments inside the first 20 days... and are technically defaults/clawbacks (in this case no clawback because no comish was issued) - If we can get a Month to Date showing payments resumed so I have some room to argue for commission, I'm all for it.
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11-03-2021, 12:55 PM #20
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- Apr 2014
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- Chicago, IL
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11-03-2021, 01:06 PM #21
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- Jun 2017
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I provided Adam our MTD.
If my name was on the Bank Account id walk in and grab a statement and fwd it right now.
Oh, You've Verified we've gotten paid have you? Your full of ****. I know the MTD we had pulled a few days ago is not altered in any way, and I personally looked in our online banking weeks ago while on the phone with Splash (while the account was still active)
To the best of my knowledge, unless there is some massive large scale fraud involving our owner, the bank, the teller that printed the MTD, etc.... WE WERE NOT PAID.
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11-03-2021, 02:11 PM #22
- Join Date
- Aug 2016
- Posts
- 831
How much money are we talking about? Just pay the guy from your personal account and get this over with.
Not worth the bad reputation or headaches this is giving you
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11-03-2021, 02:17 PM #23
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11-03-2021, 02:36 PM #24
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- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
Here you go everyone. Direct email from Splash:
"Hi ***** what a horrible situation this has become. I really feel like they are trying to be paid twice here or they got themselves into a bad situation financially.
I already called Chase last week. There are no trace numbers for online ACH's. This is the confirmation that we have showing it is sent.
This is ridiculous on Ryan and SBL's part to blame anyone else. We gave everything and showed everything we can possibly have. Obviously I am more than happy to continue doing what we can as well.
We funded this deal on 9/29 for SBL. We have done business with Ryan previously and everything went smoothly. They requested we send this commission to a different account of theirs - which we did."
I have the ACH confirmation. Want me to share that with everyone too?
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11-03-2021, 04:14 PM #25
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- Jan 2014
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