[ryan $]

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.

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.