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11-10-2021, 01:14 PM #76
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11-10-2021, 02:34 PM #77
We have had to negotiate a schedule out with James at SBL to get paid on a weekly basis to cover the Splash commission and Syndication money. There is still some back and forth at this point on how much is owed in total but for the most part James has been agreeable on the total dollar amount. The problem is just how long it will take to see the money come back at this point, while the clock continues to count forward we lose more and more money based on those dollars being missing. It is a bad situation that continues to get worse and worse as time goes on.
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11-10-2021, 02:56 PM #78
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We were not trying to get paid twice from splash.
Whatever was going on with the account at the time, being frozen, and now closed, apparently contributed to some payment delays, or lack of the ability to reconcile payments by going online and seeing what exactly is what.
James and Adam have worked out payment, In my capacity I am still trying to get Adam paid out sooner.
Having your accounts frozen, I assure you is a pain in the ass. We were limping along for what was a 10 Day period where they allowed checks to process, and the in person transfers, that was temporary, as our main accounts are frozen completely. New accounts were opened, RTR is coming into the new accounts, commission is rerouted..... But when you have money flowing in to a bank that freezes multiple accounts, and then open a new account, and if you think the RTR is going to cover everything, its not. Commission went into the accounts that were frozen. We are using RTR and newly closed deals to pay out on old stuff that was affected by the bank issues.....
It is not a pretty situation. But as I've said.... Everyone will be paid. We are doing the best we can trying to keep everyone happy. I'm doing the best I can with the limited information i'm being given on the situation....Its just not a good situation.
Money is moving, albeit slowly, we are trying to spread what is coming in around to make everyone at least comfortable knowing we are not vanishing or running off.
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11-10-2021, 04:55 PM #79
I have worked with @ryan $ quite a few times and I never had any issue with the commissions.
Patrick Wilson
Managing Partner
www.PremierCapitalNetwork.com
(NO MORE LENDER/FUNDER CALL PLZ)
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11-10-2021, 05:50 PM #80
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I know, Ryan had such a good reputation here on DF.
This is really nuts.
I am still waiting for a measly $600 since last Friday.Last edited by Shorebird; 11-10-2021 at 06:37 PM.
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11-11-2021, 09:49 AM #81
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this is all HorseSH@(*%@()*$ and we know it
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11-11-2021, 10:57 AM #82
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Ryan is starting to chip down balances.
Last edited by Shorebird; 11-11-2021 at 01:25 PM. Reason: delete
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11-11-2021, 02:26 PM #83
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Thank you Patrick.
As I have said, Everyone will be paid. Everyone who has posted on this thread about not being paid, has been paid... at least something.
Having 5 Accounts frozen due to a bogus chargeback is not an easy situation to handle and/or deal with.
When I had my own company I had this happen (something similar) and Thankfully had it handled in 8-10 Business Days I believe. And I was just lucky..... I had multiple accounts at different banks and spread around a little more.... but it still affected me in a major way. If I had my accounts all at one bank I probably would of jumped off a bridge.
Everyone will be paid on EVERYTHING. In 15 years I've never stiffed an ISO, and I won't start now.... I know all too well how it feels. When I was 19-20 I thought I had it all figured out and went out on my own. I busted my ass hand dialing yellowpages and In person visited 3 deals and closed them. Via 2nd Source Funding. I wasn't paid on the first 3 deals I ever closed on my own. I gave up and called it quits and went and got another job. The only excuse I was given by then ISO Rep Isaac Stern was "2nd Source screwed all of us".
I would never want an ISO to feel like I did back then, utterly just defeated, no money, put everything out in an attempt to get some back and then finding out the money coming in is not coming in as expected.... It is a ****ed up feeling.
I've managed to work with ISO's through about 4-5 Different companies over the years. **** has happened in a few of them....storms have been weathered.... this one will be as well.
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11-11-2021, 05:01 PM #84
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BTW: Ryan did give me advice on closing a funding deal this week and didn't ask for any part of it.
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01-13-2022, 04:34 PM #85
Fun update on this whole fiasco:
If you take the time to read this entire thread of madness regarding SBL's issues paying out on commissions and syndication money you will notice that Ryan makes a point of saying they are paying us back etc. Well, I just got off the phone with my banker who informed me that SBL Funding LLC who is known to their bank as MCA Payments LLC not SBL - has disputed every payment between my company and theirs in the allowable timeframe of 90 days. I have to admit part of this compounded issue is my fault because I never had them sign an ACH authorization form, just spoke to them and pulled weekly ACH's as James explained "I would be getting Ryan's paycheck every week because he stole my money to support his drug problem." According to Ryan, James was trying to hide that their accounts had been frozen etc. They did provide a bank letter for their account when authorizing us to take the payments, but it turns out this letter was altered to show the company name & details of SBL Funding LLC, when again it actually was not. All I know is I still haven't gotten paid back my syndication money, or the commission money from the deals in question.
We've moved forward with reporting the investment fraud for the syndication money, and started litigation for the full dollar amount owed with damages etc. I've heard through the grapevine that SBL is continuing to fund, so I'd imagine they are still accepting submissions and syndicator dollars so I would suggest everyone beware & think twice before doing business with them.
Also keep in mind, James made it very clear that they do not allow syndicators to participate in their deals. So if Ryan / SBL asks you to participate in deals that money is going directly to his pocket according to James.
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01-13-2022, 08:22 PM #86
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Pursue security fraud charges. Both civil and criminal. The District Attorney would be a good starting place to make a criminal complaint. They would be unable to bankrupt out of civil securities fraud convictions as well.
Start a fraud action and begin the discovery process and subpoena bank records, emails, etc., and summon the parties for depositions.
Parallel criminal and civil securities fraud actions are very expensive to defend.Last edited by Shorebird; 01-13-2022 at 08:45 PM.
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01-13-2022, 11:24 PM #87
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01-14-2022, 09:09 AM #88
Without going into a whole lot of detail publicly at this time, I will say we are pursuing multiple avenues currently. I have no idea what government agencies will do about the situation just what we can do about it. But I don't intend to hold anything back based on this entire situation. They shouldn't be in this industry any longer. We were able to find some people that had an intricate understanding of the daily operations at SBL and apparently things have been on a downward slope over there for some time now. And we aren't the first to raise a flag about their business practices.
Last edited by Adam2326; 01-14-2022 at 09:35 AM.
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01-14-2022, 09:51 AM #89
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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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01-14-2022, 10:06 AM #90
It is a very unfortunate situation. SBL Funding owes my company upwards of $60,000 at this point with damages and made an effort to send me $1,000 by Cashapp. Told me to debit their account weekly and cancelled all of these debits. Then James tells my collections agent that he has never heard of me or my company and has no knowledge of owing me any money, even though a chain of texts, emails, and call logs were provided. The debt has never been denied by any parties at SBL until recently when things started getting serious.
SBL Funding LLC stole syndication funds, that is a financial crime.
SBL Funding LLC refused to pay commissions, after making a string of stories as to how they never received the payments - all of this was lies.
James Delices the owner of SBL Funding LLC is putting all of the blame on Ryan Pasco as if he is some rouge employee running around embezzling funds for drug addictions and gambling habits as he described. But continues to employ him.
Deal #1: A deal was renewed, we were asked to provide the updated bank statements and help close the deal but regardless of that there was never an agreement to share any additional commission with SBL on renewals. The ISO agreement clearly states "In House Funded Deals" or instances where SBL purchases future receivable's and renews their contract, they will take a 50% share of the commission. This was a superbrokered deal and SBL had no right to withhold 50% comp especially when you have a tab with my company.
Deal #2: James begged me to pay out a piece of the commission on this deal and I agreed right up until I was told my company wouldn't get paid the agreed upon commission split of another deal - at that point no more favors. You got paid the full commission on this deal, but the payment went to your bill not your pocket.
SBL sent over a couple crap files, and earned a $300 commission outside of the 1 other deal funded in a superbroker position that you were credited for. This effort to repay the funds owed to my company consisted of a total now of $3,000 paid. And I'm sure that would be reversed at this point as well if you could get Cashapp to pull back money.
Moral of the story here is SBL Funding LLC, James Delices, & Ryan Pasco are all in some really bad type of way right now. They're both making up fun stories about how the other person is responsible for stealing money from our company, pretending to pay it back just to appease the situation until they can make up a new story and steal the money back again.
I would assume anyone working with SBL too closely will get hit with the backlash of this house of cards falling down in the coming months so don't say you weren't warned.
I will also clarify I am not trying to say we didn't do anything wrong here. We got too comfortable working with what I thought was a solid reputable company and we got burned. We could have tightened up things to make it more difficult to get screwed over in this whole situation, but that does not change the fact that SBL took full advantage of the opportunity to steal from us. A crime of opportunity is still a crime.Last edited by Adam2326; 01-14-2022 at 10:11 AM.
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01-14-2022, 10:41 AM #91
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$60,000 is ABSURD. ABSOLUTELY ABSURD.
Paint whatever picture you like, Payments were being made until you decided to pull money without authorization, causing issues and damages to us..... so if you can Inflate to $60,000, that number will come right back down with damages caused by you by pulling money that was not authorized.
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01-14-2022, 10:45 AM #92
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Also, your lying.... $3,000 was paid????
$8,000 was paid.... Per your own sheet $7,400.
And $12,000 grew to now $60,000. Its insane.
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01-14-2022, 10:46 AM #93
The damages are caused by your companies unwillingness to pay the money owed. We haven't even gotten into the new situation where SBL reversed payments. I agree with you, it is absurd. Especially when SBL could have just paid us in November when that number was a lot more manageable. But because they didn't the problem compounded, and attorneys aren't free, collections agencies aren't free, and the impact to daily business operations when money is stolen is real.
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01-14-2022, 10:48 AM #94
If you guys would like to settle out at a lower dollar amount speak with my attorney Ariel you have her contact info. The sooner you stop the legal proceedings from progressing the lower that amount owed will be. You may even save yourself from the criminal investigations if the funds are paid back. Not sure exactly how it works but in my eyes the fraud goes away when the monies are paid.
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01-14-2022, 10:49 AM #95
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I cant play middle man between you and my boss when you pull unauthorized ACH's over and over and over.
He obviously blocked them. Can you blame him? You both refuse to talk to each other. You try pulling fee's, he blocks them, and around and around we go.
$12,000 turns into $60,000.....
Whats ****ed up is the amount paid to the Lawyer to deal with your lawyer, when added to what we already paid you is around $16,000 which without your ridiculous inflation, pays you back.
But instead it goes the route it went.... oh well.
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01-14-2022, 11:05 AM #96
I know when things start to get serious you pretend that you don't have any control or information as to what is going on. But James didn't just block our payments when he got pissed off we wouldn't send him money, he reversed all of the payments that had gone through successfully. So nothing has been paid other than a cashapp payment for $1,000 and a $300 commission the rest of the balance is wide open now.
If you remember, when you guys sent me the authorization to debit the SBL account you made sure to write in the email "Ryan sending from James Computer" I assume so that you guys could go back and claim James had no knowledge of the payments. He also made sure to respond to every text I sent him asking how much we were debiting for the week with "Call Me" and verbally told me how much to pull over the phone. But like you once told me Ryan "If you ask James he's the King of Connecticut so you can't believe anything he says."
The amount owed was also never $12k. I have way over that owed in RTR alone. And if you legitimately think SBL has paid me $16k you need to talk to James not me. Again, each of you can point fingers at the other all day long but in the end your both responsible. And you will both be required to pay the tab and you can sue each other if your unhappy with the results.Last edited by Adam2326; 01-14-2022 at 11:08 AM.
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01-14-2022, 11:51 AM #97
With all due respect,
The amount of defamation on a public forum isn't helping matters here.
This is an outsiders perspective. If legal proceeding are actually in place, how is this back and forth going to benefit all parties?
All the best to you gentlemen.The Brokers Nightmare
I don't want peace, I want problems, ALWAYS!
Florida-Based
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01-14-2022, 12:18 PM #98
My intention is to raise awareness to the situation since SBL is still in operations. Everything I've said is true and verifiable so there would be no defamation. Most of it has been confirmed by Ryan as true as well.
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01-17-2022, 11:53 AM #99
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the part that is pretty serious is the syndication allegation in this thread. not too diminish commissions, but, if any co is taking ISO's $ and pocketing it vs funding deals, that does need to go to district attorneys and gov bodies to review
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01-17-2022, 02:24 PM #100
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Agreed, where there is smoke there is usually fire, criminal complaints are definitely warranted here if you invested in "MCA's" with these guys.
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