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01-14-2022, 09:51 AM #11
- Join Date
- Jun 2017
- Posts
- 2,049
Unfortunately it has become a legal case now.
While Adam isn't lying, he is omitting some key facts.....
From my perspective... We were paying Adam back. I was continuing to funnel deals through him to fund with funders we don't work with, knowing we would be taking a hit on commission, as well as sending him deals to fund in house (and not taking commission). Along with making payments to him, I was (against advice and direction) continuing to essentially get him paid off quicker by any means necessary. The issue that essentially ruined the relationship was 2 pronged (2 deals). Deal #1 was a deal Adam Funded with us, a while back. Deal #1 was up for renewal, we let Adam know but basically handled it in house, got updated statements, sold the offer, and let Adam know about it. Deal #2 was a New/Current deal I funded through Adam... When Funding this deal we made an agreement that Adam would keep XXX Percentage as the Co-Broker and another XXX holding back from what is owed to him, and he would pay out the rest (enough to pay the rep on the deal essentially).
On Deal #1, Because we did everything, we pay out 50%. It is what it is, it is the way it has been and way it will always be. Every Funder is different, some Funders will pay out 100% even when they handle the renewal, some will do 50%, and some wont do anything and leave it up to the ISO to reach out for renewals, if its done in house by the funder the ISO will never know about it. In any case.....this pissed Adam off.... and he proceeded to "Pull Back" "Cancel" REVERSE, whatever you want to call it....the commission he sent for Deal #2.
That got things a little tense... but we were still talking trying to work things out, at least I was.
Then, Adam tried pulling ACHs out of our account. In Various amounts, many many times. Causing Negatives, inflicting damages. So on and so forth. The most recent one was a week or so ago.
I can't continue trying to work on a situation, with someone that is doing these things. It went to a point where theres just no justifying the things Adam was doing.
I wont be commenting anymore on this, it's in the lawyers hands now, its just unfortunate what happened here.
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