[aak723]

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.

[FHFunding]

Sounds like what happened during PAR Funding's last days. Time to stop sending them your hard earned submissions.

[aak723]

Sounds like what happened during PAR Funding's last days. Time to stop sending them your hard earned submissions.

Couldn't agree more.

[ryan $]

Couldn't agree more.

So...this isn't "More" issues.

It's the SAME issue. Your making it sound like this is a 2nd issue. It's the same deal. Same issue.

Your Adam's rep correct? Deciding to post again.....on the same issue?

[Adam2326]

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...

[aak723]

So...this isn't "More" issues.

It's the SAME issue. Your making it sound like this is a 2nd issue. It's the same deal. Same issue.

Your Adam's rep correct? Deciding to post again.....on the same issue?

Keep talking. Your responses at this point are going to be exhibits in a civil case. As you're acknowledging the issue(s), we can go ahead and file for a summary judgment. But please...keep talking....

[abfunders]

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."

[ryan $]

Keep talking. Your responses at this point are going to be exhibits in a civil case. As you're acknowledging the issue(s), we can go ahead and file for a summary judgment. But please...keep talking....

At no point did I ever do or say anything that would/could be implied as being anything but forthcoming. **** I do/say here or anywhere else, will be repeated at any time. So... threats of anything is pointless.

[aak723]

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."

Simple criticism? Are you seriously taking the side of a funder who is refusing to pay commissions? WTH?

[ryan $]

Simple criticism? Are you seriously taking the side of a funder who is refusing to pay commissions? WTH?

What your failing to see, is we are not refusing to pay anything.
We have to receive commission to pay it out.
We have not received it. It's just that simple.

[harvey]

if you live long enough -the hero always ends up the villian - another daily funder consistent poster who will now go down in flames!

[aak723]

What your failing to see, is we are not refusing to pay anything.
We have to receive commission to pay it out.
We have not received it. It's just that simple.

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.

[Adam2326]

What your failing to see, is we are not refusing to pay anything.
We have to receive commission to pay it out.
We have not received it. It's just that simple.

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.

[ryan $]

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.

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.

[Adam2326]

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.

Keep me posted on the statement, like we've discussed if there has legitimately been no payment from Splash they've already expressed willingness to fix the problem. But a new element to the issue is the time lapse between their payment being sent and resolution... We coming to a point where the bank won't be able to do anything to resolve an issue IF the payment went to the wrong account etc...

Yes we did just receive a payment from SBL on a deal that went sideways immediately after funding. We have 3 of these situations total, this being the 1st of the 3 to take place so we are hopeful all of them will be resolved in the same fashion.

[aak723]

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.

A) Adam got paid a few hundred on a tiny deal.

B) You're full of crap. Splash made a payment and they are contending via an online bank login as well as a transaction number the date/time and amount of the payment that left.

All that we've gotten from you is a run-around. And this is yet another example of one. You're telling me being this affluent funder in this space you can't manufacture a MTD? You can't use trace numbers to identify the payment? Where is the bank correspondence? Where is the email between splash AP and yourself showing that this payment was bounced?

You're skirting the blame (like youve done for 35 days now) on Splash.

If you're an ISO reading this...Deal with this guy at your own risk. I've received several other DMs from other ISOs who are in the same situation. I suppose you haven't been paid on those guys either?

[J.Celifarco]

this thread right here is why we haven't signed up with a new funder in probably 3 years if not more

[aak723]

this thread right here is why we haven't signed up with a new funder in probably 3 years if not more

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.

[ryan $]

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.

The amount of the deal is insignificant, when the commission comes in, it gets paid out.

[Adam2326]

The amount of the deal is insignificant, when the commission comes in, it gets paid out.

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

[ryan $]

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

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.

[aak723]

The amount of the deal is insignificant, when the commission comes in, it gets paid out.

So says the guy holding on to a large amount of funds, unwilling to show his banks to verify his story, unwilling to share anything but state that we'll get paid when he gets paid when in fact we've verified, he's gotten paid.
This making sense to anyone else?

[ryan $]

So says the guy holding on to a large amount of funds, unwilling to show his banks to verify his story, unwilling to share anything but state that we'll get paid when he gets paid when in fact we've verified, he's gotten paid.
This making sense to anyone else?

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.

[aak723]

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.

Why don't we call the CEO of Splash together if I'm full of ****? Let's see where his transaction went wrong. He's more than happy to share his bank accounts online. Where are yours? Can I have your banking info and your authorization to do a little investigation? I can clear this matter up in a few hours.

[ryan $]

Why don't we call the CEO of Splash together if I'm full of ****? Let's see where his transaction went wrong. He's more than happy to share his bank accounts online. Where are yours? Can I have your banking info and your authorization to do a little investigation? I can clear this matter up in a few hours.

Being that we don't have online access.
And the account is closed as of yesterday, that is going to be a little difficult.

I'm sure I can get Adam on the phone with the Bank and he can verify whatever he wants. I'm not dealing with you.