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{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"sources","id":"src-102","record":{"id":"src-102","title":"Media source · src-102","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-102"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"sources","id":"src-103","record":{"id":"src-103","title":"Disciplinary and Other FINRA Actions, March 2026","url":"https://www.finra.org/sites/default/files/2026-03/disciplinary-actions-March-2026.pdf","publisher":"Financial Industry Regulatory Authority (FINRA)","date":"2026-03","locator":"Individuals barred or suspended","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-15","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Disciplinary and Other FINRA Actions, March 2026, Financial Industry Regulatory Authority (FINRA)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-company","record":{"id":"c-id-company","kind":"fact","text":"Synapse Financial Technologies, Inc. is a Delaware corporation. Its Chapter 11 docket gives employer identification number 46-5396710 and an address at 21255 Burbank Boulevard, Suite 120, Woodland Hills, California; the U.S. Consumer Financial Protection Bureau (CFPB) describes Woodland Hills as its principal place of business.","source_ids":["src-001","src-004"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Synapse Financial Technologies, Inc. is a Delaware corporation. Its Chapter 11 docket gives employer identification number 46-5396710 and an address at 21255 Burbank Boulevard, Suite 120, Woodland Hills, California; the U.S. Consumer Financial Protection Bureau (CFPB) describes Woodland Hills as its principal place of business."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-trade-names","record":{"id":"c-id-trade-names","kind":"fact","text":"A 2021 civil complaint filed by the landlord of Synapse's former San Francisco office describes Synapse Financial Technologies, Inc. as a Delaware corporation registered with the California Secretary of State as a foreign stock corporation, doing business as SynapseFi, SynapsePay, Synapse Investment Advisors, LLC and TN Synabot Advisors LLC.","source_ids":["src-064"],"entity_ids":["synapse"],"qualification":"The plaintiff's description in a pleading; the California registration and the trade names are not confirmed by a retained registry record.","response":"","outcome":""},"reading":"Fact: A 2021 civil complaint filed by the landlord of Synapse's former San Francisco office describes Synapse Financial Technologies, Inc. as a Delaware corporation registered with the California Secretary of State as a foreign stock corporation, doing business as SynapseFi, SynapsePay, Synapse Investment Advisors, LLC and TN Synabot Advisors LLC."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-founding","record":{"id":"c-id-founding","kind":"fact","text":"According to the company's first-day bankruptcy filing of April 22, 2024, Sankaet Pathak founded the business in 2014 as Synapse Payments LLC, and it changed its name to Synapse Financial Technologies, Inc. in 2016 when it converted to a corporation. A consent order of the New Hampshire Banking Department (No. 16-041) likewise refers to Synapse Payments LLC as now known as Synapse Financial Technologies, Inc., doing business as SynapseFi.","source_ids":["src-023","src-038"],"entity_ids":["synapse","pathak","synapse-payments"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to the company's first-day bankruptcy filing of April 22, 2024, Sankaet Pathak founded the business in 2014 as Synapse Payments LLC, and it changed its name to Synapse Financial Technologies, Inc. in 2016 when it converted to a corporation. A consent order of the New Hampshire Banking Department (No. 16-041) likewise refers to Synapse Payments LLC as now known as Synapse Financial Technologies, Inc., doing business as SynapseFi."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-payments-edgar","record":{"id":"c-id-payments-edgar","kind":"fact","text":"SEC EDGAR lists Synapse Payments, LLC under Central Index Key 0001638446 as a Tennessee entity with business and mailing addresses at 6745 Lenox Center Ct., Suite 300, Memphis. Its only filing is a Form D notice of an exempt offering of securities filed on April 1, 2015.","source_ids":["src-040"],"entity_ids":["synapse-payments"],"qualification":"","response":"","outcome":""},"reading":"Fact: SEC EDGAR lists Synapse Payments, LLC under Central Index Key 0001638446 as a Tennessee entity with business and mailing addresses at 6745 Lenox Center Ct., Suite 300, Memphis. Its only filing is a Form D notice of an exempt offering of securities filed on April 1, 2015."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-payments-formd","record":{"id":"c-id-payments-formd","kind":"fact","text":"The 2015 Form D describes Synapse Payments, LLC as a Tennessee limited liability company organised in 2014 and lists four related persons: Sankaet Pathak, marked as executive officer, director and promoter and described as president and member of the member-managed LLC, and Bryan Keltner, Jeffrey Webb and Douglas Marchant, each marked as a director and described as a member. It reports $700,000 of equity sold to ten investors, two of them not accredited, with the first sale on March 16, 2015.","source_ids":["src-041"],"entity_ids":["synapse-payments","pathak","keltner","webb","marchant"],"qualification":"","response":"","outcome":""},"reading":"Fact: The 2015 Form D describes Synapse Payments, LLC as a Tennessee limited liability company organised in 2014 and lists four related persons: Sankaet Pathak, marked as executive officer, director and promoter and described as president and member of the member-managed LLC, and Bryan Keltner, Jeffrey Webb and Douglas Marchant, each marked as a director and described as a member. It reports $700,000 of equity sold to ten investors, two of them not accredited, with the first sale on March 16, 2015."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-self-description","record":{"id":"c-id-self-description","kind":"fact","text":"In its bankruptcy filings the company described itself as a non-bank technology company whose software allowed financial technology platforms (fintechs) to offer the products of partner banks and other financial institutions to their own customers, called end users; it called itself one of the first, if not the first, to pioneer a banking-as-a-service (BaaS) platform. The same filing stated that end users were customers of the fintechs and the partner institutions, not of the debtor, and that the debtor was not in the flow of funds and did not receive funds from end users.","source_ids":["src-003","src-023"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: In its bankruptcy filings the company described itself as a non-bank technology company whose software allowed financial technology platforms (fintechs) to offer the products of partner banks and other financial institutions to their own customers, called end users; it called itself one of the first, if not the first, to pioneer a banking-as-a-service (BaaS) platform. The same filing stated that end users were customers of the fintechs and the partner institutions, not of the debtor, and that the debtor was not in the flow of funds and did not receive funds from end users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-scale-2024","record":{"id":"c-id-scale-2024","kind":"fact","text":"According to the debtor, as of January 2024 it had service contracts with more than 20 partner financial institutions, directly or indirectly for sweep networks, and with 100 fintechs, and about 10 million end users used its platform; at the petition date it engaged about 89 employees and contractors in the United States and about 19 people abroad through a third-party employer service.","source_ids":["src-023"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to the debtor, as of January 2024 it had service contracts with more than 20 partner financial institutions, directly or indirectly for sweep networks, and with 100 fintechs, and about 10 million end users used its platform; at the petition date it engaged about 89 employees and contractors in the United States and about 19 people abroad through a third-party employer service."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-scale-2018","record":{"id":"c-id-scale-2018","kind":"fact","text":"Announcing its Series A financing in September 2018, the company (then styled SynapseFI) stated that since its founding in 2014 it had processed more than $10 billion in transactions for more than 1.5 million end users and provided white-labelled services as APIs to more than 100 startups and financial services firms, including payment processing, deposit accounts, debit and credit card issuance, custodial accounts and crypto wallets.","source_ids":["src-071"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Announcing its Series A financing in September 2018, the company (then styled SynapseFI) stated that since its founding in 2014 it had processed more than $10 billion in transactions for more than 1.5 million end users and provided white-labelled services as APIs to more than 100 startups and financial services firms, including payment processing, deposit accounts, debit and credit card issuance, custodial accounts and crypto wallets."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-washington","record":{"id":"c-id-washington","kind":"fact","text":"Washington's business registry recorded Synapse Financial Technologies, Inc. under UBI 604698641 as a foreign profit corporation of Delaware, with the date January 15, 2021 in its incorporation-date field, an address at 101 2nd St, Suite 1500, San Francisco, National Registered Agents, Inc. as registered agent and a contact address on the synapsefi.com domain; its officers were listed as Michael Rasic and Sankaet Pathak, without titles. The last annual report was filed on January 11, 2023, and a statement of termination was filed on May 3, 2024.","source_ids":["src-005","src-058"],"entity_ids":["synapse","rasic","pathak"],"qualification":"","response":"","outcome":""},"reading":"Fact: Washington's business registry recorded Synapse Financial Technologies, Inc. under UBI 604698641 as a foreign profit corporation of Delaware, with the date January 15, 2021 in its incorporation-date field, an address at 101 2nd St, Suite 1500, San Francisco, National Registered Agents, Inc. as registered agent and a contact address on the synapsefi.com domain; its officers were listed as Michael Rasic and Sankaet Pathak, without titles. The last annual report was filed on January 11, 2023, and a statement of termination was filed on May 3, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-delaware","record":{"id":"c-id-delaware","kind":"fact","text":"A corporate-data aggregator lists the Delaware corporation as company number 6083706, with National Registered Agents, Inc. as agent in Dover, and shows foreign-registration branches of that company in Utah, Arizona, Washington (604698641), Illinois and Tennessee (000858713). The Washington and Tennessee registrations carry Synapse's San Francisco address.","source_ids":["src-006","src-013"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: A corporate-data aggregator lists the Delaware corporation as company number 6083706, with National Registered Agents, Inc. as agent in Dover, and shows foreign-registration branches of that company in Utah, Arizona, Washington (604698641), Illinois and Tennessee (000858713). The Washington and Tennessee registrations carry Synapse's San Francisco address."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-id-tennessee","record":{"id":"c-id-tennessee","kind":"fact","text":"Tennessee's record of the foreign registration (000858713), shown as a branch of Delaware company 6083706, has the status Inactive Revoked (Administrative); its most recent filing listed is the 2022 annual report, filed on May 1, 2023.","source_ids":["src-013"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Tennessee's record of the foreign registration (000858713), shown as a branch of Delaware company 6083706, has the status Inactive Revoked (Administrative); its most recent filing listed is the 2022 annual report, filed on May 1, 2023."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-subsidiaries","record":{"id":"c-st-subsidiaries","kind":"fact","text":"In April 2024 the debtor stated in court that it wholly owned two subsidiaries, Synapse Credit LLC and Synapse Brokerage LLC, and that Synapse Brokerage was a registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA).","source_ids":["src-003"],"entity_ids":["synapse","synapse-credit","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: In April 2024 the debtor stated in court that it wholly owned two subsidiaries, Synapse Credit LLC and Synapse Brokerage LLC, and that Synapse Brokerage was a registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA)."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-brokerage-history","record":{"id":"c-st-brokerage-history","kind":"fact","text":"Synapse Brokerage LLC was formed in Delaware on January 15, 2004 and had been registered with FINRA since March 2006 under earlier names: FINRA refers to it as formerly known as MVP Global Trading, LLC, and its BrokerCheck report lists the other name MVP Financial, used in California, Florida and New York. According to FINRA, Synapse Financial Technologies acquired the firm in July 2020 and the firm conducted no business after the acquisition until September 2023. BrokerCheck identifies the firm by CRD number 137662 and SEC file number 8-67105.","source_ids":["src-002","src-009"],"entity_ids":["synapse-brokerage","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Synapse Brokerage LLC was formed in Delaware on January 15, 2004 and had been registered with FINRA since March 2006 under earlier names: FINRA refers to it as formerly known as MVP Global Trading, LLC, and its BrokerCheck report lists the other name MVP Financial, used in California, Florida and New York. According to FINRA, Synapse Financial Technologies acquired the firm in July 2020 and the firm conducted no business after the acquisition until September 2023. BrokerCheck identifies the firm by CRD number 137662 and SEC file number 8-67105."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-brokerage-2017","record":{"id":"c-st-brokerage-2017","kind":"fact","text":"Before Synapse acquired it, the firm, then MVP Financial, LLC, had its FINRA membership suspended on April 10, 2017 after failing to file its 2016 annual audit report; the suspension was lifted on May 8, 2017.","source_ids":["src-002"],"entity_ids":["synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Before Synapse acquired it, the firm, then MVP Financial, LLC, had its FINRA membership suspended on April 10, 2017 after failing to file its 2016 annual audit report; the suspension was lifted on May 8, 2017."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-brokerage-ownership","record":{"id":"c-st-brokerage-ownership","kind":"fact","text":"Synapse Brokerage's BrokerCheck report reproduces Form BD ownership schedules that list Synapse Financial Technologies Inc. as a domestic entity holding the position of equity owner with 75% or more since June 2020, and list Sankaet Pathak as an indirect owner holding 25% but less than 50% through Synapse Financial Technologies Inc., with his relationship to that direct owner given as chief executive officer, established December 2019.","source_ids":["src-002"],"entity_ids":["synapse-brokerage","synapse","pathak"],"qualification":"The schedules give ownership bands, not exact percentages, and the report does not date Pathak's holding beyond the stated relationship date.","response":"","outcome":""},"reading":"Fact: Synapse Brokerage's BrokerCheck report reproduces Form BD ownership schedules that list Synapse Financial Technologies Inc. as a domestic entity holding the position of equity owner with 75% or more since June 2020, and list Sankaet Pathak as an indirect owner holding 25% but less than 50% through Synapse Financial Technologies Inc., with his relationship to that direct owner given as chief executive officer, established December 2019."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-brokerage-office","record":{"id":"c-st-brokerage-office","kind":"fact","text":"BrokerCheck and the California Department of Financial Protection and Innovation (DFPI) give Synapse Brokerage's principal office as 10233 South Parker Road, Suite 300, Office 313, Parker, Colorado; DFPI describes the firm as a Delaware limited liability company and a subsidiary of Synapse Financial Technologies, Inc.","source_ids":["src-002","src-081"],"entity_ids":["synapse-brokerage","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: BrokerCheck and the California Department of Financial Protection and Innovation (DFPI) give Synapse Brokerage's principal office as 10233 South Parker Road, Suite 300, Office 313, Parker, Colorado; DFPI describes the firm as a Delaware limited liability company and a subsidiary of Synapse Financial Technologies, Inc."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-credit-identity","record":{"id":"c-st-credit-identity","kind":"fact","text":"Synapse Credit LLC, doing business as Synapse (NMLS 1971454), is a Delaware limited liability company whose main office was at 101 Second Street, Suite 1500, San Francisco; the Connecticut Department of Banking had licensed it as a small loan lender since September 15, 2020. Washington registered it as a foreign limited liability company (UBI 604595480) on March 26, 2020, with Corporation Service Company as agent and Sankaet Pathak and Michael Rasic as officers; that registration was terminated by a statement filed on December 3, 2024.","source_ids":["src-015","src-011","src-005","src-091"],"entity_ids":["synapse-credit","pathak","rasic"],"qualification":"","response":"","outcome":""},"reading":"Fact: Synapse Credit LLC, doing business as Synapse (NMLS 1971454), is a Delaware limited liability company whose main office was at 101 Second Street, Suite 1500, San Francisco; the Connecticut Department of Banking had licensed it as a small loan lender since September 15, 2020. Washington registered it as a foreign limited liability company (UBI 604595480) on March 26, 2020, with Corporation Service Company as agent and Sankaet Pathak and Michael Rasic as officers; that registration was terminated by a statement filed on December 3, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-credit-business","record":{"id":"c-st-credit-business","kind":"fact","text":"According to the debtor, it established Synapse Credit around 2019 to hold state lending licences and offer loans to the end users of fintechs it worked with; the loans were typically secured by restricted cash or reserves for their full amount. Synapse Credit had no employees, and its arrangement with the debtor was set out in an Intercompany Service and Expense Sharing Agreement.","source_ids":["src-023"],"entity_ids":["synapse","synapse-credit"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to the debtor, it established Synapse Credit around 2019 to hold state lending licences and offer loans to the end users of fintechs it worked with; the loans were typically secured by restricted cash or reserves for their full amount. Synapse Credit had no employees, and its arrangement with the debtor was set out in an Intercompany Service and Expense Sharing Agreement."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-programs","record":{"id":"c-st-programs","kind":"fact","text":"The Chapter 11 trustee reported that from 2014 Synapse opened demand deposit accounts (DDAs) at certain banks on behalf of about 100 fintech platforms and their end users; that from 2020 it developed a cash management program with its subsidiary Synapse Brokerage LLC, opening cash management accounts at banks for fintech platforms and their end users; and that it offered secured loans to the platforms' end users through its subsidiary Synapse Credit LLC.","source_ids":["src-017"],"entity_ids":["synapse","synapse-brokerage","synapse-credit"],"qualification":"","response":"","outcome":""},"reading":"Fact: The Chapter 11 trustee reported that from 2014 Synapse opened demand deposit accounts (DDAs) at certain banks on behalf of about 100 fintech platforms and their end users; that from 2020 it developed a cash management program with its subsidiary Synapse Brokerage LLC, opening cash management accounts at banks for fintech platforms and their end users; and that it offered secured loans to the platforms' end users through its subsidiary Synapse Credit LLC."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-brokerage-sweep","record":{"id":"c-st-brokerage-sweep","kind":"fact","text":"The trustee also reported, citing Pathak's sworn testimony at the creditors' meeting, that Synapse Brokerage, a fully owned subsidiary founded to establish cash management and money market account programs, had not established those programs and had deployed only a sweep network at American Deposit Management Company (ADMC), used to enlarge the FDIC insurance coverage available to depositors and to earn interest that was distributed among Synapse, the fintech platforms and end users under their agreements.","source_ids":["src-017","src-032"],"entity_ids":["synapse-brokerage","synapse","admc"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee also reported, citing Pathak's sworn testimony at the creditors' meeting, that Synapse Brokerage, a fully owned subsidiary founded to establish cash management and money market account programs, had not established those programs and had deployed only a sweep network at American Deposit Management Company (ADMC), used to enlarge the FDIC insurance coverage available to depositors and to earn interest that was distributed among Synapse, the fintech platforms and end users under their agreements."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-st-money","record":{"id":"c-st-money","kind":"fact","text":"Synapse Money LLC, a Delaware limited liability company, was registered in Washington as a foreign LLC (UBI 604516460) on November 14, 2019 at 101 2nd St, Suite 1500, San Francisco, the address then also recorded for Synapse and Synapse Credit, with Corporation Service Company as agent; the registration was withdrawn on January 5, 2021. The record names no officers or owner.","source_ids":["src-018","src-011","src-059"],"entity_ids":["synapse-money","synapse","synapse-credit"],"qualification":"The shared address and name are the only documented link to Synapse; no retained record establishes who owned Synapse Money LLC.","response":"","outcome":""},"reading":"Fact: Synapse Money LLC, a Delaware limited liability company, was registered in Washington as a foreign LLC (UBI 604516460) on November 14, 2019 at 101 2nd St, Suite 1500, San Francisco, the address then also recorded for Synapse and Synapse Credit, with Corporation Service Company as agent; the registration was withdrawn on January 5, 2021. The record names no officers or owner."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-bridge","record":{"id":"c-md-bridge","kind":"attributed","text":"The CFPB describes Synapse's technology as a bridge between non-bank fintech platforms that dealt with consumers and the banks that held consumers' money, issued debit cards and processed ACH and wire transfers. According to the complaint, Synapse's software communicated the transactions that end users requested through the fintech platforms to the partner banks to perform, and Synapse was responsible for tracking and maintaining records of the movement of consumers' funds across these banks and for ensuring that those records matched the banks' own records.","source_ids":["src-004","src-073","src-101"],"entity_ids":["synapse"],"qualification":"Allegations in the CFPB's complaint of August 21, 2025. In the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied them, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"","outcome":""},"reading":"Attributed: The CFPB describes Synapse's technology as a bridge between non-bank fintech platforms that dealt with consumers and the banks that held consumers' money, issued debit cards and processed ACH and wire transfers. According to the complaint, Synapse's software communicated the transactions that end users requested through the fintech platforms to the partner banks to perform, and Synapse was responsible for tracking and maintaining records of the movement of consumers' funds across these banks and for ensuring that those records matched the banks' own records."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-omnibus-ledgers","record":{"id":"c-md-omnibus-ledgers","kind":"attributed","text":"FINRA found that Synapse partnered with two deposit banks, from around 2017 and 2022 respectively, and that end users who opened deposit accounts through fintechs entered into account agreements with one of those banks and deposited funds directly with it. Before December 2023 end-user funds at the first bank were held in omnibus accounts in that bank's name for the benefit of the end users (FBO accounts); the banks kept ledgers only at the omnibus-account level and relied on Synapse's ledgers to track individual balances. By September 2023, FINRA found, fintechs with millions of end users had more than $2 billion of end-user funds in deposit accounts at the two banks.","source_ids":["src-009"],"entity_ids":["synapse"],"qualification":"Findings in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that they are not binding on any other person or entity named as a respondent in this or any other proceeding. The order refers to the banks only as DDA Bank 1 and DDA Bank 2.","response":"","outcome":""},"reading":"Attributed: FINRA found that Synapse partnered with two deposit banks, from around 2017 and 2022 respectively, and that end users who opened deposit accounts through fintechs entered into account agreements with one of those banks and deposited funds directly with it. Before December 2023 end-user funds at the first bank were held in omnibus accounts in that bank's name for the benefit of the end users (FBO accounts); the banks kept ledgers only at the omnibus-account level and relied on Synapse's ledgers to track individual balances. By September 2023, FINRA found, fintechs with millions of end users had more than $2 billion of end-user funds in deposit accounts at the two banks."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-multiple-banks","record":{"id":"c-md-multiple-banks","kind":"fact","text":"The Chapter 11 trustee reported that Synapse often used several partner banks for different functions of the same fintech partner, so that an end user's deposits might be held at one bank while withdrawals through the same platform were processed from an account at another bank; the trustee said this model made it both essential and difficult to reconcile transactions and to ensure that each end user received the correct amount. The trustee defined an FBO account as a pooled custodial account that lets a company manage funds for the benefit of its users without owning the account.","source_ids":["src-031"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: The Chapter 11 trustee reported that Synapse often used several partner banks for different functions of the same fintech partner, so that an end user's deposits might be held at one bank while withdrawals through the same platform were processed from an account at another bank; the trustee said this model made it both essential and difficult to reconcile transactions and to ensure that each end user received the correct amount. The trustee defined an FBO account as a pooled custodial account that lets a company manage funds for the benefit of its users without owning the account."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-msa-2018","record":{"id":"c-md-msa-2018","kind":"fact","text":"Synapse's master services agreement with a platform client, filed with the SEC in 2018 as an exhibit to the client's Form 8-K and signed by Sankaet Pathak as Founder & CEO on October 23, 2018, states that all bank services are provided to the platform directly by Evolve Bank & Trust or a successor institution designated by Synapse; that Synapse's APIs let the platform communicate its requests to the bank while Synapse helps the platform and the bank manage risk and compliance; and that the platform authorises Synapse to act on its behalf in transmitting financial information and requests. The agreement defines sub-accounts within an FBO deposit account held in the platform's name for the benefit of its users.","source_ids":["src-099"],"entity_ids":["synapse","evolve","pathak"],"qualification":"","response":"","outcome":""},"reading":"Fact: Synapse's master services agreement with a platform client, filed with the SEC in 2018 as an exhibit to the client's Form 8-K and signed by Sankaet Pathak as Founder & CEO on October 23, 2018, states that all bank services are provided to the platform directly by Evolve Bank & Trust or a successor institution designated by Synapse; that Synapse's APIs let the platform communicate its requests to the bank while Synapse helps the platform and the bank manage risk and compliance; and that the platform authorises Synapse to act on its behalf in transmitting financial information and requests. The agreement defines sub-accounts within an FBO deposit account held in the platform's name for the benefit of its users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-evolve-agreements","record":{"id":"c-md-evolve-agreements","kind":"fact","text":"According to the CFPB, Synapse signed a Bank Services Agreement with Evolve Bank & Trust on or about April 18, 2017 and a Master Bank Services Agreement on or about September 23, 2022; in 2017 Evolve was Synapse's only partner bank, and at least until the summer of 2023 Synapse gave consumers who opened accounts through fintech platforms a deposit account agreement on Evolve's behalf.","source_ids":["src-073"],"entity_ids":["synapse","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to the CFPB, Synapse signed a Bank Services Agreement with Evolve Bank & Trust on or about April 18, 2017 and a Master Bank Services Agreement on or about September 23, 2022; in 2017 Evolve was Synapse's only partner bank, and at least until the summer of 2023 Synapse gave consumers who opened accounts through fintech platforms a deposit account agreement on Evolve's behalf."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-evolve-start","record":{"id":"c-md-evolve-start","kind":"fact","text":"A 2024 trade-press report identifies the first version of a Synapse/Evolve deposit agreement as dated September 7, 2017, and a 2025 business-press report states that Synapse and Evolve began working together in 2017, when Synapse's deposits had grown into the millions of dollars and it was looking for more banking partners.","source_ids":["src-063","src-021"],"entity_ids":["synapse","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: A 2024 trade-press report identifies the first version of a Synapse/Evolve deposit agreement as dated September 7, 2017, and a 2025 business-press report states that Synapse and Evolve began working together in 2017, when Synapse's deposits had grown into the millions of dollars and it was looking for more banking partners."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-early-banks","record":{"id":"c-md-early-banks","kind":"attributed","text":"A 2024 trade-press report, citing former employees, states that Jeff Webb and Doug Marchant, whose $700,000 provided Synapse's initial investment, helped introduce Synapse to its first two bank partners, Triumph Bank and Independent Bank.","source_ids":["src-063"],"entity_ids":["synapse","webb","marchant","triumph-bank","independent-bank"],"qualification":"Reported account based on unnamed former employees; no agreement with either bank is retained in the record.","response":"","outcome":""},"reading":"Attributed: A 2024 trade-press report, citing former employees, states that Jeff Webb and Doug Marchant, whose $700,000 provided Synapse's initial investment, helped introduce Synapse to its first two bank partners, Triumph Bank and Independent Bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-no-interest-clauses","record":{"id":"c-md-no-interest-clauses","kind":"fact","text":"The trustee reported that Synapse's 2021 contract with American Bank, its 2022 contract with Evolve and its 2022 contract with Lineage Bank include clauses stating that Synapse has no right to or interest in funds deposited in an end user's account, and concluded that funds in the end users' DDA and FBO accounts are not property of the bankruptcy estate. At the continued creditors' meeting on June 10, 2024, Pathak and general counsel Tracey Guerin testified under oath that all funds in Synapse-related DDA and FBO accounts at the partner banks belonged to end users; the exception they identified was Synapse's own operating money, deposited before the bankruptcy at Evolve in accounts within Synapse's ecosystem, so that Evolve held Synapse property in an FBO account on behalf of Synapse as an end user.","source_ids":["src-017"],"entity_ids":["synapse","american-bank","evolve","lineage","pathak","guerin"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee reported that Synapse's 2021 contract with American Bank, its 2022 contract with Evolve and its 2022 contract with Lineage Bank include clauses stating that Synapse has no right to or interest in funds deposited in an end user's account, and concluded that funds in the end users' DDA and FBO accounts are not property of the bankruptcy estate. At the continued creditors' meeting on June 10, 2024, Pathak and general counsel Tracey Guerin testified under oath that all funds in Synapse-related DDA and FBO accounts at the partner banks belonged to end users; the exception they identified was Synapse's own operating money, deposited before the bankruptcy at Evolve in accounts within Synapse's ecosystem, so that Evolve held Synapse property in an FBO account on behalf of Synapse as an end user."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-four-banks","record":{"id":"c-md-four-banks","kind":"fact","text":"By the time of the bankruptcy, according to the trustee, most end-user funds were held in omnibus FBO accounts and the rest in DDAs across four partner banks: American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank.","source_ids":["src-017"],"entity_ids":["synapse","american-bank","amg","evolve","lineage"],"qualification":"","response":"","outcome":""},"reading":"Fact: By the time of the bankruptcy, according to the trustee, most end-user funds were held in omnibus FBO accounts and the rest in DDAs across four partner banks: American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-american-bank","record":{"id":"c-md-american-bank","kind":"fact","text":"The trustee was informed that American Bank held brokered sweep deposits from Synapse Brokerage and issued debit cards for five Synapse fintech partners, without taking part in payment processing or lending; at American Bank's request Synapse and the bank had begun a wind-down plan before the bankruptcy, and by May 17, 2024 the bank held less than $50,000 of sweep deposits.","source_ids":["src-031"],"entity_ids":["american-bank","synapse-brokerage","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee was informed that American Bank held brokered sweep deposits from Synapse Brokerage and issued debit cards for five Synapse fintech partners, without taking part in payment processing or lending; at American Bank's request Synapse and the bank had begun a wind-down plan before the bankruptcy, and by May 17, 2024 the bank held less than $50,000 of sweep deposits."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-amg","record":{"id":"c-md-amg","kind":"fact","text":"AMG National Trust began accepting brokered sweep deposits from Synapse Brokerage in August 2023, according to the trustee; Synapse Brokerage opened deposit accounts at AMG in its own name and FBO accounts for its fintech partners and their end users, and from February 2024 AMG also processed ACH and wire transactions for four of Synapse Brokerage's fintech partners. AMG held no accounts for Synapse itself and had no official relationship with any fintech partner or end user; Synapse Brokerage was the custodian of record and processed and recorded all end-user transactions.","source_ids":["src-031"],"entity_ids":["amg","synapse-brokerage","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: AMG National Trust began accepting brokered sweep deposits from Synapse Brokerage in August 2023, according to the trustee; Synapse Brokerage opened deposit accounts at AMG in its own name and FBO accounts for its fintech partners and their end users, and from February 2024 AMG also processed ACH and wire transactions for four of Synapse Brokerage's fintech partners. AMG held no accounts for Synapse itself and had no official relationship with any fintech partner or end user; Synapse Brokerage was the custodian of record and processed and recorded all end-user transactions."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-evolve-services","record":{"id":"c-md-evolve-services","kind":"fact","text":"The trustee was informed that Evolve provided banking services, including DDA accounts, to Synapse Financial Technologies and payment processing services for Synapse Brokerage.","source_ids":["src-031"],"entity_ids":["evolve","synapse","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee was informed that Evolve provided banking services, including DDA accounts, to Synapse Financial Technologies and payment processing services for Synapse Brokerage."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-lineage","record":{"id":"c-md-lineage","kind":"fact","text":"Lineage Bank provided ACH and wire transfer processing for Synapse as an originating depository financial institution under a master services agreement, according to the trustee. Lineage told the trustee that it never maintained accounts for end users or contracted with them directly, that it had only one account with a fintech platform, and that it was not a program bank or custodian for Synapse Brokerage. The CFPB likewise describes Lineage as mainly an originating bank that processed ACH and wire transfers for cash-management end users on Synapse's instructions.","source_ids":["src-031","src-073"],"entity_ids":["lineage","synapse","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Lineage Bank provided ACH and wire transfer processing for Synapse as an originating depository financial institution under a master services agreement, according to the trustee. Lineage told the trustee that it never maintained accounts for end users or contracted with them directly, that it had only one account with a fintech platform, and that it was not a program bank or custodian for Synapse Brokerage. The CFPB likewise describes Lineage as mainly an originating bank that processed ACH and wire transfers for cash-management end users on Synapse's instructions."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-fbo-holders","record":{"id":"c-md-fbo-holders","kind":"fact","text":"The partner banks told the trustee that the funds they held were FBO funds for the benefit of Synapse or of Synapse Brokerage and its end users: AMG held FBO accounts in Synapse Brokerage's name; Evolve held FBO accounts in Synapse's name, where the DDA funds sat, and in Synapse Brokerage's name; and Lineage held an FBO account designated for the benefit of Synapse Financial Technologies, Inc., most of whose funds belonged to brokerage-program end users. Over several months Synapse Brokerage moved about $650 million from Evolve to AMG and other banks while migrating fintech partners and end users to the brokerage, and continued to direct cash between banks as part of its sweep program.","source_ids":["src-031"],"entity_ids":["amg","evolve","lineage","synapse","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: The partner banks told the trustee that the funds they held were FBO funds for the benefit of Synapse or of Synapse Brokerage and its end users: AMG held FBO accounts in Synapse Brokerage's name; Evolve held FBO accounts in Synapse's name, where the DDA funds sat, and in Synapse Brokerage's name; and Lineage held an FBO account designated for the benefit of Synapse Financial Technologies, Inc., most of whose funds belonged to brokerage-program end users. Over several months Synapse Brokerage moved about $650 million from Evolve to AMG and other banks while migrating fintech partners and end users to the brokerage, and continued to direct cash between banks as part of its sweep program."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-cash-program","record":{"id":"c-md-cash-program","kind":"attributed","text":"According to the CFPB, Synapse began offering a cash management program through fintech platforms in 2023, marketing it as a way to give end users more FDIC deposit insurance through sweeps across several banks. Synapse opened accounts with Synapse Brokerage on end users' behalf and omnibus accounts at partner banks in Synapse Brokerage's name; AMG accepted sweep deposits from August 2023. Evolve was not one of the banks engaged to hold program funds, but from October 2023 Synapse directed the transfer of participating end users' funds from Evolve to Synapse Brokerage and on to other banks, while Evolve continued to sponsor debit cards and to receive ACH deposits sent to its routing number. Some platforms did not join the program, and their end users' funds stayed at Evolve.","source_ids":["src-073","src-101"],"entity_ids":["synapse","synapse-brokerage","amg","evolve"],"qualification":"Allegations in the CFPB's complaint of August 21, 2025. In the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied them, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"","outcome":""},"reading":"Attributed: According to the CFPB, Synapse began offering a cash management program through fintech platforms in 2023, marketing it as a way to give end users more FDIC deposit insurance through sweeps across several banks. Synapse opened accounts with Synapse Brokerage on end users' behalf and omnibus accounts at partner banks in Synapse Brokerage's name; AMG accepted sweep deposits from August 2023. Evolve was not one of the banks engaged to hold program funds, but from October 2023 Synapse directed the transfer of participating end users' funds from Evolve to Synapse Brokerage and on to other banks, while Evolve continued to sponsor debit cards and to receive ACH deposits sent to its routing number. Some platforms did not join the program, and their end users' funds stayed at Evolve."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-tracking-duty","record":{"id":"c-md-tracking-duty","kind":"attributed","text":"The CFPB alleges that after the cash management program began, Synapse directed the movement of end-user funds between Synapse Brokerage and AMG and the other omnibus banks, Evolve (which still processed debit card transactions and received ACH transfers) and Lineage (which originated ACH and wire transfers), and was responsible for tracking where each end user's funds were across all of them and for giving the banks access to the data.","source_ids":["src-073","src-101"],"entity_ids":["synapse","synapse-brokerage","amg","evolve","lineage"],"qualification":"Allegations in the CFPB's complaint of August 21, 2025. In the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied them, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"","outcome":""},"reading":"Attributed: The CFPB alleges that after the cash management program began, Synapse directed the movement of end-user funds between Synapse Brokerage and AMG and the other omnibus banks, Evolve (which still processed debit card transactions and received ACH transfers) and Lineage (which originated ACH and wire transfers), and was responsible for tracking where each end user's funds were across all of them and for giving the banks access to the data."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-regulators","record":{"id":"c-md-regulators","kind":"fact","text":"The trustee noted that the banks holding Synapse-related funds were supervised by federal banking agencies (Evolve by the Federal Reserve, Lineage by the FDIC, and AMG and American Bank by the Office of the Comptroller of the Currency), that the SEC and FINRA regulate Synapse Brokerage, and that Synapse itself was not directly regulated by the Federal Reserve, the FDIC or the OCC. On June 20, 2024 the trustee wrote to the heads of the Federal Reserve, the FDIC, the OCC, the SEC and FINRA asking them to make consumer-protection resources available to end users.","source_ids":["src-032"],"entity_ids":["synapse","evolve","lineage","amg","american-bank","synapse-brokerage","federal-reserve","fdic","finra"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee noted that the banks holding Synapse-related funds were supervised by federal banking agencies (Evolve by the Federal Reserve, Lineage by the FDIC, and AMG and American Bank by the Office of the Comptroller of the Currency), that the SEC and FINRA regulate Synapse Brokerage, and that Synapse itself was not directly regulated by the Federal Reserve, the FDIC or the OCC. On June 20, 2024 the trustee wrote to the heads of the Federal Reserve, the FDIC, the OCC, the SEC and FINRA asking them to make consumer-protection resources available to end users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-no-fdic","record":{"id":"c-md-no-fdic","kind":"fact","text":"Asked why affected customers could not claim deposit insurance, a bank-regulatory consultant quoted in the trade press in May 2024 explained that the customers' funds were either pooled in shared accounts at Evolve or held in sweep accounts arranged through Synapse Brokerage, that fintechs are not banks and are not insured by the FDIC, and that because none of the partner banks had failed the FDIC could not intervene or pay the affected customers.","source_ids":["src-049"],"entity_ids":["evolve","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Asked why affected customers could not claim deposit insurance, a bank-regulatory consultant quoted in the trade press in May 2024 explained that the customers' funds were either pooled in shared accounts at Evolve or held in sweep accounts arranged through Synapse Brokerage, that fintechs are not banks and are not insured by the FDIC, and that because none of the partner banks had failed the FDIC could not intervene or pay the affected customers."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-senate-recipients","record":{"id":"c-md-senate-recipients","kind":"fact","text":"On July 1, 2024 the Senate Banking Committee majority announced a letter from Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman to Synapse's major investors and principal bank and fintech partners: former CEO Sankaet Pathak; the investors Andreessen Horowitz, Core Innovation Capital and Trinity Ventures; the banks American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank; and the fintechs Copper, Juno, Mercury, Yieldstreet and Yotta.","source_ids":["src-016"],"entity_ids":["synapse","pathak","a16z","core","trinity","american-bank","amg","evolve","lineage","copper","juno","mercury","yieldstreet","yotta"],"qualification":"","response":"","outcome":""},"reading":"Fact: On July 1, 2024 the Senate Banking Committee majority announced a letter from Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman to Synapse's major investors and principal bank and fintech partners: former CEO Sankaet Pathak; the investors Andreessen Horowitz, Core Innovation Capital and Trinity Ventures; the banks American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank; and the fintechs Copper, Juno, Mercury, Yieldstreet and Yotta."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-trustee-fintechs","record":{"id":"c-md-trustee-fintechs","kind":"fact","text":"The trustee reported meeting many of Synapse's fintech partners and their counsel, including Changed Inc., Copper, Gig Wage, Grabr, Gravy, IDT, Juno, Latitud, Mercury, Sunny Day Fund, TClub (d/b/a Abound), Yieldstreet and Yotta.","source_ids":["src-017"],"entity_ids":["synapse","copper","juno","mercury","yieldstreet","yotta"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee reported meeting many of Synapse's fintech partners and their counsel, including Changed Inc., Copper, Gig Wage, Grabr, Gravy, IDT, Juno, Latitud, Mercury, Sunny Day Fund, TClub (d/b/a Abound), Yieldstreet and Yotta."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-copper-terms","record":{"id":"c-md-copper-terms","kind":"fact","text":"Copper, a fintech for teenagers and families operated by NEXT Financial Inc. of Seattle, described SynapseFi in its terms of use (as updated on January 14, 2021) as its backend software provider and a partner of Evolve Bank & Trust, the two together being Copper's 'Bank Partner', and said that SynapseFi's API and its relationship with Evolve enabled Copper to offer banking services. Copper-branded debit cards were issued by Evolve.","source_ids":["src-052","src-049"],"entity_ids":["copper","synapse","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: Copper, a fintech for teenagers and families operated by NEXT Financial Inc. of Seattle, described SynapseFi in its terms of use (as updated on January 14, 2021) as its backend software provider and a partner of Evolve Bank & Trust, the two together being Copper's 'Bank Partner', and said that SynapseFi's API and its relationship with Evolve enabled Copper to offer banking services. Copper-branded debit cards were issued by Evolve."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-copper-closure","record":{"id":"c-md-copper-closure","kind":"fact","text":"In May 2024 Copper abruptly closed its bank deposit accounts and debit card services. In a letter to customers on May 12, 2024, co-founder and chief executive Eddie Behringer said the banking middleware service Copper used was sunsetting its service imminently; Copper later said it was coordinating with AMG National Trust and Synapse to return customers' money, while some customers could not yet access their funds.","source_ids":["src-049"],"entity_ids":["copper","synapse","amg"],"qualification":"","response":"","outcome":""},"reading":"Fact: In May 2024 Copper abruptly closed its bank deposit accounts and debit card services. In a letter to customers on May 12, 2024, co-founder and chief executive Eddie Behringer said the banking middleware service Copper used was sunsetting its service imminently; Copper later said it was coordinating with AMG National Trust and Synapse to return customers' money, while some customers could not yet access their funds."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-md-dave","record":{"id":"c-md-dave","kind":"fact","text":"Dave Inc., another fintech, stated in its annual report for 2024 that the Synapse bankruptcy had for a number of months affected the ability of customers of fintechs that used Synapse to access funds placed at Synapse's partner banks, including Evolve, and that Dave itself was not directly affected.","source_ids":["src-098"],"entity_ids":["synapse","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: Dave Inc., another fintech, stated in its annual report for 2024 that the Synapse bankruptcy had for a number of months affected the ability of customers of fintechs that used Synapse to access funds placed at Synapse's partner banks, including Evolve, and that Dave itself was not directly affected."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-lenoir-ties","record":{"id":"c-ev-lenoir-ties","kind":"fact","text":"According to a 2025 business-press report, Pathak built the Evolve partnership in part through a rapport with Evolve's chairman, Scot Lenoir; both men attended the University of Memphis, Lenoir three decades before Pathak.","source_ids":["src-021"],"entity_ids":["pathak","lenoir","evolve","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to a 2025 business-press report, Pathak built the Evolve partnership in part through a rapport with Evolve's chairman, Scot Lenoir; both men attended the University of Memphis, Lenoir three decades before Pathak."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-exit-accounts","record":{"id":"c-ev-exit-accounts","kind":"attributed","text":"Evolve's spokespeople have said the bank planned to leave the relationship well before the collapse: in 2025 a spokesperson told the business press that Evolve had a long-standing plan to move to direct relationships with fintechs, away from aggregators like Synapse, and had told Synapse a year in advance that it would exit, and in June 2024 a spokesman said the bank had been trying to separate itself from Synapse since late 2022 because of ledger problems it had found. Pathak, for his part, said he had heard that Evolve was trying to win Synapse's customers directly so as to cut out Synapse's fees.","source_ids":["src-087","src-021"],"entity_ids":["evolve","synapse","pathak"],"qualification":"Statements of the two parties to the dispute; no notice of exit or 2022 correspondence is retained in the record.","response":"","outcome":""},"reading":"Attributed: Evolve's spokespeople have said the bank planned to leave the relationship well before the collapse: in 2025 a spokesperson told the business press that Evolve had a long-standing plan to move to direct relationships with fintechs, away from aggregators like Synapse, and had told Synapse a year in advance that it would exit, and in June 2024 a spokesman said the bank had been trying to separate itself from Synapse since late 2022 because of ledger problems it had found. Pathak, for his part, said he had heard that Evolve was trying to win Synapse's customers directly so as to cut out Synapse's fees."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-agreement-expiry","record":{"id":"c-ev-agreement-expiry","kind":"attributed","text":"In a public statement of July 12, 2024, Evolve said that its services agreement with Synapse had expired by its terms in September 2023 and was in the final stages of winding down when Synapse filed for bankruptcy; that fintechs using Synapse had to find another banking provider, and some chose to migrate in the fall of 2023 to a program run by Synapse Brokerage; that Evolve transferred end-user balances to that program at Synapse's instruction; and that it temporarily provided payment processing for Synapse Brokerage end users, holding some of their funds, without ever entering a program-bank agreement with Synapse Brokerage. FINRA likewise found that the services agreement of Synapse's first deposit bank expired in September 2023, with some services continuing during a wind-down until May 2024.","source_ids":["src-009","src-036"],"entity_ids":["evolve","synapse","synapse-brokerage"],"qualification":"Evolve's own public account; FINRA's order describes an unnamed 'DDA Bank 1' whose particulars match Evolve. Findings in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations.","response":"","outcome":"The wind-down had not been completed when Synapse filed for bankruptcy."},"reading":"Attributed: In a public statement of July 12, 2024, Evolve said that its services agreement with Synapse had expired by its terms in September 2023 and was in the final stages of winding down when Synapse filed for bankruptcy; that fintechs using Synapse had to find another banking provider, and some chose to migrate in the fall of 2023 to a program run by Synapse Brokerage; that Evolve transferred end-user balances to that program at Synapse's instruction; and that it temporarily provided payment processing for Synapse Brokerage end users, holding some of their funds, without ever entering a program-bank agreement with Synapse Brokerage. FINRA likewise found that the services agreement of Synapse's first deposit bank expired in September 2023, with some services continuing during a wind-down until May 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-sep2023-synapse","record":{"id":"c-ev-sep2023-synapse","kind":"attributed","text":"According to Synapse, its chief executive told Scot Lenoir of Evolve in a call on or about September 15, 2023 that Synapse had found improper debits by Evolve since 2017, exceeding $27 million, from depositor funds in Evolve's FBO accounts, which Evolve had used to pay itself and third parties. A 2025 business-press report describes the September 2023 notice as reporting discrepancies of about $13 million in accounts holding customer funds at Evolve and alleging that Evolve paid itself fees, including some it was not entitled to, from customer funds.","source_ids":["src-034","src-021"],"entity_ids":["synapse","evolve","lenoir","pathak"],"qualification":"Synapse's account in a court filing of May 23, 2024 (Doc 178), supported by declarations of Pathak and Guerin; Evolve disputes it. The two published figures ($27 million since 2017 and about $13 million) are not reconciled in the record.","response":"Evolve's spokesperson said any accounting errors were Synapse's responsibility: the bank had given Synapse detailed information about every fee charged, which Synapse, as program manager, was supposed to allocate to platforms and end users.","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: According to Synapse, its chief executive told Scot Lenoir of Evolve in a call on or about September 15, 2023 that Synapse had found improper debits by Evolve since 2017, exceeding $27 million, from depositor funds in Evolve's FBO accounts, which Evolve had used to pay itself and third parties. A 2025 business-press report describes the September 2023 notice as reporting discrepancies of about $13 million in accounts holding customer funds at Evolve and alleging that Evolve paid itself fees, including some it was not entitled to, from customer funds."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-breach-notice","record":{"id":"c-ev-breach-notice","kind":"fact","text":"On September 25, 2023 Evolve sent Synapse a notice of material breach and an increase in its required reserve balance. According to Synapse's court filing, the notice cited a failure to fully fund Evolve's FBO accounts, demanded a $50 million reserve and said Evolve would withhold all remaining compensation due to Synapse, which ultimately exceeded $43 million; a 2025 business-press report, citing court filings, put the withheld monthly payments at more than $40 million.","source_ids":["src-068","src-034","src-021"],"entity_ids":["evolve","synapse"],"qualification":"The amounts come from Synapse's filing and a press report of court filings; the notice itself is not retained.","response":"","outcome":""},"reading":"Fact: On September 25, 2023 Evolve sent Synapse a notice of material breach and an increase in its required reserve balance. According to Synapse's court filing, the notice cited a failure to fully fund Evolve's FBO accounts, demanded a $50 million reserve and said Evolve would withhold all remaining compensation due to Synapse, which ultimately exceeded $43 million; a 2025 business-press report, citing court filings, put the withheld monthly payments at more than $40 million."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-pathak-letter","record":{"id":"c-ev-pathak-letter","kind":"attributed","text":"Two days after the breach notice, Pathak sent Evolve a seven-page letter, seen by the business press, accusing the bank of persistent negligence through a misappropriation of consumer funds and demanding an independent investigation. The same letter acknowledged that Synapse itself might have incorrectly received $3.25 million from customer accounts, found through its own internal audit; Pathak wrote that Synapse would pay a little more than half of that amount, and Evolve agreed in an October 2023 contract to cover the rest.","source_ids":["src-021"],"entity_ids":["pathak","evolve","synapse"],"qualification":"Account of a letter and contract reviewed by a 2025 business-press report; neither document is retained in the record.","response":"","outcome":"","adverse_subject_ids":["evolve","synapse"]},"reading":"Attributed: Two days after the breach notice, Pathak sent Evolve a seven-page letter, seen by the business press, accusing the bank of persistent negligence through a misappropriation of consumer funds and demanding an independent investigation. The same letter acknowledged that Synapse itself might have incorrectly received $3.25 million from customer accounts, found through its own internal audit; Pathak wrote that Synapse would pay a little more than half of that amount, and Evolve agreed in an October 2023 contract to cover the rest."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-oct2023-letter","record":{"id":"c-ev-oct2023-letter","kind":"fact","text":"The asset purchase agreement Synapse signed in April 2024 refers to an 'Evolve Agreement' and to a letter agreement between Synapse and Evolve dated October 1, 2023, and made Evolve's written consent to the sale, including the assignment of the Evolve Agreement, a condition of closing.","source_ids":["src-003"],"entity_ids":["synapse","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: The asset purchase agreement Synapse signed in April 2024 refers to an 'Evolve Agreement' and to a letter agreement between Synapse and Evolve dated October 1, 2023, and made Evolve's written consent to the sale, including the assignment of the Evolve Agreement, a condition of closing."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-sweeps-halt","record":{"id":"c-ev-sweeps-halt","kind":"attributed","text":"Pathak's account, given in a November 11, 2024 interview, is that under the brokerage structure incoming funds were to land in end users' DDA accounts at Evolve, with the portion not needed for transactions swept out to AMG, but that in late September or early October 2023 Evolve stopped processing sweeps from Evolve to AMG without explanation. He said Synapse launched the brokerage sweep program around September or October 2023 in response to Evolve raising Synapse's reserve requirement and withholding interest owed to end users, fintech programs and Synapse, and that Synapse did not want Synapse Brokerage to contract with Evolve or keep its funds there because of known shortfalls.","source_ids":["src-025"],"entity_ids":["pathak","evolve","amg","synapse","synapse-brokerage"],"qualification":"Pathak's own account. The interviewer noted that Synapse Brokerage had been set up earlier and that Synapse had been migrating programs to the new structure since significantly earlier in 2023.","response":"","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: Pathak's account, given in a November 11, 2024 interview, is that under the brokerage structure incoming funds were to land in end users' DDA accounts at Evolve, with the portion not needed for transactions swept out to AMG, but that in late September or early October 2023 Evolve stopped processing sweeps from Evolve to AMG without explanation. He said Synapse launched the brokerage sweep program around September or October 2023 in response to Evolve raising Synapse's reserve requirement and withholding interest owed to end users, fintech programs and Synapse, and that Synapse did not want Synapse Brokerage to contract with Evolve or keep its funds there because of known shortfalls."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-tabapay-fees","record":{"id":"c-ev-tabapay-fees","kind":"attributed","text":"Pathak also said that Evolve was aware of, and acknowledged, that fees owed to TabaPay had been improperly debited from customer funds, while disputing whether that was the bank's fault.","source_ids":["src-025"],"entity_ids":["pathak","evolve","tabapay","synapse"],"qualification":"Pathak's account in a November 2024 interview; no Evolve statement on TabaPay fees is retained.","response":"Pathak denied that Synapse knowingly let fees Synapse owed be debited from end-user funds, saying it alerted Evolve and worked to fix such issues as soon as they came to its attention.","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: Pathak also said that Evolve was aware of, and acknowledged, that fees owed to TabaPay had been improperly debited from customer funds, while disputing whether that was the bank's fault."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-cfpb-deficit","record":{"id":"c-ev-cfpb-deficit","kind":"attributed","text":"The CFPB alleges that at least as of September 2023, if not earlier, both Evolve and Synapse were aware of a deficit of tens of millions of dollars in the funds Evolve was holding for end users, including consumers; that the two have publicly blamed each other; and that Synapse had not resolved its dispute with Evolve over the deficit by August 2025.","source_ids":["src-073","src-101"],"entity_ids":["synapse","evolve"],"qualification":"Allegation in the CFPB's complaint of August 21, 2025; in the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied it, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"","outcome":""},"reading":"Attributed: The CFPB alleges that at least as of September 2023, if not earlier, both Evolve and Synapse were aware of a deficit of tens of millions of dollars in the funds Evolve was holding for end users, including consumers; that the two have publicly blamed each other; and that Synapse had not resolved its dispute with Evolve over the deficit by August 2025."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-finra-gap","record":{"id":"c-ev-finra-gap","kind":"attributed","text":"FINRA found that from around 2022 the ledgers kept by Synapse and its first deposit bank showed substantial differences in the end-user funds held in that bank's FBO accounts, with Synapse's records showing more than the bank said it held; that by September 2023 Synapse could not reconcile its ledger with the bank's records, the bank putting the shortfall in the tens of millions of dollars and each side asserting that the other's ledger was inaccurate; and that by May 2024 Synapse's records showed about $92 million more in end-user funds at the bank than the bank acknowledged.","source_ids":["src-009"],"entity_ids":["synapse"],"qualification":"Findings in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that they are not binding on any other person or entity named as a respondent in this or any other proceeding. The order does not name the bank, calling it DDA Bank 1.","response":"","outcome":""},"reading":"Attributed: FINRA found that from around 2022 the ledgers kept by Synapse and its first deposit bank showed substantial differences in the end-user funds held in that bank's FBO accounts, with Synapse's records showing more than the bank said it held; that by September 2023 Synapse could not reconcile its ledger with the bank's records, the bank putting the shortfall in the tens of millions of dollars and each side asserting that the other's ledger was inaccurate; and that by May 2024 Synapse's records showed about $92 million more in end-user funds at the bank than the bank acknowledged."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-dda-bank-1","record":{"id":"c-ev-dda-bank-1","kind":"analysis","text":"The bank that FINRA calls 'DDA Bank 1' matches Evolve on every documented particular: a partnership with Synapse from around 2017, a services agreement that expired in September 2023 with a wind-down until May 2024, and the October 2023 departure of Synapse's largest client, a fintech with about $3 billion at the bank, to a direct relationship with it. The second bank, partnered from 2022 and terminating in March 2024, matches Lineage Bank. FINRA's order itself names neither bank.","source_ids":["src-009"],"entity_ids":["evolve","lineage","synapse"],"qualification":"An identification by comparison of documented particulars, not a statement made by FINRA.","response":"","outcome":""},"reading":"Analysis: The bank that FINRA calls 'DDA Bank 1' matches Evolve on every documented particular: a partnership with Synapse from around 2017, a services agreement that expired in September 2023 with a wind-down until May 2024, and the October 2023 departure of Synapse's largest client, a fintech with about $3 billion at the bank, to a direct relationship with it. The second bank, partnered from 2022 and terminating in March 2024, matches Lineage Bank. FINRA's order itself names neither bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-fbo-deficit","record":{"id":"c-ev-fbo-deficit","kind":"attributed","text":"In May 2024 Synapse told the bankruptcy court that, according to its schedule, Evolve owed depositors $150,437,659.89 as of May 14, 2024 while holding $102,694,725.72 in 49 FBO accounts in its sole custody, and that Evolve was obliged to fund the difference, which Synapse called the FBO Account Deficit. Synapse said that since October 2023 it had sent Evolve near-daily documentation that Evolve had to return more than $92 million to its FBO accounts; that Evolve had moved Synapse's reserve funds of more than $43 million partly to an FBO account to cover a deficiency of at least $35,322,630.78; and that Evolve still owed about $50 million.","source_ids":["src-034","src-087"],"entity_ids":["synapse","evolve","pathak"],"qualification":"Synapse's account in a court filing of May 23, 2024 (Doc 178), supported by declarations of Pathak and Guerin; Evolve disputes it. The schedule and the screenshot of Evolve's portal were exhibits to Pathak's declaration.","response":"Evolve has said that Synapse's figures rest on inaccurate ledgers prepared by Synapse and that the funds Synapse claimed were not, and never had been, in Evolve's possession.","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: In May 2024 Synapse told the bankruptcy court that, according to its schedule, Evolve owed depositors $150,437,659.89 as of May 14, 2024 while holding $102,694,725.72 in 49 FBO accounts in its sole custody, and that Evolve was obliged to fund the difference, which Synapse called the FBO Account Deficit. Synapse said that since October 2023 it had sent Evolve near-daily documentation that Evolve had to return more than $92 million to its FBO accounts; that Evolve had moved Synapse's reserve funds of more than $43 million partly to an FBO account to cover a deficiency of at least $35,322,630.78; and that Evolve still owed about $50 million."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-fbo-schedule","record":{"id":"c-ev-fbo-schedule","kind":"attributed","text":"The schedule attached to Pathak's declaration attributes most of the $150,437,659.89 that Synapse said Evolve owed to depositors to the end users of two fintechs: Yotta Saving with $111,743,905.77 and Juno with $26,508,736.54. Smaller balances included Money App ($2,358,173.61), Changed Inc. ($1,792,001.61), Curacubby ($1,666,735.02), Gig Wage ($1,530,740.68) and YieldStreet ($1,329,495.70).","source_ids":["src-034"],"entity_ids":["synapse","evolve","yotta","juno","yieldstreet"],"qualification":"Synapse's own schedule of May 14, 2024, retained as a scanned exhibit; Evolve disputes the balances it shows.","response":"","outcome":""},"reading":"Attributed: The schedule attached to Pathak's declaration attributes most of the $150,437,659.89 that Synapse said Evolve owed to depositors to the end users of two fintechs: Yotta Saving with $111,743,905.77 and Juno with $26,508,736.54. Smaller balances included Money App ($2,358,173.61), Changed Inc. ($1,792,001.61), Curacubby ($1,666,735.02), Gig Wage ($1,530,740.68) and YieldStreet ($1,329,495.70)."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-settlement","record":{"id":"c-ev-settlement","kind":"fact","text":"When Synapse filed for bankruptcy on April 22, 2024 it said it had reached a settlement with Evolve under which the bank had agreed to pay $2 million to the estate, and court approval of the settlement and mutual release with Evolve was a condition of the TabaPay asset sale. At a hearing on May 9, 2024 Synapse reported that the settlement had not been consummated because of disputes over Evolve funding a settlement payment, and the buyer said it would not proceed with the sale without it.","source_ids":["src-023","src-003","src-017"],"entity_ids":["synapse","evolve","tabapay"],"qualification":"","response":"","outcome":""},"reading":"Fact: When Synapse filed for bankruptcy on April 22, 2024 it said it had reached a settlement with Evolve under which the bank had agreed to pay $2 million to the estate, and court approval of the settlement and mutual release with Evolve was a condition of the TabaPay asset sale. At a hearing on May 9, 2024 Synapse reported that the settlement had not been consummated because of disputes over Evolve funding a settlement payment, and the buyer said it would not proceed with the sale without it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-settlement-collapse","record":{"id":"c-ev-settlement-collapse","kind":"attributed","text":"Synapse's account of the collapse is that Evolve had agreed to fully fund its FBO accounts by April 22, 2024, repeatedly asked for more time, and then announced on the evening of May 8, 2024 that it had already fully funded a single FBO account on April 8, 2024 by transferring funds from Synapse's reserve account, paying itself almost $9 million in fees, and that nothing more was required; Synapse disputed that calculation, and TabaPay walked away from the purchase when it learned of it. Synapse added that Evolve had worked directly with TabaPay since about November 2023 to plan its support for the business after the acquisition.","source_ids":["src-034","src-049","src-017"],"entity_ids":["synapse","evolve","tabapay"],"qualification":"Synapse's account in a court filing of May 23, 2024 (Doc 178), supported by declarations of Pathak and Guerin; Evolve disputes it.","response":"An Evolve spokesperson said in May 2024 that Evolve was not party to TabaPay's agreement with Synapse and had no closing conditions to meet, and that the bank's settlement agreement with Synapse had a funding condition which Evolve satisfied. TabaPay said it withdrew because the closing conditions of the purchase agreement were not met.","outcome":"TabaPay did not complete the purchase; the trustee later referred to its cancelled asset purchase.","adverse_subject_ids":["evolve"]},"reading":"Attributed: Synapse's account of the collapse is that Evolve had agreed to fully fund its FBO accounts by April 22, 2024, repeatedly asked for more time, and then announced on the evening of May 8, 2024 that it had already fully funded a single FBO account on April 8, 2024 by transferring funds from Synapse's reserve account, paying itself almost $9 million in fees, and that nothing more was required; Synapse disputed that calculation, and TabaPay walked away from the purchase when it learned of it. Synapse added that Evolve had worked directly with TabaPay since about November 2023 to plan its support for the business after the acquisition."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-cfpb-sale","record":{"id":"c-ev-cfpb-sale","kind":"attributed","text":"The CFPB's account is that the buyer required Synapse and Evolve to reach agreement and ensure that the account balances at Evolve were fully funded as a condition of the purchase, and that the two could not resolve their dispute.","source_ids":["src-073","src-101"],"entity_ids":["synapse","evolve"],"qualification":"Allegation in the CFPB's complaint of August 21, 2025; in the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied it, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"","outcome":""},"reading":"Attributed: The CFPB's account is that the buyer required Synapse and Evolve to reach agreement and ensure that the account balances at Evolve were fully funded as a condition of the purchase, and that the two could not resolve their dispute."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-tabapay-view","record":{"id":"c-ev-tabapay-view","kind":"attributed","text":"TabaPay's co-founder and president, Rodney Robinson, told the business press that all parties, including Evolve and TabaPay, had been willing to cover the gap in unaccounted customer funds until its true extent became clear, and described the matter as one of sloppy business practices that went on for years.","source_ids":["src-021"],"entity_ids":["tabapay","evolve","synapse"],"qualification":"Statement of the prospective buyer to a 2025 business-press report.","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: TabaPay's co-founder and president, Rodney Robinson, told the business press that all parties, including Evolve and TabaPay, had been willing to cover the gap in unaccounted customer funds until its true extent became clear, and described the matter as one of sloppy business practices that went on for years."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-freeze","record":{"id":"c-ev-freeze","kind":"attributed","text":"On May 11, 2024, according to the CFPB, Synapse stopped maintaining Evolve's access to an online dashboard showing end users' balances and transactions and stopped sending Evolve the general ledger reports it had provided daily; Evolve then stopped processing transactions and froze all end-user activity, and Lineage did the same, so that consumers could not use debit cards, withdraw or transfer funds, pay bills or receive direct deposits. On May 13, 2024 Evolve asked the bankruptcy court to restore its access to Synapse's dashboard system or to let it close all of Synapse's program DDAs, saying it had been denied access to Synapse's computer systems and forced to freeze accounts; at the hearing that day, the trustee later reported, it was undisputed that end users had lost access to their funds.","source_ids":["src-073","src-101","src-017","src-034"],"entity_ids":["synapse","evolve","lineage"],"qualification":"Allegation in the CFPB's complaint of August 21, 2025; in the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied it, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"Synapse told the court that Evolve froze all depositor accounts in response to a temporary pause in its dashboard access, and that Evolve had appropriate access to the dashboard from at least the morning of May 13, 2024.","outcome":""},"reading":"Attributed: On May 11, 2024, according to the CFPB, Synapse stopped maintaining Evolve's access to an online dashboard showing end users' balances and transactions and stopped sending Evolve the general ledger reports it had provided daily; Evolve then stopped processing transactions and froze all end-user activity, and Lineage did the same, so that consumers could not use debit cards, withdraw or transfer funds, pay bills or receive direct deposits. On May 13, 2024 Evolve asked the bankruptcy court to restore its access to Synapse's dashboard system or to let it close all of Synapse's program DDAs, saying it had been denied access to Synapse's computer systems and forced to freeze accounts; at the hearing that day, the trustee later reported, it was undisputed that end users had lost access to their funds."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-ledger-irregularities","record":{"id":"c-ev-ledger-irregularities","kind":"attributed","text":"Evolve has said that the ledgers Synapse provided contained numerous material irregularities: in its July 2024 statement, that Synapse Brokerage end-user balances changed significantly from one day to the next without corresponding movement of funds, in some cases by millions of dollars; and in a June 2024 report to the trustee, that it held about $46 million in accounts created for payment processing on Synapse's behalf, was not and never had been a program bank of the cash management program, and had found numerous material discrepancies between the Synapse Brokerage ledgers and actual movements of funds into and out of Evolve.","source_ids":["src-032","src-036","src-030"],"entity_ids":["evolve","synapse","synapse-brokerage"],"qualification":"Evolve's position as a party to the dispute over the shortfall.","response":"Pathak has attributed the shortfall to Evolve's technical problems and fee debits rather than to Synapse's ledgers.","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: Evolve has said that the ledgers Synapse provided contained numerous material irregularities: in its July 2024 statement, that Synapse Brokerage end-user balances changed significantly from one day to the next without corresponding movement of funds, in some cases by millions of dollars; and in a June 2024 report to the trustee, that it held about $46 million in accounts created for payment processing on Synapse's behalf, was not and never had been a program bank of the cash management program, and had found numerous material discrepancies between the Synapse Brokerage ledgers and actual movements of funds into and out of Evolve."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-yotta-ledger-example","record":{"id":"c-ev-yotta-ledger-example","kind":"attributed","text":"As an example, Evolve told the trustee in June 2024 that a Synapse ledger dated April 11, 2024 showed $109 million for Yotta end users at American Bank, AMG and six program banks reached through American Deposit Management, and $120.8 million in total at those program banks ($69.9 million for Yotta, $14.2 million for YieldStreet and $21.5 million for Juno), while the ledger of May 17, 2024 showed only $1.4 million of Yotta end-user funds at AMG and none elsewhere; Evolve said it had received no funds from those institutions in between.","source_ids":["src-032"],"entity_ids":["evolve","synapse","yotta","juno","yieldstreet","american-bank","amg","admc"],"qualification":"Evolve's reading of Synapse ledgers, filed as an exhibit to the trustee's report of June 20, 2024.","response":"","outcome":""},"reading":"Attributed: As an example, Evolve told the trustee in June 2024 that a Synapse ledger dated April 11, 2024 showed $109 million for Yotta end users at American Bank, AMG and six program banks reached through American Deposit Management, and $120.8 million in total at those program banks ($69.9 million for Yotta, $14.2 million for YieldStreet and $21.5 million for Juno), while the ledger of May 17, 2024 showed only $1.4 million of Yotta end-user funds at AMG and none elsewhere; Evolve said it had received no funds from those institutions in between."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-statements","record":{"id":"c-ev-statements","kind":"attributed","text":"In a 2025 letter to Synapse end users Evolve said that, under the Evolve-Synapse Master Bank Service Agreement, Synapse was contractually responsible for producing monthly end-user statements, and that its reconciliation had found two problems with them: statements Synapse gave Evolve for April and May 2024 showed many accounts moving from $0.00 at the end of April to substantial balances at the start of May with no corresponding transfers in Evolve's or the Federal Reserve's records, and Synapse had given Evolve and end users different statements, the end users' versions omitting transfers from Evolve to Synapse Brokerage. In one example from October 2023 the statement given to Evolve showed an ending balance of $25.45 and the statement given to the Yotta end user showed $2,862.82.","source_ids":["src-050"],"entity_ids":["evolve","synapse","synapse-brokerage","yotta"],"qualification":"Evolve's account as a party to the dispute; the statements are reproduced only in its letter.","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: In a 2025 letter to Synapse end users Evolve said that, under the Evolve-Synapse Master Bank Service Agreement, Synapse was contractually responsible for producing monthly end-user statements, and that its reconciliation had found two problems with them: statements Synapse gave Evolve for April and May 2024 showed many accounts moving from $0.00 at the end of April to substantial balances at the start of May with no corresponding transfers in Evolve's or the Federal Reserve's records, and Synapse had given Evolve and end users different statements, the end users' versions omitting transfers from Evolve to Synapse Brokerage. In one example from October 2023 the statement given to Evolve showed an ending balance of $25.45 and the statement given to the Yotta end user showed $2,862.82."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-ankura","record":{"id":"c-ev-ankura","kind":"attributed","text":"Evolve engaged the forensic accounting firm Ankura Consulting Group, which completed a reconciliation on October 18, 2024. According to Evolve, Ankura found material irregularities and inaccuracies in the ledgers Synapse provided for Synapse Brokerage accounts, contradicted by Synapse's own transaction data and by Federal Reserve and Evolve records; because the other banks did not take part, Ankura could not determine where end users' funds sat beyond Evolve. Evolve said it was concerned that banks paying out on the basis of Synapse's ledgers had probably paid incorrect amounts.","source_ids":["src-050","src-065","src-042"],"entity_ids":["evolve","synapse","synapse-brokerage","amg","lineage","american-bank"],"qualification":"Evolve's description of its consultant's work; the reconciliation itself is not public in the record.","response":"","outcome":"AMG and Lineage called Evolve's suggestion that they might still hold substantial funds irresponsible and disingenuous, and in June 2025 the trustee reported that the exact amounts and sources of the shortfall had not been clearly established.","adverse_subject_ids":["synapse"]},"reading":"Attributed: Evolve engaged the forensic accounting firm Ankura Consulting Group, which completed a reconciliation on October 18, 2024. According to Evolve, Ankura found material irregularities and inaccuracies in the ledgers Synapse provided for Synapse Brokerage accounts, contradicted by Synapse's own transaction data and by Federal Reserve and Evolve records; because the other banks did not take part, Ankura could not determine where end users' funds sat beyond Evolve. Evolve said it was concerned that banks paying out on the basis of Synapse's ledgers had probably paid incorrect amounts."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-blame","record":{"id":"c-ev-blame","kind":"attributed","text":"The two sides blame each other. Pathak has said the shortfall is rooted in discrepancies between Synapse's and Evolve's records and in fees Evolve debited from customer accounts, and in an August 20, 2024 post said Evolve needed to pay out customers and cover the deficit it had created. An Evolve spokesperson called Pathak's version simply not true, said Synapse had full visibility into its accounts at Evolve, and said Pathak and Synapse failed at their most critical responsibility, keeping accurate ledgers of where each end user's funds were held, which only Synapse was in a position to do. Evolve has also said that Pathak's claims rest on ledgers that are demonstrably inaccurate and that his company prepared, and Pathak has said that Evolve sent him a cease-and-desist letter after he posted what he described as an anonymised trial balance of funds Evolve held for end users.","source_ids":["src-025","src-012","src-021","src-073","src-065"],"entity_ids":["pathak","evolve","synapse"],"qualification":"Competing statements of the two parties; neither account has been adjudicated in the record.","response":"","outcome":"No court or regulator has decided between the two accounts: the CFPB recorded that Synapse and Evolve had not resolved their dispute over the deficit by the time of the failed sale, and the trustee expressed no opinion on whether any partner bank's liability to end users was limited to the funds it held.","adverse_subject_ids":["evolve","synapse"]},"reading":"Attributed: The two sides blame each other. Pathak has said the shortfall is rooted in discrepancies between Synapse's and Evolve's records and in fees Evolve debited from customer accounts, and in an August 20, 2024 post said Evolve needed to pay out customers and cover the deficit it had created. An Evolve spokesperson called Pathak's version simply not true, said Synapse had full visibility into its accounts at Evolve, and said Pathak and Synapse failed at their most critical responsibility, keeping accurate ledgers of where each end user's funds were held, which only Synapse was in a position to do. Evolve has also said that Pathak's claims rest on ledgers that are demonstrably inaccurate and that his company prepared, and Pathak has said that Evolve sent him a cease-and-desist letter after he posted what he described as an anonymised trial balance of funds Evolve held for end users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-client","record":{"id":"c-mer-client","kind":"fact","text":"Mercury Technologies, Inc., a banking-services startup backed by Andreessen Horowitz, was Synapse's largest client. Former employees told the business press in 2025 that Mercury grew to represent around 60% of Synapse's revenue at its peak; Pathak put Mercury's share at about 35% of Synapse's business in September 2023.","source_ids":["src-021"],"entity_ids":["mercury","synapse","pathak"],"qualification":"Both shares are informal estimates from interviews: the 60% figure from unnamed former employees and the 35% figure from Pathak. Pathak declined to comment on the former employees' criticism.","response":"","outcome":""},"reading":"Fact: Mercury Technologies, Inc., a banking-services startup backed by Andreessen Horowitz, was Synapse's largest client. Former employees told the business press in 2025 that Mercury grew to represent around 60% of Synapse's revenue at its peak; Pathak put Mercury's share at about 35% of Synapse's business in September 2023."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-departure","record":{"id":"c-mer-departure","kind":"fact","text":"Mercury left Synapse for a direct relationship with Evolve in the autumn of 2023. According to Synapse, Mercury gave notice on September 25, 2023, the day of Evolve's breach notice, that it would not renew its contract, and two days later Mercury and Evolve said they would move more than $3 billion of Mercury depositor funds from the Synapse program to a direct Evolve program; a technology-press timeline dates the end of both Evolve's and Mercury's relationships with Synapse to October 13, 2023. FINRA likewise found that in or around October 2023 Synapse's biggest customer, a fintech whose end users had about $3 billion at Synapse's first deposit bank, began partnering directly with that bank.","source_ids":["src-034","src-102","src-027","src-009","src-021"],"entity_ids":["mercury","synapse","evolve"],"qualification":"The FINRA finding is part of the order accepting Mark Paverman's settlement offer (neither admitted nor denied; not binding on others) and does not name the fintech or the bank.","response":"A Mercury spokesperson said that after its experience with Synapse, Mercury had concluded that direct relationships and integrations with its partner banks were in the long-term interest of Mercury and its customers.","outcome":""},"reading":"Fact: Mercury left Synapse for a direct relationship with Evolve in the autumn of 2023. According to Synapse, Mercury gave notice on September 25, 2023, the day of Evolve's breach notice, that it would not renew its contract, and two days later Mercury and Evolve said they would move more than $3 billion of Mercury depositor funds from the Synapse program to a direct Evolve program; a technology-press timeline dates the end of both Evolve's and Mercury's relationships with Synapse to October 13, 2023. FINRA likewise found that in or around October 2023 Synapse's biggest customer, a fintech whose end users had about $3 billion at Synapse's first deposit bank, began partnering directly with that bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-layoffs","record":{"id":"c-mer-layoffs","kind":"fact","text":"Synapse confirmed on October 6, 2023 that it had laid off 86 people, about 40% of its staff, four months after cutting 18% of its workforce. A 2025 business-press report, describing the loss of Evolve and Mercury as a perfect storm, said Synapse's revenue had been cut by more than a third and put the October layoffs at more than 100 employees.","source_ids":["src-102","src-021"],"entity_ids":["synapse","mercury","evolve"],"qualification":"The published head-counts differ (86 in the company's confirmation as reported in 2024; more than 100 in a 2025 report).","response":"","outcome":""},"reading":"Fact: Synapse confirmed on October 6, 2023 that it had laid off 86 people, about 40% of its staff, four months after cutting 18% of its workforce. A 2025 business-press report, describing the loss of Evolve and Mercury as a perfect storm, said Synapse's revenue had been cut by more than a third and put the October layoffs at more than 100 employees."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-overmigration","record":{"id":"c-mer-overmigration","kind":"attributed","text":"Synapse alleged in May 2024 that during the two weeks after the September 2023 notices, Mercury and Evolve improperly transferred more than $49 million of Synapse-related depositor funds to Mercury's direct program at Evolve without Synapse's review or participation. FINRA found that Synapse had contended its first deposit bank improperly migrated approximately $49 million more in end-user funds than it was entitled to during the fintech's transition.","source_ids":["src-034","src-009","src-021"],"entity_ids":["synapse","mercury","evolve"],"qualification":"Synapse's allegation in a court filing of May 23, 2024 (Doc 178); FINRA records it only as Synapse's contention. FINRA finding in its January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent, and it does not name the bank or the fintech.","response":"Mercury strenuously denied moving any funds improperly; its spokesperson said that despite the lack of evidence provided by Synapse's former chief executive, Mercury investigated the claim fully, found no evidence to support it and did not over-migrate any funds during the transition.","outcome":"","adverse_subject_ids":["mercury","evolve"]},"reading":"Attributed: Synapse alleged in May 2024 that during the two weeks after the September 2023 notices, Mercury and Evolve improperly transferred more than $49 million of Synapse-related depositor funds to Mercury's direct program at Evolve without Synapse's review or participation. FINRA found that Synapse had contended its first deposit bank improperly migrated approximately $49 million more in end-user funds than it was entitled to during the fintech's transition."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-litigation","record":{"id":"c-mer-litigation","kind":"attributed","text":"On December 11, 2023 Mercury Technologies filed a petition in the Superior Court of California for the County of San Francisco to initiate proceedings for provisional relief in connection with an arbitrable controversy with Synapse. Mercury's lawsuit claimed, according to a business-press report, that Synapse had withheld $30 million in revenue, and Synapse countersued Mercury for more than $36 million; in its April 2024 first-day filing Synapse said it had substantial causes of action against Mercury.","source_ids":["src-017","src-023","src-021","src-042"],"entity_ids":["mercury","synapse"],"qualification":"The amounts are reported from the parties' filings, which are not retained; no arbitral or court outcome of the Mercury–Synapse dispute appears in the record.","response":"","outcome":"No ruling or settlement of the dispute appears in the record; in June 2025 the trustee reported that the estate had looked for financing, including contingency counsel, to pursue any causes of action.","adverse_subject_ids":["synapse","mercury"]},"reading":"Attributed: On December 11, 2023 Mercury Technologies filed a petition in the Superior Court of California for the County of San Francisco to initiate proceedings for provisional relief in connection with an arbitrable controversy with Synapse. Mercury's lawsuit claimed, according to a business-press report, that Synapse had withheld $30 million in revenue, and Synapse countersued Mercury for more than $36 million; in its April 2024 first-day filing Synapse said it had substantial causes of action against Mercury."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-trustee-link","record":{"id":"c-mer-trustee-link","kind":"fact","text":"In June 2024 the trustee said further reconciliation was likely to show a shortfall predating Synapse's bankruptcy petition, as Pathak had previously reported in a May 9, 2024 post on Mercury reconciliation issues and as had been the subject of the legal dispute begun by Mercury's petition; the trustee added that full reconciliation to the last dollar with the Synapse and fintech-partner ledgers might not be possible.","source_ids":["src-017"],"entity_ids":["synapse","mercury","pathak"],"qualification":"","response":"","outcome":""},"reading":"Fact: In June 2024 the trustee said further reconciliation was likely to show a shortfall predating Synapse's bankruptcy petition, as Pathak had previously reported in a May 9, 2024 post on Mercury reconciliation issues and as had been the subject of the legal dispute begun by Mercury's petition; the trustee added that full reconciliation to the last dollar with the Synapse and fintech-partner ledgers might not be possible."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-dfpi-2022","record":{"id":"c-mer-dfpi-2022","kind":"fact","text":"Separately from Synapse, Mercury, a fintech without a bank charter that works with partner banks, entered a settlement with the California DFPI in which the Commissioner found that its Twitter handle @bankmercury, website phrases such as 'building a bank for startups' and 'Mercury makes bank accounts', and use of the FDIC logo violated California law on the use of the word 'bank'; under the agreement the Commissioner ordered Mercury to cease and desist from using the word bank or banking in its name or Twitter handle and from using the FDIC logo in a misleading manner. Chief executive Immad Akhund signed for Mercury on December 24, 2021, and the agreement names neither Synapse nor any partner bank.","source_ids":["src-092"],"entity_ids":["mercury","akhund","dfpi"],"qualification":"Mercury entered the agreement while neither admitting nor denying the Commissioner's findings.","response":"","outcome":"","adverse_subject_ids":["mercury"]},"reading":"Fact: Separately from Synapse, Mercury, a fintech without a bank charter that works with partner banks, entered a settlement with the California DFPI in which the Commissioner found that its Twitter handle @bankmercury, website phrases such as 'building a bank for startups' and 'Mercury makes bank accounts', and use of the FDIC logo violated California law on the use of the word 'bank'; under the agreement the Commissioner ordered Mercury to cease and desist from using the word bank or banking in its name or Twitter handle and from using the FDIC logo in a misleading manner. Chief executive Immad Akhund signed for Mercury on December 24, 2021, and the agreement names neither Synapse nor any partner bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-mer-fbi-report","record":{"id":"c-mer-fbi-report","kind":"unresolved","text":"A trade newsletter headline of September 7, 2025 reported, citing sources, that the FBI was probing Evolve's fintech program and that Mercury was among the programs under scrutiny for transnational money movement.","source_ids":["src-084"],"entity_ids":["evolve","mercury"],"qualification":"Only the headline and subheading are retained; the article body is behind a paywall. The record contains no confirmation from the FBI, Evolve or Mercury and no charge against either company.","response":"","outcome":""},"reading":"Unresolved: A trade newsletter headline of September 7, 2025 reported, citing sources, that the FBI was probing Evolve's fintech program and that Mercury was among the programs under scrutiny for transnational money movement."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-on-appointment","record":{"id":"c-sf-on-appointment","kind":"fact","text":"When the trustee was appointed on May 24, 2024 the partner banks had lost access to Synapse's systems, had reason to believe Synapse's ledger was inaccurate and had found unexpected shortfalls in the FBO accounts they held, and they had no channels or safeguards for sharing data with one another. They agreed to pause distributions to end users while they investigated and reconciled accounts across the banks, and on May 31, 2024 the court approved a stipulated protective order allowing the banks and the trustee to share confidential trial balances and reconciliation data.","source_ids":["src-017"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: When the trustee was appointed on May 24, 2024 the partner banks had lost access to Synapse's systems, had reason to believe Synapse's ledger was inaccurate and had found unexpected shortfalls in the FBO accounts they held, and they had no channels or safeguards for sharing data with one another. They agreed to pause distributions to end users while they investigated and reconciled accounts across the banks, and on May 31, 2024 the court approved a stipulated protective order allowing the banks and the trustee to share confidential trial balances and reconciliation data."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-ledger-system","record":{"id":"c-sf-ledger-system","kind":"fact","text":"The trustee was told that Synapse and Synapse Brokerage, though separate companies, shared employees, functions and systems, including a single intertwined ledger database on MongoDB; that the brokerage's former president and its only other employee had been terminated effective May 24, 2024; and that the partner banks generally regarded May 17, 2024 as the last date on which Synapse's ledger was completed and accessible. The debtor had terminated all its employees and contractors on May 24, 2024 for lack of funds, leaving no one to interpret the ledger, and the estate could not afford a forensic accounting firm. Evolve told the trustee it could reconcile the DDA accounts it held through Synapse but not the brokerage accounts, for which it had only processed payments.","source_ids":["src-031"],"entity_ids":["synapse","synapse-brokerage","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee was told that Synapse and Synapse Brokerage, though separate companies, shared employees, functions and systems, including a single intertwined ledger database on MongoDB; that the brokerage's former president and its only other employee had been terminated effective May 24, 2024; and that the partner banks generally regarded May 17, 2024 as the last date on which Synapse's ledger was completed and accessible. The debtor had terminated all its employees and contractors on May 24, 2024 for lack of funds, leaving no one to interpret the ledger, and the estate could not afford a forensic accounting firm. Evolve told the trustee it could reconcile the DDA accounts it held through Synapse but not the brokerage accounts, for which it had only processed payments."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-initial-estimate","record":{"id":"c-sf-initial-estimate","kind":"fact","text":"In her first report, filed on June 7, 2024, the trustee relayed the banks' figures as of June 6, 2024: they held about $180 million in DDA and FBO accounts associated with fintech end users and possible platform reserves, while the remaining trial balance, after distributions some banks made before her appointment, was about $265 million, implying a shortfall of about $85 million. The source of the shortfall, including whether end-user funds and negative-balance accounts had been moved among the banks, was not known.","source_ids":["src-031"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: In her first report, filed on June 7, 2024, the trustee relayed the banks' figures as of June 6, 2024: they held about $180 million in DDA and FBO accounts associated with fintech end users and possible platform reserves, while the remaining trial balance, after distributions some banks made before her appointment, was about $265 million, implying a shortfall of about $85 million. The source of the shortfall, including whether end-user funds and negative-balance accounts had been moved among the banks, was not known."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-revised-estimate","record":{"id":"c-sf-revised-estimate","kind":"fact","text":"A week later, on June 13, 2024, the trustee reported that at least one partner bank now put the FBO shortfall at about $65 million to $96 million; the range reflected about $31 million of Synapse-related interest and rebate payments held at certain banks whose ownership by end users had yet to be determined. The banks' positions differed: American Bank reported no shortfall and said other banks owed it about $2,337,000 for unsettled debit transactions of May 8 to 23, 2024; AMG reported no shortfall and said it had reconciled all its FBO funds dollar for dollar against the Synapse trial balance; Evolve said it had not yet reconciled enough to determine whether it had a shortfall; and Lineage said it lacked the data to tell.","source_ids":["src-017"],"entity_ids":["synapse","american-bank","amg","evolve","lineage"],"qualification":"","response":"","outcome":""},"reading":"Fact: A week later, on June 13, 2024, the trustee reported that at least one partner bank now put the FBO shortfall at about $65 million to $96 million; the range reflected about $31 million of Synapse-related interest and rebate payments held at certain banks whose ownership by end users had yet to be determined. The banks' positions differed: American Bank reported no shortfall and said other banks owed it about $2,337,000 for unsettled debit transactions of May 8 to 23, 2024; AMG reported no shortfall and said it had reconciled all its FBO funds dollar for dollar against the Synapse trial balance; Evolve said it had not yet reconciled enough to determine whether it had a shortfall; and Lineage said it lacked the data to tell."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-dda-funds","record":{"id":"c-sf-dda-funds","kind":"fact","text":"The demand deposit accounts were the smaller part of the problem: the banks told the trustee they had fully reconciled them, and no shortfall was reported between the DDA cash and the amounts owed to DDA end users on the Synapse trial balances. Evolve began paying out DDA funds on instructions from its regulator; by June 20, 2024 it had paid about $5.369 million to 3,317 end users on eight platforms. By November 12, 2024, of about $6.5 million in DDA funds held by Evolve and Lineage at the trustee's appointment, $5,884,188, about 91%, had been paid out.","source_ids":["src-017","src-065","src-032"],"entity_ids":["evolve","lineage","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: The demand deposit accounts were the smaller part of the problem: the banks told the trustee they had fully reconciled them, and no shortfall was reported between the DDA cash and the amounts owed to DDA end users on the Synapse trial balances. Evolve began paying out DDA funds on instructions from its regulator; by June 20, 2024 it had paid about $5.369 million to 3,317 end users on eight platforms. By November 12, 2024, of about $6.5 million in DDA funds held by Evolve and Lineage at the trustee's appointment, $5,884,188, about 91%, had been paid out."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-fbo-held","record":{"id":"c-sf-fbo-held","kind":"fact","text":"At the trustee's appointment on May 24, 2024 the four banks held $219,077,467 of FBO funds connected with Synapse: $43,339 at American Bank, $110,290,040 at AMG National Trust, $46,926,558 at Evolve and $61,817,530 at Lineage. Evolve's funds came from net incoming payment activity of Synapse Brokerage, and Lineage's single FBO account combined DDA and FBO funds.","source_ids":["src-065","src-017"],"entity_ids":["american-bank","amg","evolve","lineage","synapse-brokerage","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: At the trustee's appointment on May 24, 2024 the four banks held $219,077,467 of FBO funds connected with Synapse: $43,339 at American Bank, $110,290,040 at AMG National Trust, $46,926,558 at Evolve and $61,817,530 at Lineage. Evolve's funds came from net incoming payment activity of Synapse Brokerage, and Lineage's single FBO account combined DDA and FBO funds."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-amg-payouts","record":{"id":"c-sf-amg-payouts","kind":"fact","text":"AMG National Trust, which held about $110 million, paid out about $55 million immediately before the trustee's appointment and about $99 million to more than 31,000 end users of 12 platforms by June 20, 2024. By November 12, 2024 it had paid $109,869,963, 99.6% of its FBO funds, for about 91,400 end users; its payments included $2,360,734 for Juno end users, with $137,366 remaining, and $1,289,619 for Yotta end users, with $173,636 remaining.","source_ids":["src-065","src-032"],"entity_ids":["amg","juno","yotta"],"qualification":"","response":"","outcome":""},"reading":"Fact: AMG National Trust, which held about $110 million, paid out about $55 million immediately before the trustee's appointment and about $99 million to more than 31,000 end users of 12 platforms by June 20, 2024. By November 12, 2024 it had paid $109,869,963, 99.6% of its FBO funds, for about 91,400 end users; its payments included $2,360,734 for Juno end users, with $137,366 remaining, and $1,289,619 for Yotta end users, with $173,636 remaining."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-lineage-payouts","record":{"id":"c-sf-lineage-payouts","kind":"fact","text":"Lineage Bank had paid out $49,200,617 of FBO funds by August 29, 2024 and $55,252,015 for 10,175 end users, 91% of its FBO funds, by November 12, 2024.","source_ids":["src-065"],"entity_ids":["lineage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Lineage Bank had paid out $49,200,617 of FBO funds by August 29, 2024 and $55,252,015 for 10,175 end users, 91% of its FBO funds, by November 12, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-evolve-payouts","record":{"id":"c-sf-evolve-payouts","kind":"fact","text":"Evolve completed its reconciliation as of October 18, 2024 and began notifying end users and paying them on November 4, 2024. By November 12, 2024 end users had chosen payment methods for more than $21 million of FBO funds from Evolve, including users of Juno, YieldStreet, Yotta and Clerkie, against the $46,926,558 Evolve held in May; the trustee's table shows 44% of Evolve's FBO funds distributed. Evolve declined, citing pending litigation, to give the trustee reconciled balances for individual end users or fintech partners, and the trustee wrote that she was disappointed in the results of Evolve's reconciliation, which notified some end users of amounts considerably less than shown on the Synapse ledger.","source_ids":["src-065"],"entity_ids":["evolve","juno","yieldstreet","yotta"],"qualification":"","response":"","outcome":""},"reading":"Fact: Evolve completed its reconciliation as of October 18, 2024 and began notifying end users and paying them on November 4, 2024. By November 12, 2024 end users had chosen payment methods for more than $21 million of FBO funds from Evolve, including users of Juno, YieldStreet, Yotta and Clerkie, against the $46,926,558 Evolve held in May; the trustee's table shows 44% of Evolve's FBO funds distributed. Evolve declined, citing pending litigation, to give the trustee reconciled balances for individual end users or fintech partners, and the trustee wrote that she was disappointed in the results of Evolve's reconciliation, which notified some end users of amounts considerably less than shown on the Synapse ledger."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-nov2024-total","record":{"id":"c-sf-nov2024-total","kind":"fact","text":"Overall, by November 12, 2024, $187,121,978, about 85% of the $219,077,467 in FBO funds held at the trustee's appointment, had been distributed and $31,955,489 remained. The trustee stated that she expressed no opinion on whether any partner bank's liability to end users was limited to the amounts held in FBO or DDA accounts, and reported no change to the estimated shortfall of $65 million to $95 million.","source_ids":["src-065"],"entity_ids":["synapse","american-bank","amg","evolve","lineage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Overall, by November 12, 2024, $187,121,978, about 85% of the $219,077,467 in FBO funds held at the trustee's appointment, had been distributed and $31,955,489 remained. The trustee stated that she expressed no opinion on whether any partner bank's liability to end users was limited to the amounts held in FBO or DDA accounts, and reported no change to the estimated shortfall of $65 million to $95 million."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-june2025","record":{"id":"c-sf-june2025","kind":"fact","text":"In June 2025, seeking to end the case, the trustee told the court that after months of reconciliation the partner banks reported holding about $219 million of end-user cash at Synapse's closure in May 2024, that an apparent shortfall of $65 million to $95 million against the amounts recorded in Synapse's ledger had persisted throughout, and that the shortfall appeared to have existed before the bankruptcy. All partner banks had completed the reconciliation needed to return funds and most of the $219 million had been distributed, but the exact amount and sources of the shortfall had not been established: the estate lacked resources, and some banks declined to share reconciliation and distribution data voluntarily.","source_ids":["src-042"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Fact: In June 2025, seeking to end the case, the trustee told the court that after months of reconciliation the partner banks reported holding about $219 million of end-user cash at Synapse's closure in May 2024, that an apparent shortfall of $65 million to $95 million against the amounts recorded in Synapse's ledger had persisted throughout, and that the shortfall appeared to have existed before the bankruptcy. All partner banks had completed the reconciliation needed to return funds and most of the $219 million had been distributed, but the exact amount and sources of the shortfall had not been established: the estate lacked resources, and some banks declined to share reconciliation and distribution data voluntarily."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-cfpb-account","record":{"id":"c-sf-cfpb-account","kind":"attributed","text":"The CFPB alleges that with the trustee's help the partner banks determined that the funds they held for end users were less than the total in Synapse's records, a shortfall the trustee estimated at between $60 million and $90 million. Consumers had no access to their money for weeks or months while the banks reconciled their records with Synapse's; some distributions took more than eight months; in March 2025 the banks were still paying out, mostly small balances without valid addresses and returned payments; and many consumers had not received the full balance they held with their fintech platform as of May 17, 2024.","source_ids":["src-004","src-073","src-101"],"entity_ids":["synapse"],"qualification":"Allegation in the CFPB's complaint of August 21, 2025; in the stipulated judgment of September 12, 2025 the trustee and the debtor neither admitted nor denied it, but agreed that the facts alleged would be taken as true in any proceeding based on the judgment.","response":"","outcome":""},"reading":"Attributed: The CFPB alleges that with the trustee's help the partner banks determined that the funds they held for end users were less than the total in Synapse's records, a shortfall the trustee estimated at between $60 million and $90 million. Consumers had no access to their money for weeks or months while the banks reconciled their records with Synapse's; some distributions took more than eight months; in March 2025 the banks were still paying out, mostly small balances without valid addresses and returned payments; and many consumers had not received the full balance they held with their fintech platform as of May 17, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-affected","record":{"id":"c-sf-affected","kind":"fact","text":"Press reports in June 2024 put the number of people locked out of their accounts at more than 100,000, with combined deposits of $265 million citing the trustee, and at more than 200,000 customers; in July 2024 a technology-press timeline reported that about $158.6 million was still owed to end users. In September 2025 a trade-press report said that many end users of partner fintechs, including Yotta, Juno and Copper, still could not access their funds 17 months after the bankruptcy.","source_ids":["src-027","src-102","src-029","src-093"],"entity_ids":["synapse","yotta","juno","copper"],"qualification":"Press estimates; the trustee's reports give dollar amounts and per-bank counts of paid end users rather than a single total of affected people.","response":"","outcome":""},"reading":"Fact: Press reports in June 2024 put the number of people locked out of their accounts at more than 100,000, with combined deposits of $265 million citing the trustee, and at more than 200,000 customers; in July 2024 a technology-press timeline reported that about $158.6 million was still owed to end users. In September 2025 a trade-press report said that many end users of partner fintechs, including Yotta, Juno and Copper, still could not access their funds 17 months after the bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-lineage-reserve","record":{"id":"c-sf-lineage-reserve","kind":"attributed","text":"Lineage Bank told the trustee that it had processed ACH and wire transfers for Synapse under a master services agreement secured by a Synapse reserve account at Lineage, that in the fall of 2023 it discovered Synapse had transferred about $60 million of end-user funds into that reserve account, that it moved those funds into an FBO account for the benefit of the end users, and that in March 2024 it terminated the agreement for cause. A trade newsletter reported in October 2024, citing a partner bank and former employees, that Synapse had used customer funds to meet bank reserve requirements.","source_ids":["src-031","src-094","src-025","src-065"],"entity_ids":["lineage","synapse","pathak","evolve"],"qualification":"Lineage's account as relayed by the trustee and a newsletter headline; the reserve account records are not retained.","response":"Asked in November 2024 whether Synapse ever used end-user funds inappropriately, Pathak said he was not aware of any misappropriation and called the allegation that Synapse used customer funds to meet reserve requirements at Lineage factually false; the interviewer noted that Synapse would have instructed Evolve to move the funds to Lineage and had represented them as its own.","outcome":"By November 12, 2024 Lineage had paid out $55,252,015 to 10,175 end users, 91% of the FBO funds it held when the trustee was appointed.","adverse_subject_ids":["synapse"]},"reading":"Attributed: Lineage Bank told the trustee that it had processed ACH and wire transfers for Synapse under a master services agreement secured by a Synapse reserve account at Lineage, that in the fall of 2023 it discovered Synapse had transferred about $60 million of end-user funds into that reserve account, that it moved those funds into an FBO account for the benefit of the end users, and that in March 2024 it terminated the agreement for cause. A trade newsletter reported in October 2024, citing a partner bank and former employees, that Synapse had used customer funds to meet bank reserve requirements."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-bank2-minimum","record":{"id":"c-sf-bank2-minimum","kind":"attributed","text":"FINRA found that in 2022 Synapse's second deposit bank discovered significant data-integrity deficiencies and contradictions in Synapse's record-keeping, including an inability to provide reconciliations of end-user accounts, and that around December 2022 it required Synapse to maintain a $60 million minimum in end-user account balances.","source_ids":["src-009"],"entity_ids":["synapse"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent, and it refers to the bank only as DDA Bank 2.","response":"","outcome":""},"reading":"Attributed: FINRA found that in 2022 Synapse's second deposit bank discovered significant data-integrity deficiencies and contradictions in Synapse's record-keeping, including an inability to provide reconciliations of end-user accounts, and that around December 2022 it required Synapse to maintain a $60 million minimum in end-user account balances."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-lineage-view","record":{"id":"c-sf-lineage-view","kind":"attributed","text":"Lineage told the trustee in June 2024 that the Synapse trial balance available to it was contradictory, did not match the flow of funds and could not be verified for platforms or individual end users; that before the bankruptcy Synapse frequently moved lump sums, aggregating hundreds of millions of dollars, between banks without allocating them to fintechs or end users; that Synapse's final post-bankruptcy trial balance assigned millions of dollars of missing funds to banks apparently arbitrarily; and that one bank's distribution of more than $50 million, mainly to one fintech's end users, before the trustee's appointment complicated a fair allocation. At the hearing of May 24, 2024 Lineage's counsel said the records were demonstrably flawed and could not be verified, and that the ledger did not match the flow of funds the bank could see.","source_ids":["src-032","src-093"],"entity_ids":["lineage","synapse"],"qualification":"Lineage's position as a partner bank, filed as an exhibit to the trustee's report of June 20, 2024 and stated at the May 24, 2024 hearing.","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: Lineage told the trustee in June 2024 that the Synapse trial balance available to it was contradictory, did not match the flow of funds and could not be verified for platforms or individual end users; that before the bankruptcy Synapse frequently moved lump sums, aggregating hundreds of millions of dollars, between banks without allocating them to fintechs or end users; that Synapse's final post-bankruptcy trial balance assigned millions of dollars of missing funds to banks apparently arbitrarily; and that one bank's distribution of more than $50 million, mainly to one fintech's end users, before the trustee's appointment complicated a fair allocation. At the hearing of May 24, 2024 Lineage's counsel said the records were demonstrably flawed and could not be verified, and that the ledger did not match the flow of funds the bank could see."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-bank-flows","record":{"id":"c-sf-bank-flows","kind":"attributed","text":"In November 2024 AMG and Lineage set out their cash flows with Evolve: Lineage had sent $1,509,088,460.82 to Evolve and received $210,320,593.25, a net $1,298,767,867.57 to Evolve, while AMG had received a net $341,200,090.03 from Evolve, for a combined net movement of $957,567,777.54 to Evolve. The two banks said they had paid out according to Synapse's trial balances as confirmed by reconciliation, rejected Evolve's suggestion that they might still hold substantial funds, and urged the banks to establish why the Synapse trial balances exceeded the funds held across the banks; they noted that during the wind-down AMG received more than $80 million from ADMC for processing end-user payments.","source_ids":["src-065"],"entity_ids":["lineage","amg","evolve","admc","synapse"],"qualification":"Position of AMG and Lineage in an exhibit to the trustee's report of November 12, 2024, signed by their chief executives; Evolve's own account of the flows is not retained.","response":"","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: In November 2024 AMG and Lineage set out their cash flows with Evolve: Lineage had sent $1,509,088,460.82 to Evolve and received $210,320,593.25, a net $1,298,767,867.57 to Evolve, while AMG had received a net $341,200,090.03 from Evolve, for a combined net movement of $957,567,777.54 to Evolve. The two banks said they had paid out according to Synapse's trial balances as confirmed by reconciliation, rejected Evolve's suggestion that they might still hold substantial funds, and urged the banks to establish why the Synapse trial balances exceeded the funds held across the banks; they noted that during the wind-down AMG received more than $80 million from ADMC for processing end-user payments."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-kroll-audit","record":{"id":"c-sf-kroll-audit","kind":"fact","text":"In 2023 Synapse's audit committee engaged Kroll, Inc. to audit and reconcile Synapse's ledgers, and in June 2024 the trustee was meeting Kroll to discuss the findings of that work on Synapse's systems, transaction history and governance.","source_ids":["src-017"],"entity_ids":["kroll","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: In 2023 Synapse's audit committee engaged Kroll, Inc. to audit and reconcile Synapse's ledgers, and in June 2024 the trustee was meeting Kroll to discuss the findings of that work on Synapse's systems, transaction history and governance."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-medeiros-warning","record":{"id":"c-sf-medeiros-warning","kind":"attributed","text":"A February 2025 press report, relaying a newspaper investigation, states that Victor Medeiros, formerly a senior director in Synapse's finance department, warned Kroll's accountants in 2023 that customer accounts were short by millions of dollars because Synapse had held onto some of their funds, specifically that it had not credited customers with the full interest due, leaving them more than $3 million short as of mid-2023. According to the report, Kroll checked the books and confirmed the estimate to the board, which demanded that the shortfall be fixed at once, but Synapse said it could not cover the losses.","source_ids":["src-076","src-021"],"entity_ids":["medeiros","kroll","synapse"],"qualification":"Second-hand press account of an investigation by another outlet; neither Kroll's work nor board minutes are retained, and no response from Synapse's former directors to this account appears in the record.","response":"A lawyer for Medeiros did not respond to requests for comment.","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: A February 2025 press report, relaying a newspaper investigation, states that Victor Medeiros, formerly a senior director in Synapse's finance department, warned Kroll's accountants in 2023 that customer accounts were short by millions of dollars because Synapse had held onto some of their funds, specifically that it had not credited customers with the full interest due, leaving them more than $3 million short as of mid-2023. According to the report, Kroll checked the books and confirmed the estimate to the board, which demanded that the shortfall be fixed at once, but Synapse said it could not cover the losses."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-board-awareness","record":{"id":"c-sf-board-awareness","kind":"attributed","text":"Pathak said in November 2024 that Synapse's board, which at various times included Angela Strange of Andreessen Horowitz, Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital, was broadly aware of the problems Synapse faced, was trying to do the right thing, and asked him not to shut down and escalate.","source_ids":["src-025","src-021"],"entity_ids":["pathak","synapse","strange","satyavolu","schutte","a16z","trinity","core"],"qualification":"Pathak's characterisation; no statement by the named directors or their firms is retained, and the investors declined to comment or did not respond to another outlet.","response":"","outcome":""},"reading":"Attributed: Pathak said in November 2024 that Synapse's board, which at various times included Angela Strange of Andreessen Horowitz, Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital, was broadly aware of the problems Synapse faced, was trying to do the right thing, and asked him not to shut down and escalate."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-senators","record":{"id":"c-sf-senators","kind":"fact","text":"On June 28, 2024 Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman wrote to Synapse's major investors, its principal bank and fintech partners, among them W. Scott Stafford as president and chief executive of Evolve Bank & Trust, and its former chief executive, Sankaet Pathak, that customers had been unable to reach their money since mid-May, that there was a potential shortfall of $65 million to $96 million between what consumers were owed and what the partner banks held, and that as major equity holders, operators of Synapse-dependent services and partner banks it was ultimately the recipients' responsibility to ensure the safety and accessibility of end-user funds; they urged the recipients to pool resources to release all frozen deposits immediately.","source_ids":["src-007","src-077"],"entity_ids":["synapse","pathak","evolve","stafford"],"qualification":"A request from members of Congress; it assigns no legal liability.","response":"","outcome":""},"reading":"Fact: On June 28, 2024 Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman wrote to Synapse's major investors, its principal bank and fintech partners, among them W. Scott Stafford as president and chief executive of Evolve Bank & Trust, and its former chief executive, Sankaet Pathak, that customers had been unable to reach their money since mid-May, that there was a potential shortfall of $65 million to $96 million between what consumers were owed and what the partner banks held, and that as major equity holders, operators of Synapse-dependent services and partner banks it was ultimately the recipients' responsibility to ensure the safety and accessibility of end-user funds; they urged the recipients to pool resources to release all frozen deposits immediately."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-fed-letter","record":{"id":"c-sf-fed-letter","kind":"fact","text":"Replying on July 2, 2024 to the trustee's letter of June 20, the Federal Reserve Board's general counsel, Mark Van Der Weide, expressed sincere concern for harmed consumers and wrote that identifying exact balances was complex because Synapse-related funds sat at several banks, often in accounts held for the benefit of multiple users; he said the Federal Reserve, as Evolve's primary federal regulator, expected supervised banks to return customer funds consistent with applicable law and would continue to monitor Evolve's progress in returning customer funds affected by the bankruptcy.","source_ids":["src-033"],"entity_ids":["federal-reserve","evolve","synapse","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: Replying on July 2, 2024 to the trustee's letter of June 20, the Federal Reserve Board's general counsel, Mark Van Der Weide, expressed sincere concern for harmed consumers and wrote that identifying exact balances was complex because Synapse-related funds sat at several banks, often in accounts held for the benefit of multiple users; he said the Federal Reserve, as Evolve's primary federal regulator, expected supervised banks to return customer funds consistent with applicable law and would continue to monitor Evolve's progress in returning customer funds affected by the bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-mongodb","record":{"id":"c-sf-mongodb","kind":"fact","text":"On July 1, 2024 the trustee's counsel wrote to MongoDB, which had said it intended to terminate services on the debtor's subscriptions because post-petition bills were unpaid, that its systems held Synapse records not found anywhere else and that reconciling Synapse's ledger with the banks' ledgers was needed both to let the banks distribute more than $100 million they held for end users and to identify the origin of a $65 million to $96 million shortfall.","source_ids":["src-033"],"entity_ids":["synapse","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: On July 1, 2024 the trustee's counsel wrote to MongoDB, which had said it intended to terminate services on the debtor's subscriptions because post-petition bills were unpaid, that its systems held Synapse records not found anywhere else and that reconciling Synapse's ledger with the banks' ledgers was needed both to let the banks distribute more than $100 million they held for end users and to identify the origin of a $65 million to $96 million shortfall."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-end-user-complaints","record":{"id":"c-sf-end-user-complaints","kind":"fact","text":"By November 2024 affected end users had appealed Evolve's reconciliation results, contacted lawmakers and filed claims with the FDIC, the CFPB and the Federal Reserve Bank of St. Louis, Evolve's primary regulator; a website set up by a group of users coordinated complaints to the Federal Reserve against Evolve, Lineage, AMG and American Bank.","source_ids":["src-030"],"entity_ids":["evolve","lineage","amg","american-bank"],"qualification":"","response":"","outcome":""},"reading":"Fact: By November 2024 affected end users had appealed Evolve's reconciliation results, contacted lawmakers and filed claims with the FDIC, the CFPB and the Federal Reserve Bank of St. Louis, Evolve's primary regulator; a website set up by a group of users coordinated complaints to the Federal Reserve against Evolve, Lineage, AMG and American Bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-evolve-payout-dispute","record":{"id":"c-sf-evolve-payout-dispute","kind":"attributed","text":"After Evolve's November 2024 payouts, customers of Yotta and Juno reported receiving small fractions of their balances, such as $0.84 on $10,328 and $9.01 on $28,660 in screenshots seen by the trade press. Yotta said a survey of more than 8,700 of its users with deposits of more than $46.7 million showed Evolve payments of $7.7 million, a 16.5% payout ratio, whereas the Synapse trial balance showed Evolve owing about $158 million; it also said Evolve's reconciliation covered only the period from September 30, 2023, although Synapse had reported discrepancies earlier, and that Evolve refused to share data on its payments and on ecosystem balances. A Yotta spokesperson said Evolve had acknowledged knowing of the shortfall since at least September 2023 without telling Yotta.","source_ids":["src-030","src-051","src-065"],"entity_ids":["evolve","yotta","juno","synapse"],"qualification":"Yotta's survey and statements as a party in litigation with Evolve, and customer screenshots reported by the trade press.","response":"Evolve declined to comment further to the trade press on the reconciliation; it has maintained that the shortfall arose from inaccuracies in Synapse's ledger.","outcome":"Evolve let end users choose a payment method until December 4, 2024, after which it would send checks; the trustee's November 2024 report showed 44% of the FBO funds Evolve held distributed.","adverse_subject_ids":["evolve"]},"reading":"Attributed: After Evolve's November 2024 payouts, customers of Yotta and Juno reported receiving small fractions of their balances, such as $0.84 on $10,328 and $9.01 on $28,660 in screenshots seen by the trade press. Yotta said a survey of more than 8,700 of its users with deposits of more than $46.7 million showed Evolve payments of $7.7 million, a 16.5% payout ratio, whereas the Synapse trial balance showed Evolve owing about $158 million; it also said Evolve's reconciliation covered only the period from September 30, 2023, although Synapse had reported discrepancies earlier, and that Evolve refused to share data on its payments and on ecosystem balances. A Yotta spokesperson said Evolve had acknowledged knowing of the shortfall since at least September 2023 without telling Yotta."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-sf-cfpb-redress","record":{"id":"c-sf-cfpb-redress","kind":"fact","text":"The CFPB's Civil Penalty Fund allocated $46,248,291 for victims in the Synapse Financial Technologies, Inc. matter in its November 28, 2025 allocation and a further $8,965,767 on May 29, 2026; Yotta's status page reported that the timing and amounts of the CFPB's payments remained to be determined.","source_ids":["src-060","src-051"],"entity_ids":["synapse","cfpb"],"qualification":"","response":"","outcome":""},"reading":"Fact: The CFPB's Civil Penalty Fund allocated $46,248,291 for victims in the Synapse Financial Technologies, Inc. matter in its November 28, 2025 allocation and a further $8,965,767 on May 29, 2026; Yotta's status page reported that the timing and amounts of the CFPB's payments remained to be determined."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-advisers","record":{"id":"c-ch-advisers","kind":"fact","text":"Before filing, the debtor said, it explored investment, restructuring and sale options: around the spring of 2022 it engaged William Blair as investment banker to seek new capital and worked with Sherwood Partners, Inc. as financial adviser; it later replaced William Blair and sought to engage Jefferies LLC to market the company for sale as a going concern, receiving several offers.","source_ids":["src-003"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Before filing, the debtor said, it explored investment, restructuring and sale options: around the spring of 2022 it engaged William Blair as investment banker to seek new capital and worked with Sherwood Partners, Inc. as financial adviser; it later replaced William Blair and sought to engage Jefferies LLC to market the company for sale as a going concern, receiving several offers."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-board-resolution","record":{"id":"c-ch-board-resolution","kind":"fact","text":"By unanimous written consent dated April 10 and 11, 2024, the board of directors of Synapse Financial Technologies, Inc., signed by Sankaet Pathak, Doug Marchant and Hillary Quirk as all of its members, resolved to file a voluntary Chapter 11 petition in the Central District of California and designated Pathak as the responsible party and designated officer of the company during the case.","source_ids":["src-022"],"entity_ids":["synapse","pathak","marchant","quirk"],"qualification":"","response":"","outcome":""},"reading":"Fact: By unanimous written consent dated April 10 and 11, 2024, the board of directors of Synapse Financial Technologies, Inc., signed by Sankaet Pathak, Doug Marchant and Hillary Quirk as all of its members, resolved to file a voluntary Chapter 11 petition in the Central District of California and designated Pathak as the responsible party and designated officer of the company during the case."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-tabapay-apa","record":{"id":"c-ch-tabapay-apa","kind":"fact","text":"On April 19, 2024 Synapse signed an asset purchase agreement under which TabaPay, or its designee, would buy substantially all of its assets, including its equity in its two subsidiaries, for $9,700,000 in cash plus other consideration such as assumed contracts. The sale was to close in three stages: the main assets by April 30, 2024, subject among other conditions to program reconciliations and third-party consents; the broker-dealer subsidiary by May 30, 2024, after a FINRA change-of-control process; and the lending subsidiary by April 19, 2025. At the petition date the debtor described its primary assets as about $2 million in cash, its technology platform, customer agreements and the equity in its subsidiaries, and possible claims against third parties.","source_ids":["src-003"],"entity_ids":["synapse","tabapay","synapse-brokerage","synapse-credit"],"qualification":"","response":"","outcome":""},"reading":"Fact: On April 19, 2024 Synapse signed an asset purchase agreement under which TabaPay, or its designee, would buy substantially all of its assets, including its equity in its two subsidiaries, for $9,700,000 in cash plus other consideration such as assumed contracts. The sale was to close in three stages: the main assets by April 30, 2024, subject among other conditions to program reconciliations and third-party consents; the broker-dealer subsidiary by May 30, 2024, after a FINRA change-of-control process; and the lending subsidiary by April 19, 2025. At the petition date the debtor described its primary assets as about $2 million in cash, its technology platform, customer agreements and the equity in its subsidiaries, and possible claims against third parties."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-petition","record":{"id":"c-ch-petition","kind":"fact","text":"Synapse Financial Technologies, Inc. filed a voluntary Chapter 11 petition on April 22, 2024 in the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division (Case No. 1:24-bk-10646-MB, Judge Martin R. Barash). Sankaet Pathak signed the petition as chief executive officer; the debtor was represented by Levene, Neale, Bender, Yoo & Golubchik L.L.P., and an official committee of unsecured creditors was later appointed.","source_ids":["src-001","src-022"],"entity_ids":["synapse","pathak"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Fact: Synapse Financial Technologies, Inc. filed a voluntary Chapter 11 petition on April 22, 2024 in the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division (Case No. 1:24-bk-10646-MB, Judge Martin R. Barash). Sankaet Pathak signed the petition as chief executive officer; the debtor was represented by Levene, Neale, Bender, Yoo & Golubchik L.L.P., and an official committee of unsecured creditors was later appointed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-scale","record":{"id":"c-ch-scale","kind":"fact","text":"The petition estimated 50 to 99 creditors and assets and liabilities each in the range of $10,000,001 to $50 million, according to a trade-press report. The list of the 20 largest unsecured creditors was headed by Kroll Associates, Inc. ($473,662.28), Thomson Reuters ($290,822.50, disputed), Lineage Bank ($276,812.26, disputed), Amazon Web Services ($261,509.36), Jones Day ($229,275.00), Trulioo ($225,754.20) and MasterCard International ($210,900.83, disputed); TabaPay, Inc. ($67,500.02) and Yotta Technologies Inc ($65,172.33) were also listed.","source_ids":["src-049","src-022"],"entity_ids":["synapse","kroll","lineage","tabapay","yotta"],"qualification":"","response":"","outcome":""},"reading":"Fact: The petition estimated 50 to 99 creditors and assets and liabilities each in the range of $10,000,001 to $50 million, according to a trade-press report. The list of the 20 largest unsecured creditors was headed by Kroll Associates, Inc. ($473,662.28), Thomson Reuters ($290,822.50, disputed), Lineage Bank ($276,812.26, disputed), Amazon Web Services ($261,509.36), Jones Day ($229,275.00), Trulioo ($225,754.20) and MasterCard International ($210,900.83, disputed); TabaPay, Inc. ($67,500.02) and Yotta Technologies Inc ($65,172.33) were also listed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-ip","record":{"id":"c-ch-ip","kind":"fact","text":"The debtor stated that its only intellectual-property asset was a registered trademark and that it had no copyright or patent assets.","source_ids":["src-023"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: The debtor stated that its only intellectual-property asset was a registered trademark and that it had no copyright or patent assets."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-svb-loan","record":{"id":"c-ch-svb-loan","kind":"fact","text":"Under a Loan and Security Agreement of February 19, 2021, Silicon Valley Bank agreed to lend Synapse and Synapse Credit in two tranches of up to $4 million and up to $2 million, interest-only until January 31, 2022 and then repayable in 36 monthly instalments, secured on all of Synapse's personal property other than intellectual property; a UCC financing statement was filed in Delaware the same day. The debtor described SVB as the predecessor of First-Citizens Bank & Trust Company and estimated about $1.5 million owing as of April 30, 2024.","source_ids":["src-023"],"entity_ids":["svb","synapse","synapse-credit","first-citizens"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under a Loan and Security Agreement of February 19, 2021, Silicon Valley Bank agreed to lend Synapse and Synapse Credit in two tranches of up to $4 million and up to $2 million, interest-only until January 31, 2022 and then repayable in 36 monthly instalments, secured on all of Synapse's personal property other than intellectual property; a UCC financing statement was filed in Delaware the same day. The debtor described SVB as the predecessor of First-Citizens Bank & Trust Company and estimated about $1.5 million owing as of April 30, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-svb-successor","record":{"id":"c-ch-svb-successor","kind":"fact","text":"Silicon Valley Bank was acquired by First-Citizens Bank & Trust Company after it entered receivership; in 2024 the creditor was listed as Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, Synapse's primary operating accounts were held at First Citizens Bank as acquirer of Silicon Valley Bank, and by June 2025 First Citizens was owed about $1.5 million under the SVB loan.","source_ids":["src-017","src-003","src-042"],"entity_ids":["svb","first-citizens","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Silicon Valley Bank was acquired by First-Citizens Bank & Trust Company after it entered receivership; in 2024 the creditor was listed as Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, Synapse's primary operating accounts were held at First Citizens Bank as acquirer of Silicon Valley Bank, and by June 2025 First Citizens was owed about $1.5 million under the SVB loan."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-triplepoint","record":{"id":"c-ch-triplepoint","kind":"fact","text":"Under a Plain English Growth Capital Loan and Security Agreement of July 29, 2022, lenders identified as TPVG, TPVL and TPC, with TriplePoint Capital LLC as collateral agent, made three facilities available to Synapse: $9 million, $6 million subject to milestones and warrant agreements, and $5 million subject to milestones. TriplePoint took a lien on all of Synapse's personal property, filed in Delaware the same day, with deposit account control agreements over accounts at SVB, Evolve and Independent Bank, and its claims were subordinated to SVB's senior debt. Before the filing TriplePoint agreed to accept a discounted payoff of $7,199,624.29 if paid by May 6, 2024.","source_ids":["src-023","src-003"],"entity_ids":["triplepoint","synapse","svb","evolve","independent-bank"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under a Plain English Growth Capital Loan and Security Agreement of July 29, 2022, lenders identified as TPVG, TPVL and TPC, with TriplePoint Capital LLC as collateral agent, made three facilities available to Synapse: $9 million, $6 million subject to milestones and warrant agreements, and $5 million subject to milestones. TriplePoint took a lien on all of Synapse's personal property, filed in Delaware the same day, with deposit account control agreements over accounts at SVB, Evolve and Independent Bank, and its claims were subordinated to SVB's senior debt. Before the filing TriplePoint agreed to accept a discounted payoff of $7,199,624.29 if paid by May 6, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-tpvg","record":{"id":"c-ch-tpvg","kind":"fact","text":"TriplePoint Venture Growth BDC Corp. listed in its portfolio a growth capital loan to Synapse Financial Technologies, Inc. acquired on July 29, 2022 at Prime plus 5.75% with a 9.75% floor and a 4.00% end-of-term payment, maturing on July 31, 2025, and a warrant for 3,913 shares of Synapse's non-voting stock acquired the same day, according to its 2024 registration statement on Form N-2.","source_ids":["src-028"],"entity_ids":["tpvg","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: TriplePoint Venture Growth BDC Corp. listed in its portfolio a growth capital loan to Synapse Financial Technologies, Inc. acquired on July 29, 2022 at Prime plus 5.75% with a 9.75% floor and a 4.00% end-of-term payment, maturing on July 31, 2025, and a warrant for 3,913 shares of Synapse's non-voting stock acquired the same day, according to its 2024 registration statement on Form N-2."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-secured-2025","record":{"id":"c-ch-secured-2025","kind":"fact","text":"In June 2025 the trustee reported that First Citizens was owed about $1.5 million and TriplePoint about $7.2 million, both secured on Synapse's property, and that under the cash collateral orders both lenders had received adequate-protection liens and superpriority administrative claims. A stipulation between the trustee and First Citizens on applying cash collateral was filed on November 3, 2025 and approved by the court on November 6, 2025.","source_ids":["src-001","src-042"],"entity_ids":["first-citizens","triplepoint","synapse","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: In June 2025 the trustee reported that First Citizens was owed about $1.5 million and TriplePoint about $7.2 million, both secured on Synapse's property, and that under the cash collateral orders both lenders had received adequate-protection liens and superpriority administrative claims. A stipulation between the trustee and First Citizens on applying cash collateral was filed on November 3, 2025 and approved by the court on November 6, 2025."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-sale-collapse","record":{"id":"c-ch-sale-collapse","kind":"fact","text":"The court approved bidding procedures on May 1, 2024 and set the sale hearing for May 9. At that hearing Synapse reported that it had failed to reach a settlement with Evolve, and the buyer said it would not proceed without one, so the sale process was halted; the trustee later referred to TabaPay's cancelled asset purchase.","source_ids":["src-017","src-042"],"entity_ids":["synapse","tabapay","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: The court approved bidding procedures on May 1, 2024 and set the sale hearing for May 9. At that hearing Synapse reported that it had failed to reach a settlement with Evolve, and the buyer said it would not proceed without one, so the sale process was halted; the trustee later referred to TabaPay's cancelled asset purchase."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-ust-motion","record":{"id":"c-ch-ust-motion","kind":"fact","text":"On May 15, 2024 the United States Trustee for the Central District of California filed an emergency motion to convert the case to Chapter 7 or, alternatively, to appoint a Chapter 11 trustee; according to a technology-press account of the motion, the U.S. Trustee said Synapse had grossly mismanaged its estate, with losses continuing and little reasonable likelihood of reorganization.","source_ids":["src-102","src-017"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: On May 15, 2024 the United States Trustee for the Central District of California filed an emergency motion to convert the case to Chapter 7 or, alternatively, to appoint a Chapter 11 trustee; according to a technology-press account of the motion, the U.S. Trustee said Synapse had grossly mismanaged its estate, with losses continuing and little reasonable likelihood of reorganization."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-may24","record":{"id":"c-ch-may24","kind":"fact","text":"On May 24, 2024 the debtor reported that it would run out of cash, terminate its remaining employees and cease operations by the end of that day, and that without new funding, which did not appear available, there was no chance of a reorganization or a going-concern sale. At the hearing that day one of its lawyers told the court, according to a press report, that all of the company's funds were gone.","source_ids":["src-009","src-042","src-093"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: On May 24, 2024 the debtor reported that it would run out of cash, terminate its remaining employees and cease operations by the end of that day, and that without new funding, which did not appear available, there was no chance of a reorganization or a going-concern sale. At the hearing that day one of its lawyers told the court, according to a press report, that all of the company's funds were gone."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-trustee-order","record":{"id":"c-ch-trustee-order","kind":"fact","text":"Granting the U.S. Trustee's motion on May 24, 2024, Judge Barash ordered the appointment of a Chapter 11 trustee on the basis of findings stated orally at the hearing, directed the trustee to meet and confer with the fintech platforms, partner banks and secured lenders and to file weekly status reports from June 6, 2024, and ordered the debtor, its subsidiaries, officers, directors, shareholders and current and former employees to preserve all evidence and not to delete, alter or conceal any documents or electronic information about the debtor's business. The U.S. Trustee appointed Jelena McWilliams, a former chair of the FDIC, as trustee.","source_ids":["src-054","src-001","src-021","src-017"],"entity_ids":["synapse","mcwilliams","synapse-brokerage","synapse-credit"],"qualification":"","response":"","outcome":""},"reading":"Fact: Granting the U.S. Trustee's motion on May 24, 2024, Judge Barash ordered the appointment of a Chapter 11 trustee on the basis of findings stated orally at the hearing, directed the trustee to meet and confer with the fintech platforms, partner banks and secured lenders and to file weekly status reports from June 6, 2024, and ordered the debtor, its subsidiaries, officers, directors, shareholders and current and former employees to preserve all evidence and not to delete, alter or conceal any documents or electronic information about the debtor's business. The U.S. Trustee appointed Jelena McWilliams, a former chair of the FDIC, as trustee."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-mismanagement-report","record":{"id":"c-ch-mismanagement-report","kind":"attributed","text":"A 2025 business-press account says that by May 2024 the bankruptcy court had removed Synapse's management from decision-making, citing gross mismanagement, when it appointed McWilliams to take over day-to-day operations.","source_ids":["src-021","src-054"],"entity_ids":["synapse","mcwilliams"],"qualification":"Press characterisation; the appointment order itself rests on findings stated orally at the hearing, which are not retained in the record.","response":"","outcome":"The court granted the U.S. Trustee's motion on May 24, 2024 and ordered the appointment of a Chapter 11 trustee; Jelena McWilliams was appointed."},"reading":"Attributed: A 2025 business-press account says that by May 2024 the bankruptcy court had removed Synapse's management from decision-making, citing gross mismanagement, when it appointed McWilliams to take over day-to-day operations."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-hearing-may24","record":{"id":"c-ch-hearing-may24","kind":"fact","text":"At the May 24, 2024 hearing, as reported by the press, the judge ordered weekly status reports and in-person status conferences, reiterated the preservation order for Synapse's current and former employees, and said it was a horrible situation for customers who could not buy food or pay their mortgage or rent.","source_ids":["src-093"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: At the May 24, 2024 hearing, as reported by the press, the judge ordered weekly status reports and in-person status conferences, reiterated the preservation order for Synapse's current and former employees, and said it was a horrible situation for customers who could not buy food or pay their mortgage or rent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-former-officers","record":{"id":"c-ch-former-officers","kind":"fact","text":"The trustee's second report described Sankaet Pathak and Tracey Guerin as former Synapse officers who testified under oath at the creditors' meeting on June 10, 2024; Pam Wismer, an independent contractor from Ascent CFO Solutions, had provided part-time chief financial officer services to the debtor, and Jack Doan was its former chief human resources officer. The first report described Guerin as the debtor's former general counsel.","source_ids":["src-017","src-031"],"entity_ids":["pathak","guerin","wismer","doan","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee's second report described Sankaet Pathak and Tracey Guerin as former Synapse officers who testified under oath at the creditors' meeting on June 10, 2024; Pam Wismer, an independent contractor from Ascent CFO Solutions, had provided part-time chief financial officer services to the debtor, and Jack Doan was its former chief human resources officer. The first report described Guerin as the debtor's former general counsel."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-system-access","record":{"id":"c-ch-system-access","kind":"fact","text":"The trustee obtained access to the debtor's MongoDB database, Slack, Rippling HR system and the data room prepared for TabaPay's due diligence; administrative access to MongoDB came from former officers. Master credentials to Synapse's Amazon Web Services environment, where ledger records were also stored, were reported to be known only to two former engineers, who did not at first respond and later said they no longer had access.","source_ids":["src-017","src-032"],"entity_ids":["synapse","tabapay"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee obtained access to the debtor's MongoDB database, Slack, Rippling HR system and the data room prepared for TabaPay's due diligence; administrative access to MongoDB came from former officers. Master credentials to Synapse's Amazon Web Services environment, where ledger records were also stored, were reported to be known only to two former engineers, who did not at first respond and later said they no longer had access."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-b-riley","record":{"id":"c-ch-b-riley","kind":"fact","text":"According to Yotta's status page, the trustee reported in early July 2024 that B. Riley Financial, Inc. had been retained to help with forensic accounting and the management of the Synapse estate.","source_ids":["src-051"],"entity_ids":["b-riley","synapse","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to Yotta's status page, the trustee reported in early July 2024 that B. Riley Financial, Inc. had been retained to help with forensic accounting and the management of the Synapse estate."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-no-liquidity","record":{"id":"c-ch-no-liquidity","kind":"fact","text":"In June 2024 the trustee reported that the debtor appeared to have no available liquidity and no arrangement with its secured lenders to use cash collateral if the estate obtained funding; the estate could not pay its counsel or financial advisers throughout the trustee's appointment.","source_ids":["src-017","src-042"],"entity_ids":["synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: In June 2024 the trustee reported that the debtor appeared to have no available liquidity and no arrangement with its secured lenders to use cash collateral if the estate obtained funding; the estate could not pay its counsel or financial advisers throughout the trustee's appointment."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-asset-sale","record":{"id":"c-ch-asset-sale","kind":"fact","text":"The trustee tried to sell the remaining assets, chiefly the technology platform and data. Pathak's declaration of May 6, 2024 had put the net book value of office equipment at $9,931 and of all intellectual property at $408,544, and the trustee considered the customer lists and goodwill worthless. The court approved bidding procedures on October 17, 2024, but no qualified bid arrived by the extended deadline of November 11, 2024, the auction was adjourned, and bids received did not exceed the secured liens or justify the cost of completing a sale.","source_ids":["src-042"],"entity_ids":["synapse","pathak","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee tried to sell the remaining assets, chiefly the technology platform and data. Pathak's declaration of May 6, 2024 had put the net book value of office equipment at $9,931 and of all intellectual property at $408,544, and the trustee considered the customer lists and goodwill worthless. The court approved bidding procedures on October 17, 2024, but no qualified bid arrived by the extended deadline of November 11, 2024, the auction was adjourned, and bids received did not exceed the secured liens or justify the cost of completing a sale."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-causes-of-action","record":{"id":"c-ch-causes-of-action","kind":"fact","text":"The trustee said the debtor might hold valuable claims against third parties, but the estate had no funds to investigate or litigate them and she found no contingency-counsel or sale arrangement that would return meaningful value; she also noted that the ledger data held by MongoDB and Amazon Web Services might matter to affected people, while the estate could not pay for its upkeep.","source_ids":["src-042"],"entity_ids":["synapse","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: The trustee said the debtor might hold valuable claims against third parties, but the estate had no funds to investigate or litigate them and she found no contingency-counsel or sale arrangement that would return meaningful value; she also noted that the ledger data held by MongoDB and Amazon Web Services might matter to affected people, while the estate could not pay for its upkeep."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ch-dismissal","record":{"id":"c-ch-dismissal","kind":"fact","text":"On the trustee's motion of June 5, 2025 to convert or dismiss the case, the court entered an order approving dismissal of the Chapter 11 case on November 12, 2025. On June 29, 2026 the clerk closed the case, discharged the trustee and exonerated her bond.","source_ids":["src-001"],"entity_ids":["synapse","mcwilliams"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Fact: On the trustee's motion of June 5, 2025 to convert or dismiss the case, the court entered an order approving dismissal of the Chapter 11 case on November 12, 2025. On June 29, 2026 the clerk closed the case, discharged the trustee and exonerated her bond."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-launch","record":{"id":"c-br-launch","kind":"attributed","text":"FINRA found that, to move away from its first deposit bank amid their dispute, Synapse changed its operating model so that its dormant broker-dealer, Synapse Brokerage, would offer services directly to end users; Jeffrey Stanley was warned that the firm was not ready but decided to proceed. In September 2023 Synapse Brokerage launched a cash management program in which deposited funds were spread among banks that were not FINRA members with the aim of maximising FDIC coverage. End users who did not opt out became Synapse Brokerage customers but kept using their fintech app; the program was the firm's only line of business, and it offered no securities products.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse","stanley"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":""},"reading":"Attributed: FINRA found that, to move away from its first deposit bank amid their dispute, Synapse changed its operating model so that its dormant broker-dealer, Synapse Brokerage, would offer services directly to end users; Jeffrey Stanley was warned that the firm was not ready but decided to proceed. In September 2023 Synapse Brokerage launched a cash management program in which deposited funds were spread among banks that were not FINRA members with the aim of maximising FDIC coverage. End users who did not opt out became Synapse Brokerage customers but kept using their fintech app; the program was the firm's only line of business, and it offered no securities products."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-structure","record":{"id":"c-br-structure","kind":"attributed","text":"Under the program as FINRA describes it, customers first had to deposit money in an account at one of Synapse's deposit banks, from which it was to be swept to a Synapse Brokerage omnibus account at a third bank and spread among multiple program banks; Synapse kept the ledger of each customer's brokerage balance. Synapse Brokerage earned substantial revenue from interest and fees paid by the program banks, passing part to fintechs or customers. From September 2023 to mid-May 2024 customers could not withdraw directly from the program banks: funds had to move back through the deposit banks first.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":""},"reading":"Attributed: Under the program as FINRA describes it, customers first had to deposit money in an account at one of Synapse's deposit banks, from which it was to be swept to a Synapse Brokerage omnibus account at a third bank and spread among multiple program banks; Synapse kept the ledger of each customer's brokerage balance. Synapse Brokerage earned substantial revenue from interest and fees paid by the program banks, passing part to fintechs or customers. From September 2023 to mid-May 2024 customers could not withdraw directly from the program banks: funds had to move back through the deposit banks first."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-synapse-name","record":{"id":"c-br-synapse-name","kind":"attributed","text":"FINRA found that brokerage customers' funds at the second deposit bank sat in an FBO account in Synapse Financial Technologies' name, and that after December 2023 the omnibus accounts at the first bank were retitled 'Synapse Financial Technologies Synapse FBO Synapse Brokerage ACH Customers' and '... Wire Customers'; by January 2024 all customer funds sent from Synapse Brokerage to both banks were held in omnibus accounts in the parent's name rather than the brokerage's or the banks'. Synapse's terms of service, to which the opt-out notices referred customers, said that Synapse did not and would not control, transmit or hold their funds, and customers were not told otherwise.","source_ids":["src-009"],"entity_ids":["synapse","synapse-brokerage"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":""},"reading":"Attributed: FINRA found that brokerage customers' funds at the second deposit bank sat in an FBO account in Synapse Financial Technologies' name, and that after December 2023 the omnibus accounts at the first bank were retitled 'Synapse Financial Technologies Synapse FBO Synapse Brokerage ACH Customers' and '... Wire Customers'; by January 2024 all customer funds sent from Synapse Brokerage to both banks were held in omnibus accounts in the parent's name rather than the brokerage's or the banks'. Synapse's terms of service, to which the opt-out notices referred customers, said that Synapse did not and would not control, transmit or hold their funds, and customers were not told otherwise."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-staffing","record":{"id":"c-br-staffing","kind":"attributed","text":"Synapse Brokerage depended on the parent's staff, FINRA found. Jeffrey Stanley was employed by Synapse Financial Technologies from January 2023 to May 2024, worked only on the brokerage and, although its chief executive and president from December 2023, reported to the parent's unregistered chief compliance officer; the only other registered employee split his time with the parent and reported to its chief technology officer. The remaining registered personnel were part-time outside consultants, including Mark Paverman, who was anti-money-laundering compliance officer throughout, nominal chief executive until December 2023 and chief compliance officer afterwards, and spent about five hours a week on the firm's business. In December 2023 Stanley signed an amended intercompany service and expense sharing agreement under which the brokerage paid the parent to furnish personnel and services.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse","stanley","paverman"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":""},"reading":"Attributed: Synapse Brokerage depended on the parent's staff, FINRA found. Jeffrey Stanley was employed by Synapse Financial Technologies from January 2023 to May 2024, worked only on the brokerage and, although its chief executive and president from December 2023, reported to the parent's unregistered chief compliance officer; the only other registered employee split his time with the parent and reported to its chief technology officer. The remaining registered personnel were part-time outside consultants, including Mark Paverman, who was anti-money-laundering compliance officer throughout, nominal chief executive until December 2023 and chief compliance officer afterwards, and spent about five hours a week on the firm's business. In December 2023 Stanley signed an amended intercompany service and expense sharing agreement under which the brokerage paid the parent to furnish personnel and services."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-parent-functions","record":{"id":"c-br-parent-functions","kind":"attributed","text":"According to FINRA, unregistered staff of the parent onboarded brokerage customers, negotiated with fintechs, designed the program's technology, maintained the brokerage's ledger, directed transfers of customer funds, handled anti-money-laundering reviews and selected the program banks; they had authority over the brokerage's bank accounts and on at least two occasions moved money out of a brokerage account without approval from any registered person. No one at Synapse Brokerage had direct access to its ledgers, whose contents were available only through reports from the parent's staff.","source_ids":["src-009"],"entity_ids":["synapse","synapse-brokerage"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":""},"reading":"Attributed: According to FINRA, unregistered staff of the parent onboarded brokerage customers, negotiated with fintechs, designed the program's technology, maintained the brokerage's ledger, directed transfers of customer funds, handled anti-money-laundering reviews and selected the program banks; they had authority over the brokerage's bank accounts and on at least two occasions moved money out of a brokerage account without approval from any registered person. No one at Synapse Brokerage had direct access to its ledgers, whose contents were available only through reports from the parent's staff."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-opt-out","record":{"id":"c-br-opt-out","kind":"attributed","text":"Fintechs emailed opt-out notices, worded by Synapse Brokerage, from about July 2023 to February 2024: unless end users contacted the firm, a brokerage account would be opened in their name and their deposit-bank funds moved into the program, and continued use of the app meant accepting the brokerage's customer agreement. FINRA gives examples: within eight days of one fintech's notice on October 5, 2023, about $200 million belonging to about 650,000 end users moved from the first deposit bank into the program, and within a week of another's notice on October 13, 2023 about $60 million of about 32,000 users moved. By the end of November 2023 more than two million accounts had been opened and about $388 million transferred; at one fintech only about 29,000 of some 90,000 recipients opened the email and 123 clicked the links to the agreement. Stanley approved the opening of more than two million accounts without any affirmative customer authorisation, FINRA found.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","stanley"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":""},"reading":"Attributed: Fintechs emailed opt-out notices, worded by Synapse Brokerage, from about July 2023 to February 2024: unless end users contacted the firm, a brokerage account would be opened in their name and their deposit-bank funds moved into the program, and continued use of the app meant accepting the brokerage's customer agreement. FINRA gives examples: within eight days of one fintech's notice on October 5, 2023, about $200 million belonging to about 650,000 end users moved from the first deposit bank into the program, and within a week of another's notice on October 13, 2023 about $60 million of about 32,000 users moved. By the end of November 2023 more than two million accounts had been opened and about $388 million transferred; at one fintech only about 29,000 of some 90,000 recipients opened the email and 123 clicked the links to the agreement. Stanley approved the opening of more than two million accounts without any affirmative customer authorisation, FINRA found."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-reallocation","record":{"id":"c-br-reallocation","kind":"attributed","text":"FINRA found that around December 31, 2023 the first deposit bank stopped sweeping brokerage customers' deposits into Synapse Brokerage, without customers being told, and that Synapse then began reallocating brokerage customers' funds by changing values on its ledger with no accompanying transfer, so that only Synapse and the brokerage could know. On or about April 30, 2024, a week after the bankruptcy filing, Synapse moved more than $85 million of brokerage funds belonging to end users of one fintech on its ledger from the program banks to the first deposit bank, offsetting it by moving other fintechs' users' funds the other way, with no wire or ACH transfer and without customer authorisation; the reallocations appeared on Synapse's trial balance reports.","source_ids":["src-009"],"entity_ids":["synapse","synapse-brokerage"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: FINRA found that around December 31, 2023 the first deposit bank stopped sweeping brokerage customers' deposits into Synapse Brokerage, without customers being told, and that Synapse then began reallocating brokerage customers' funds by changing values on its ledger with no accompanying transfer, so that only Synapse and the brokerage could know. On or about April 30, 2024, a week after the bankruptcy filing, Synapse moved more than $85 million of brokerage funds belonging to end users of one fintech on its ledger from the program banks to the first deposit bank, offsetting it by moving other fintechs' users' funds the other way, with no wire or ACH transfer and without customer authorisation; the reallocations appeared on Synapse's trial balance reports."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-freeze","record":{"id":"c-br-freeze","kind":"attributed","text":"From May 11, 2024, FINRA found, Synapse Brokerage customers could not withdraw any money, because withdrawals had to pass through the deposit banks: the first bank had refused to process payments for the brokerage after its dispute with Synapse came to a head, and the second had terminated its agreement. About $110 million recorded at the program banks was returned to customers at the end of May and in June 2024; funds allocated to the first bank, largely the end-user funds reallocated on April 30, stayed frozen until that bank began releasing funds in November 2024, and those customers recovered only a fraction. Stanley had routinely approved transfers from the program banks to Synapse's omnibus account at the second bank to meet its $60 million minimum, without telling customers; that bank froze about $62 million from May to August 2024 and had returned about 90% by the end of September 2024.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse","stanley"],"qualification":"Finding in FINRA's January 28, 2026 order accepting Mark Paverman's offer of settlement, to which he consented without admitting or denying the allegations; the order states that its findings are not binding on any other person or entity named as a respondent. The order refers to Synapse's deposit banks as DDA Bank 1 and DDA Bank 2 and to fintech clients by number.","response":"","outcome":"","adverse_subject_ids":["synapse-brokerage"]},"reading":"Attributed: From May 11, 2024, FINRA found, Synapse Brokerage customers could not withdraw any money, because withdrawals had to pass through the deposit banks: the first bank had refused to process payments for the brokerage after its dispute with Synapse came to a head, and the second had terminated its agreement. About $110 million recorded at the program banks was returned to customers at the end of May and in June 2024; funds allocated to the first bank, largely the end-user funds reallocated on April 30, stayed frozen until that bank began releasing funds in November 2024, and those customers recovered only a fraction. Stanley had routinely approved transfers from the program banks to Synapse's omnibus account at the second bank to meet its $60 million minimum, without telling customers; that bank froze about $62 million from May to August 2024 and had returned about 90% by the end of September 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-stanley","record":{"id":"c-br-stanley","kind":"fact","text":"Jeffrey Alan Stanley was registered as a general securities principal through Synapse Brokerage from February 2023 to June 2024. According to FINRA he functionally acted as its chief executive before December 2023, supervising the firm, approving account openings and fund transfers and serving as its point of contact with Synapse, and was its president and chief executive in title from December 2023 to May 2024; the firm filed a Form U5 on June 21, 2024 reporting his voluntary departure. California's DFPI describes him as chief executive and a control person of the firm from December 2023 to July 2024. His FINRA record lists earlier posts as chief operating officer of Insperex (2020–2022) and as chief operating officer and chief risk officer of D.A. Davidson & Co. (2012–2020), and earlier registrations with Sterne, Agee & Leach and FTN Financial Securities.","source_ids":["src-009","src-053","src-019"],"entity_ids":["stanley","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Jeffrey Alan Stanley was registered as a general securities principal through Synapse Brokerage from February 2023 to June 2024. According to FINRA he functionally acted as its chief executive before December 2023, supervising the firm, approving account openings and fund transfers and serving as its point of contact with Synapse, and was its president and chief executive in title from December 2023 to May 2024; the firm filed a Form U5 on June 21, 2024 reporting his voluntary departure. California's DFPI describes him as chief executive and a control person of the firm from December 2023 to July 2024. His FINRA record lists earlier posts as chief operating officer of Insperex (2020–2022) and as chief operating officer and chief risk officer of D.A. Davidson & Co. (2012–2020), and earlier registrations with Sterne, Agee & Leach and FTN Financial Securities."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-paverman","record":{"id":"c-br-paverman","kind":"fact","text":"Mark Elliot Paverman was registered as a general securities principal through Synapse Brokerage from January 2021 to January 2025, while also registered in that capacity with about 30 other FINRA member firms. The firm's records identified him as its president and chief executive from March 2021 to December 2023, and he was chief compliance officer from December 2023 to January 2025; the firm filed a Form U5 on January 13, 2025 reporting his voluntary departure. FINRA found that he was an outside part-time consultant who spent about five hours a week on the firm; his FINRA record shows him as principal of his own compliance consultancy in Boca Raton, Florida since June 2019.","source_ids":["src-009","src-002","src-010"],"entity_ids":["paverman","synapse-brokerage"],"qualification":"","response":"","outcome":""},"reading":"Fact: Mark Elliot Paverman was registered as a general securities principal through Synapse Brokerage from January 2021 to January 2025, while also registered in that capacity with about 30 other FINRA member firms. The firm's records identified him as its president and chief executive from March 2021 to December 2023, and he was chief compliance officer from December 2023 to January 2025; the firm filed a Form U5 on January 13, 2025 reporting his voluntary departure. FINRA found that he was an outside part-time consultant who spent about five hours a week on the firm; his FINRA record shows him as principal of his own compliance consultancy in Boca Raton, Florida since June 2019."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-pathak-control","record":{"id":"c-br-pathak-control","kind":"fact","text":"California's DFPI states that Sankaet Pathak, founder and chief executive of Synapse Financial Technologies, was a control person of Synapse Brokerage from June 2020.","source_ids":["src-053"],"entity_ids":["pathak","synapse-brokerage","synapse","dfpi"],"qualification":"The end date of Pathak's control-person status is cut off in the retained copy of the DFPI accusation.","response":"","outcome":""},"reading":"Fact: California's DFPI states that Sankaet Pathak, founder and chief executive of Synapse Financial Technologies, was a control person of Synapse Brokerage from June 2020."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-finra-complaint","record":{"id":"c-br-finra-complaint","kind":"attributed","text":"On August 28, 2025 FINRA's Department of Enforcement filed disciplinary proceeding No. 2023080111701 against Stanley and Paverman. The complaint alleged that Stanley failed to reasonably supervise the firm's cash management program: he approved the opening of hundreds of thousands of brokerage accounts and transfers of customer funds without adequate customer authorisation, the firm under him failed to detect the ledger reallocation of tens of millions of dollars to a bank, and he failed to supervise the parent's unregistered staff or investigate red flags of ledger discrepancies. It alleged that Paverman caused the firm to fail to preserve electronic communications and falsely certified to FINRA that the firm contracted directly with its records vendor and had independent access to its records.","source_ids":["src-035","src-029","src-009","src-019"],"entity_ids":["finra","stanley","paverman","synapse-brokerage"],"qualification":"Allegations of a self-regulatory organisation at the time of filing; their resolution is set out in the separate settlement orders.","response":"Stanley's attorney, Paul Vorndran, said Stanley denied FINRA's allegations that he engaged in any misconduct and intended to defend himself vigorously. Paverman and Pathak did not respond to a trade-press request for comment.","outcome":"Both respondents later settled without admitting or denying the allegations: Paverman by an order of January 28, 2026 and Stanley by an order of May 22, 2026.","adverse_subject_ids":["stanley","paverman"]},"reading":"Attributed: On August 28, 2025 FINRA's Department of Enforcement filed disciplinary proceeding No. 2023080111701 against Stanley and Paverman. The complaint alleged that Stanley failed to reasonably supervise the firm's cash management program: he approved the opening of hundreds of thousands of brokerage accounts and transfers of customer funds without adequate customer authorisation, the firm under him failed to detect the ledger reallocation of tens of millions of dollars to a bank, and he failed to supervise the parent's unregistered staff or investigate red flags of ledger discrepancies. It alleged that Paverman caused the firm to fail to preserve electronic communications and falsely certified to FINRA that the firm contracted directly with its records vendor and had independent access to its records."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-paverman-order","record":{"id":"c-br-paverman-order","kind":"fact","text":"In an order of January 28, 2026 accepting his offer of settlement, Paverman consented, without admitting or denying the allegations, to findings that he caused Synapse Brokerage to violate FINRA Rules 4511 and 2010 by failing to preserve, from December 2023 to June 2024, emails of three registered representatives, instant messages of all of them and communications of parent-company staff performing brokerage functions, and that in May 2023 he gave FINRA a false undertaking that the firm contracted directly with its records vendor and had independent access to its records, when the contract was the parent's and the firm depended on the parent for access. He was suspended for 12 months in all principal capacities, from February 17, 2026 to February 16, 2027, fined $20,000 and required to requalify as a general securities principal.","source_ids":["src-009","src-103"],"entity_ids":["finra","paverman","synapse-brokerage","synapse"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["paverman"]},"reading":"Fact: In an order of January 28, 2026 accepting his offer of settlement, Paverman consented, without admitting or denying the allegations, to findings that he caused Synapse Brokerage to violate FINRA Rules 4511 and 2010 by failing to preserve, from December 2023 to June 2024, emails of three registered representatives, instant messages of all of them and communications of parent-company staff performing brokerage functions, and that in May 2023 he gave FINRA a false undertaking that the firm contracted directly with its records vendor and had independent access to its records, when the contract was the parent's and the firm depended on the parent for access. He was suspended for 12 months in all principal capacities, from February 17, 2026 to February 16, 2027, fined $20,000 and required to requalify as a general securities principal."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-stanley-order","record":{"id":"c-br-stanley-order","kind":"fact","text":"On May 22, 2026 FINRA accepted Stanley's offer of settlement in the same proceeding. Without admitting or denying the allegations, he consented to findings that from at least September 2023 to May 2024 the firm, acting through him, failed to maintain a supervisory system reasonably designed to ensure compliance with FINRA rules: he approved opening cash management accounts and moving customer funds without adequate authorisation, let a non-member parent perform significant brokerage functions including keeping the ledger used to reconcile customer balances without supervision, and failed to investigate red flags of substantial discrepancies between the parent's ledgers and those of third-party banks. He was suspended from any principal capacity for 12 months (to May 21, 2027) and from all capacities for four months (to September 21, 2026) and must requalify by examination; in light of his financial status no monetary sanction was imposed.","source_ids":["src-019"],"entity_ids":["finra","stanley","synapse-brokerage","synapse"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["stanley"]},"reading":"Fact: On May 22, 2026 FINRA accepted Stanley's offer of settlement in the same proceeding. Without admitting or denying the allegations, he consented to findings that from at least September 2023 to May 2024 the firm, acting through him, failed to maintain a supervisory system reasonably designed to ensure compliance with FINRA rules: he approved opening cash management accounts and moving customer funds without adequate authorisation, let a non-member parent perform significant brokerage functions including keeping the ledger used to reconcile customer balances without supervision, and failed to investigate red flags of substantial discrepancies between the parent's ledgers and those of third-party banks. He was suspended from any principal capacity for 12 months (to May 21, 2027) and from all capacities for four months (to September 21, 2026) and must requalify by examination; in light of his financial status no monetary sanction was imposed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-expulsion","record":{"id":"c-br-expulsion","kind":"fact","text":"FINRA suspended Synapse Brokerage on March 18, 2025 for failing to file its December 2024 annual audit report and failing to keep its Form BD current and accurate, and on June 23, 2025 expelled it from membership because it had not asked for the suspensions to be lifted within three months.","source_ids":["src-002"],"entity_ids":["finra","synapse-brokerage"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse-brokerage"]},"reading":"Fact: FINRA suspended Synapse Brokerage on March 18, 2025 for failing to file its December 2024 annual audit report and failing to keep its Form BD current and accurate, and on June 23, 2025 expelled it from membership because it had not asked for the suspensions to be lifted within three months."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-dfpi-accusation","record":{"id":"c-br-dfpi-accusation","kind":"fact","text":"California's Department of Financial Protection and Innovation began examining Synapse Brokerage's books and records on June 14, 2024. On October 11, 2024 Commissioner Clothilde V. Hewlett issued an accusation and notice of intent to revoke its broker-dealer certificate, finding that the firm had failed to produce required records (of beneficial owners, written customer complaints, communications and agreements with clients and financial institutions), that its net capital in May 2024 was $217,972, $32,028 short of the $250,000 minimum, and that it had not filed monthly interim financial reports from May to September 2024.","source_ids":["src-053"],"entity_ids":["dfpi","synapse-brokerage"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse-brokerage"]},"reading":"Fact: California's Department of Financial Protection and Innovation began examining Synapse Brokerage's books and records on June 14, 2024. On October 11, 2024 Commissioner Clothilde V. Hewlett issued an accusation and notice of intent to revoke its broker-dealer certificate, finding that the firm had failed to produce required records (of beneficial owners, written customer complaints, communications and agreements with clients and financial institutions), that its net capital in May 2024 was $217,972, $32,028 short of the $250,000 minimum, and that it had not filed monthly interim financial reports from May to September 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-dfpi-revocation","record":{"id":"c-br-dfpi-revocation","kind":"fact","text":"On January 22, 2025 the Acting Commissioner revoked Synapse Brokerage's broker-dealer certificate, first issued on March 22, 2010, after the firm did not request a hearing. DFPI's statement in the firm's regulatory record notes that the parent's bankruptcy left thousands of the brokerage's clients unable to reach their funds and that, while some had their funds returned, an estimated $60 million or more was unaccounted for as of January 2025.","source_ids":["src-002","src-081"],"entity_ids":["dfpi","synapse-brokerage","synapse"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse-brokerage"]},"reading":"Fact: On January 22, 2025 the Acting Commissioner revoked Synapse Brokerage's broker-dealer certificate, first issued on March 22, 2010, after the firm did not request a hearing. DFPI's statement in the firm's regulatory record notes that the parent's bankruptcy left thousands of the brokerage's clients unable to reach their funds and that, while some had their funds returned, an estimated $60 million or more was unaccounted for as of January 2025."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-br-credit-revocation","record":{"id":"c-br-credit-revocation","kind":"fact","text":"By an order of July 10, 2024, effective immediately, the Commissioner of Financial Protection and Innovation revoked Synapse Credit LLC's California Financing Law license (No. 60DBO-113301); Synapse Credit had been served with the notice and accusation in June 2024 and did not request a hearing. DFPI later said it was the first regulator to take formal action after the Synapse bankruptcy.","source_ids":["src-080","src-079"],"entity_ids":["dfpi","synapse-credit"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse-credit"]},"reading":"Fact: By an order of July 10, 2024, effective immediately, the Commissioner of Financial Protection and Innovation revoked Synapse Credit LLC's California Financing Law license (No. 60DBO-113301); Synapse Credit had been served with the notice and accusation in June 2024 and did not request a hearing. DFPI later said it was the first regulator to take formal action after the Synapse bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-cfpb-action","record":{"id":"c-rg-cfpb-action","kind":"fact","text":"On August 21, 2025 the CFPB filed an adversary complaint against Synapse Financial Technologies, Inc. within its bankruptcy case (Adv. No. 1:25-ap-01052-MB), together with a proposed stipulated final judgment. The single count alleged that Synapse, as a service provider to the fintech platforms and to Evolve, engaged in unfair acts or practices under sections 1031 and 1036 of the Consumer Financial Protection Act by failing to keep adequate records of where consumers' funds were and to ensure those records matched the partner banks' records, so that consumers lost access to their money.","source_ids":["src-004","src-073","src-101","src-060"],"entity_ids":["cfpb","synapse","evolve"],"qualification":"","response":"The trustee and the debtor neither admitted nor denied the allegations, and the CFPB made no allegations against the trustee.","outcome":"Resolved by the stipulated final judgment entered on September 12, 2025, which bans Synapse from deposit-taking, money transmission, custody of funds and payment processing, bars the sale of customer information and imposes a $1 penalty; the CFPB then allocated money from its Civil Penalty Fund to affected consumers.","adverse_subject_ids":["synapse"]},"reading":"Fact: On August 21, 2025 the CFPB filed an adversary complaint against Synapse Financial Technologies, Inc. within its bankruptcy case (Adv. No. 1:25-ap-01052-MB), together with a proposed stipulated final judgment. The single count alleged that Synapse, as a service provider to the fintech platforms and to Evolve, engaged in unfair acts or practices under sections 1031 and 1036 of the Consumer Financial Protection Act by failing to keep adequate records of where consumers' funds were and to ensure those records matched the partner banks' records, so that consumers lost access to their money."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-cfpb-judgment","record":{"id":"c-rg-cfpb-judgment","kind":"fact","text":"Judge Barash entered the stipulated final judgment on September 12, 2025. The trustee, acting for the debtor, agreed to it without adjudication of any issue of fact or law; she and the debtor neither admitted nor denied the complaint's allegations, the CFPB made no allegations against the trustee, and the facts alleged were to be taken as true in any proceeding based on the judgment. The judgment permanently bars Synapse from taking part in or assisting deposit-taking, money transmission, custody of funds or payment processing, bars the debtor and the trustee from selling customer information, and imposes a civil money penalty of $1, allowed as a general unsecured claim, which the CFPB said enabled it to use its Civil Penalty Fund to compensate harmed consumers.","source_ids":["src-101","src-004"],"entity_ids":["cfpb","synapse","mcwilliams"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Fact: Judge Barash entered the stipulated final judgment on September 12, 2025. The trustee, acting for the debtor, agreed to it without adjudication of any issue of fact or law; she and the debtor neither admitted nor denied the complaint's allegations, the CFPB made no allegations against the trustee, and the facts alleged were to be taken as true in any proceeding based on the judgment. The judgment permanently bars Synapse from taking part in or assisting deposit-taking, money transmission, custody of funds or payment processing, bars the debtor and the trustee from selling customer information, and imposes a civil money penalty of $1, allowed as a general unsecured claim, which the CFPB said enabled it to use its Civil Penalty Fund to compensate harmed consumers."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-cfpb-harm","record":{"id":"c-rg-cfpb-harm","kind":"fact","text":"The judgment defines the harm to affected consumers, anyone with an account at a fintech platform served by Synapse on May 17, 2024, as the difference between each consumer's balance with the platform on that date and the sum of distributions paid to the consumer by Evolve Bank & Trust, AMG National Trust Bank or Lineage Bank since then, plus prejudgment interest.","source_ids":["src-101"],"entity_ids":["cfpb","synapse","evolve","amg","lineage"],"qualification":"","response":"","outcome":""},"reading":"Fact: The judgment defines the harm to affected consumers, anyone with an account at a fintech platform served by Synapse on May 17, 2024, as the difference between each consumer's balance with the platform on that date and the sum of distributions paid to the consumer by Evolve Bank & Trust, AMG National Trust Bank or Lineage Bank since then, plus prejudgment interest."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-nh-2020","record":{"id":"c-rg-nh-2020","kind":"fact","text":"In a consent order in Case No. 16-041 (filed June 2020), the New Hampshire Banking Department stated its contention that SynapseFi, formerly Synapse Payments LLC, had conducted 1,187 unlicensed money transmissions for New Hampshire entities from at least 2015 to 2017, collecting fees of $82.60, and noted that the company had cooperated fully and stopped the activity in 2017. The company agreed to continue refraining from unlicensed money transmission, to amend its third-party contracts so that it was not positioned to transmit money, and to pay an administrative fine of $1,582.60; Sankaet Pathak signed as chief executive officer.","source_ids":["src-039","src-038"],"entity_ids":["nh-banking","synapse","synapse-payments","pathak"],"qualification":"The violations are the Department's contentions; the company waived a hearing and entered the order by consent.","response":"","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Fact: In a consent order in Case No. 16-041 (filed June 2020), the New Hampshire Banking Department stated its contention that SynapseFi, formerly Synapse Payments LLC, had conducted 1,187 unlicensed money transmissions for New Hampshire entities from at least 2015 to 2017, collecting fees of $82.60, and noted that the company had cooperated fully and stopped the activity in 2017. The company agreed to continue refraining from unlicensed money transmission, to amend its third-party contracts so that it was not positioned to transmit money, and to pay an administrative fine of $1,582.60; Sankaet Pathak signed as chief executive officer."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-ct-2022","record":{"id":"c-rg-ct-2022","kind":"fact","text":"On September 26, 2022 Connecticut's Banking Commissioner, Jorge L. Perez, issued Synapse Credit LLC a notice of intent to refuse to renew its small loan licence and of its right to a hearing: its renewal application of December 30, 2021 remained pending because it had not filed audited financial statements for 2020 and 2021, it had submitted only unaudited statements, and it had not answered a compliance letter of May 5, 2022 or surrendered the licence. The notice was sent to Michael Rasic, chief financial officer and chief business officer, as Synapse Credit's primary contact.","source_ids":["src-015"],"entity_ids":["ct-banking","synapse-credit","rasic"],"qualification":"No later decision on the renewal appears in the record.","response":"","outcome":"","adverse_subject_ids":["synapse-credit"]},"reading":"Fact: On September 26, 2022 Connecticut's Banking Commissioner, Jorge L. Perez, issued Synapse Credit LLC a notice of intent to refuse to renew its small loan licence and of its right to a hearing: its renewal application of December 30, 2021 remained pending because it had not filed audited financial statements for 2020 and 2021, it had submitted only unaudited statements, and it had not answered a compliance letter of May 5, 2022 or surrendered the licence. The notice was sent to Michael Rasic, chief financial officer and chief business officer, as Synapse Credit's primary contact."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-fed-evolve","record":{"id":"c-rg-fed-evolve","kind":"fact","text":"On June 11, 2024 the Federal Reserve Board and the Arkansas State Bank Department issued a cease-and-desist order, by consent, against Evolve Bancorp, Inc. and Evolve Bank & Trust (Docket Nos. 24-012-B-HC and 24-012-B-SM). It recites examinations of August 11, 2023, August 30, 2023 and January 10, 2024 that found deficiencies in risk management and consumer compliance at the bank's Open Banking Division, which served fintech partners, and in anti-money-laundering and sanctions compliance. The order requires, among other things, controls ensuring that the ledger and sub-ledger responsibilities of the bank and its fintech partners are clearly defined, including in a business disruption, and bars the bank without prior supervisory approval from adding fintech partners, products or programs to the division; before exiting a fintech relationship the bank must give supervisors an analysis of the impact on its liquidity.","source_ids":["src-020","src-087"],"entity_ids":["federal-reserve","evolve","evolve-bancorp"],"qualification":"The bank consented to the order without a formal proceeding or adjudication of any issue of fact or law; the Federal Reserve said the action was separate from the Synapse bankruptcy.","response":"","outcome":"","adverse_subject_ids":["evolve","evolve-bancorp"]},"reading":"Fact: On June 11, 2024 the Federal Reserve Board and the Arkansas State Bank Department issued a cease-and-desist order, by consent, against Evolve Bancorp, Inc. and Evolve Bank & Trust (Docket Nos. 24-012-B-HC and 24-012-B-SM). It recites examinations of August 11, 2023, August 30, 2023 and January 10, 2024 that found deficiencies in risk management and consumer compliance at the bank's Open Banking Division, which served fintech partners, and in anti-money-laundering and sanctions compliance. The order requires, among other things, controls ensuring that the ledger and sub-ledger responsibilities of the bank and its fintech partners are clearly defined, including in a business disruption, and bars the bank without prior supervisory approval from adding fintech partners, products or programs to the division; before exiting a fintech relationship the bank must give supervisors an analysis of the impact on its liquidity."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-fdic-lineage","record":{"id":"c-rg-fdic-lineage","kind":"fact","text":"On January 30, 2024 the FDIC issued a consent order against Lineage Bank of Franklin, Tennessee (FDIC-23-0041b), to which the bank consented without admitting or denying charges of unsafe or unsound practices relating to its third-party risk management program and its fintech partners. The order requires the board to receive monthly reports on fintech partners' FBO-account and ACH activity and its effect on capital and liquidity, to formalise due diligence before accepting new fintech partners, and to commission an independent look-back from September 1, 2022 at all activity in the account of its largest fintech partnership to identify and report suspicious activity.","source_ids":["src-055"],"entity_ids":["fdic","lineage"],"qualification":"The order does not name the fintech partners or the largest partnership account.","response":"","outcome":"","adverse_subject_ids":["lineage"]},"reading":"Fact: On January 30, 2024 the FDIC issued a consent order against Lineage Bank of Franklin, Tennessee (FDIC-23-0041b), to which the bank consented without admitting or denying charges of unsafe or unsound practices relating to its third-party risk management program and its fintech partners. The order requires the board to receive monthly reports on fintech partners' FBO-account and ACH activity and its effect on capital and liquidity, to formalise due diligence before accepting new fintech partners, and to commission an independent look-back from September 1, 2022 at all activity in the account of its largest fintech partnership to identify and report suspicious activity."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-rg-fdic-rule","record":{"id":"c-rg-fdic-rule","kind":"fact","text":"On September 17, 2024 the FDIC published a proposed rule that would set heightened reconciliation and recordkeeping standards for certain custodial accounts holding commingled customer funds, citing recordkeeping issues connected with Synapse's commingling of customer funds in custodial accounts, according to a later annual report of another fintech.","source_ids":["src-100"],"entity_ids":["fdic","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: On September 17, 2024 the FDIC published a proposed rule that would set heightened reconciliation and recordkeeping standards for certain custodial accounts holding commingled customer funds, citing recordkeeping issues connected with Synapse's commingling of customer funds in custodial accounts, according to a later annual report of another fintech."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-yotta-federal","record":{"id":"c-lt-yotta-federal","kind":"attributed","text":"On September 13, 2024 Yotta Technologies sued Evolve Bancorp, Inc. and Evolve Bank & Trust in the U.S. District Court for the Northern District of California (No. 3:24-cv-06456, fraud, diversity jurisdiction), accusing the bank of fraud and negligence among other claims; its lawyers alleged grotesque misconduct and described the bank as having a rotten core, and Yotta alleged that Evolve had known of a shortfall long before Synapse's bankruptcy.","source_ids":["src-061","src-021","src-069","src-062"],"entity_ids":["yotta","evolve","evolve-bancorp"],"qualification":"Allegations of a plaintiff; the federal court dismissed the case without reaching their merits (see the procedural history).","response":"Evolve moved to dismiss; when asked for comment by the business press it shared its motion, which argues that the bank was entitled to the fees it took.","outcome":"The court dismissed the case on February 18, 2026, holding that Synapse was a necessary party; Yotta appealed to the Ninth Circuit, whose mandate was entered on the district-court docket on October 6, 2026.","adverse_subject_ids":["evolve"]},"reading":"Attributed: On September 13, 2024 Yotta Technologies sued Evolve Bancorp, Inc. and Evolve Bank & Trust in the U.S. District Court for the Northern District of California (No. 3:24-cv-06456, fraud, diversity jurisdiction), accusing the bank of fraud and negligence among other claims; its lawyers alleged grotesque misconduct and described the bank as having a rotten core, and Yotta alleged that Evolve had known of a shortfall long before Synapse's bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-yotta-federal-course","record":{"id":"c-lt-yotta-federal-course","kind":"fact","text":"In the federal case, Yotta voluntarily dismissed its claims against Evolve Bancorp on January 23, 2025. On May 15, 2025 Judge Trina L. Thompson granted Evolve Bank & Trust's motion to dismiss Yotta's claims of fraud, conspiracy, negligence, unfair competition and unjust enrichment, with leave to amend, and ordered Yotta to plead jurisdiction and Synapse's status as a joint tortfeasor, noting that Synapse might be a necessary party under Rule 19. Yotta filed an amended complaint on June 4, 2025; Evolve moved again to dismiss, including for failure to join a required party, and on February 18, 2026 the court granted the motion and closed the case the next day. According to the trade press, the judge ruled that Evolve did not have to face the suit because Synapse was a necessary party.","source_ids":["src-061","src-068","src-069","src-062"],"entity_ids":["yotta","evolve","evolve-bancorp","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: In the federal case, Yotta voluntarily dismissed its claims against Evolve Bancorp on January 23, 2025. On May 15, 2025 Judge Trina L. Thompson granted Evolve Bank & Trust's motion to dismiss Yotta's claims of fraud, conspiracy, negligence, unfair competition and unjust enrichment, with leave to amend, and ordered Yotta to plead jurisdiction and Synapse's status as a joint tortfeasor, noting that Synapse might be a necessary party under Rule 19. Yotta filed an amended complaint on June 4, 2025; Evolve moved again to dismiss, including for failure to join a required party, and on February 18, 2026 the court granted the motion and closed the case the next day. According to the trade press, the judge ruled that Evolve did not have to face the suit because Synapse was a necessary party."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-yotta-appeal","record":{"id":"c-lt-yotta-appeal","kind":"fact","text":"Yotta appealed the dismissal to the U.S. Court of Appeals for the Ninth Circuit (No. 26-1535). The Ninth Circuit's mandate was entered on the district-court docket on October 6, 2026; the outcome of the appeal is not visible in the retained docket.","source_ids":["src-069"],"entity_ids":["yotta","evolve"],"qualification":"","response":"","outcome":""},"reading":"Fact: Yotta appealed the dismissal to the U.S. Court of Appeals for the Ninth Circuit (No. 26-1535). The Ninth Circuit's mandate was entered on the district-court docket on October 6, 2026; the outcome of the appeal is not visible in the retained docket."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-yotta-state","record":{"id":"c-lt-yotta-state","kind":"attributed","text":"On March 13, 2026 Yotta filed a new lawsuit against Evolve Bank & Trust in California state court, alleging that Evolve stole millions of dollars from Yotta's customers in a Ponzi or Ponzi-like scheme, lied about its controls and capabilities and concealed the deficit with false transaction and balance information, and that Yotta's end users remained deprived of $80 million. Yotta named Synapse as a second defendant only out of an abundance of caution because of the federal ruling, stating that it had no intention of bringing claims against Synapse.","source_ids":["src-062"],"entity_ids":["yotta","evolve","synapse"],"qualification":"Allegations in a complaint as reported by the trade press; no ruling in the state case appears in the record.","response":"","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: On March 13, 2026 Yotta filed a new lawsuit against Evolve Bank & Trust in California state court, alleging that Evolve stole millions of dollars from Yotta's customers in a Ponzi or Ponzi-like scheme, lied about its controls and capabilities and concealed the deficit with false transaction and balance information, and that Yotta's end users remained deprived of $80 million. Yotta named Synapse as a second defendant only out of an abundance of caution because of the federal ruling, stating that it had no intention of bringing claims against Synapse."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-colorado","record":{"id":"c-lt-colorado","kind":"fact","text":"Consumers' putative class actions against the partner banks are consolidated in the U.S. District Court for the District of Colorado under lead case No. 24-cv-03259-DDD-NRN, together with Nos. 24-cv-03261, 24-cv-03262, 24-cv-03509, 25-cv-00075 and 25-cv-03284, against Evolve Bank & Trust and Evolve Bancorp, AMG National Trust Bank and Lineage Bank. The court describes the action as arising from the collapse of Synapse, through which consumer funds were deposited with those banks. On April 16, 2026 Magistrate Judge N. Reid Neureiter granted the plaintiffs' motion to extend the schedule, setting the close of fact and class discovery for January 15, 2027, the class-certification motion deadline for March 17, 2027 and dispositive motions for September 29, 2027.","source_ids":["src-070"],"entity_ids":["evolve","evolve-bancorp","amg","lineage","synapse"],"qualification":"The case was pending at the evidence cutoff; no finding of liability appears in the record.","response":"","outcome":"","adverse_subject_ids":["evolve","amg","lineage"]},"reading":"Fact: Consumers' putative class actions against the partner banks are consolidated in the U.S. District Court for the District of Colorado under lead case No. 24-cv-03259-DDD-NRN, together with Nos. 24-cv-03261, 24-cv-03262, 24-cv-03509, 25-cv-00075 and 25-cv-03284, against Evolve Bank & Trust and Evolve Bancorp, AMG National Trust Bank and Lineage Bank. The court describes the action as arising from the collapse of Synapse, through which consumer funds were deposited with those banks. On April 16, 2026 Magistrate Judge N. Reid Neureiter granted the plaintiffs' motion to extend the schedule, setting the close of fact and class discovery for January 15, 2027, the class-certification motion deadline for March 17, 2027 and dispositive motions for September 29, 2027."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-colorado-positions","record":{"id":"c-lt-colorado-positions","kind":"attributed","text":"In the Colorado case AMG has moved for summary judgment, arguing that it distributed all or almost all end-user funds according to Synapse Brokerage's instructions and the final trial balance it received after the bankruptcy, and that it owed the plaintiffs no duty because its contract was with Synapse Brokerage; the plaintiffs dispute the reliability of the data and method. Citing plaintiffs' counsel, the court noted that the case requires tracing deposits in pooled FBO accounts across several banks, involving hundreds of millions of dollars and more than ten terabytes of data, and that neither the Synapse trustee nor any defendant had completed a full reconciliation.","source_ids":["src-070"],"entity_ids":["amg","synapse-brokerage","synapse","evolve","lineage"],"qualification":"Positions of the parties summarised by the court in a scheduling order; the summary-judgment motion was undecided at the cutoff.","response":"The plaintiffs dispute the reliability of the data and method on which AMG relies; the other defendants did not oppose the schedule extension that AMG opposed.","outcome":"On April 16, 2026 the court extended the schedule, setting March 17, 2027 as the deadline to move for class certification; the summary-judgment motion was undecided at the evidence cutoff."},"reading":"Attributed: In the Colorado case AMG has moved for summary judgment, arguing that it distributed all or almost all end-user funds according to Synapse Brokerage's instructions and the final trial balance it received after the bankruptcy, and that it owed the plaintiffs no duty because its contract was with Synapse Brokerage; the plaintiffs dispute the reliability of the data and method. Citing plaintiffs' counsel, the court noted that the case requires tracing deposits in pooled FBO accounts across several banks, involving hundreds of millions of dollars and more than ten terabytes of data, and that neither the Synapse trustee nor any defendant had completed a full reconciliation."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-felton-2024","record":{"id":"c-lt-felton-2024","kind":"fact","text":"Another putative class action, filed in the U.S. District Court for the Central District of California on November 27, 2024 (No. 2:24-cv-10317), named Evolve Bank & Trust, Evolve Bancorp, Inc. and Lineage Bank. On October 16, 2025 Judge George H. Wu transferred it to the District of Colorado under the first-to-file rule because of the earlier litigation there, leaving undecided the plaintiff's motion to add Synapse Financial Technologies, Synapse Brokerage, Mark Paverman and Jeffrey Stanley as defendants.","source_ids":["src-066"],"entity_ids":["evolve","evolve-bancorp","lineage","synapse","synapse-brokerage","paverman","stanley"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["evolve","lineage"]},"reading":"Fact: Another putative class action, filed in the U.S. District Court for the Central District of California on November 27, 2024 (No. 2:24-cv-10317), named Evolve Bank & Trust, Evolve Bancorp, Inc. and Lineage Bank. On October 16, 2025 Judge George H. Wu transferred it to the District of Colorado under the first-to-file rule because of the earlier litigation there, leaving undecided the plaintiff's motion to add Synapse Financial Technologies, Synapse Brokerage, Mark Paverman and Jeffrey Stanley as defendants."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-rico","record":{"id":"c-lt-rico","kind":"fact","text":"On March 5, 2026 a putative class action was filed in the Central District of California (No. 2:26-cv-02385), classified as a racketeering (RICO) case, against Synapse Financial Technologies, Synapse Brokerage, Mark Elliot Paverman, Sankaet Pathak and Jeffrey Alan Stanley; it was assigned to Judge Wu as related to the 2024 case against Evolve. A summons to Pathak was issued on April 7, 2026, and by July 29, 2026 the docket showed no proof of service on him; Paverman acknowledged service on May 4, 2026, Synapse was served through California's secretary of state under an alternative-service order and the clerk entered its default on July 1, 2026. After an order to show cause for lack of prosecution, the court set a status conference for September 17, 2026.","source_ids":["src-072"],"entity_ids":["synapse","synapse-brokerage","paverman","pathak","stanley"],"qualification":"The docket shows the claims' classification but no ruling on their merits; a default entered by the clerk is not a judgment.","response":"","outcome":"","adverse_subject_ids":["synapse","synapse-brokerage","pathak","paverman","stanley"]},"reading":"Fact: On March 5, 2026 a putative class action was filed in the Central District of California (No. 2:26-cv-02385), classified as a racketeering (RICO) case, against Synapse Financial Technologies, Synapse Brokerage, Mark Elliot Paverman, Sankaet Pathak and Jeffrey Alan Stanley; it was assigned to Judge Wu as related to the 2024 case against Evolve. A summons to Pathak was issued on April 7, 2026, and by July 29, 2026 the docket showed no proof of service on him; Paverman acknowledged service on May 4, 2026, Synapse was served through California's secretary of state under an alternative-service order and the clerk entered its default on July 1, 2026. After an order to show cause for lack of prosecution, the court set a status conference for September 17, 2026."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-landlord","record":{"id":"c-lt-landlord","kind":"fact","text":"In April 2021 the owner of a house in San Francisco's Twin Peaks neighbourhood, leased from April 2015 as a residence and used as Synapse's office, sued Bryan Keltner, Sankaet Pathak and Synapse in San Francisco Superior Court for breach of contract, fraud and damage to the property, seeking nearly $1 million. On August 30, 2023 the court sustained Pathak's and Synapse's demurrer to the amended complaint with leave to amend; the case was unresolved when Synapse filed for bankruptcy.","source_ids":["src-064","src-063"],"entity_ids":["synapse","pathak","keltner"],"qualification":"","response":"","outcome":""},"reading":"Fact: In April 2021 the owner of a house in San Francisco's Twin Peaks neighbourhood, leased from April 2015 as a residence and used as Synapse's office, sued Bryan Keltner, Sankaet Pathak and Synapse in San Francisco Superior Court for breach of contract, fraud and damage to the property, seeking nearly $1 million. On August 30, 2023 the court sustained Pathak's and Synapse's demurrer to the amended complaint with leave to amend; the case was unresolved when Synapse filed for bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-employment-suit","record":{"id":"c-lt-employment-suit","kind":"attributed","text":"According to press reports, a lawsuit filed by three former employees against Synapse and Pathak personally around 2019 alleged harassment and gender and age discrimination, including a claim that Pathak refused to pay the former head of sales while she was on maternity leave; the suit was eventually settled.","source_ids":["src-063","src-021"],"entity_ids":["synapse","pathak"],"qualification":"Reported by the trade and business press; the complaint and settlement terms are not retained, and a settlement is not a finding on the allegations.","response":"Pathak dismissed the lawsuit's allegations and critical online employee reviews as cancel culture run amok, according to a 2025 interview.","outcome":"The suit was eventually settled; its terms are not in the record.","adverse_subject_ids":["synapse","pathak"]},"reading":"Attributed: According to press reports, a lawsuit filed by three former employees against Synapse and Pathak personally around 2019 alleged harassment and gender and age discrimination, including a claim that Pathak refused to pay the former head of sales while she was on maternity leave; the suit was eventually settled."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-lt-sdny","record":{"id":"c-lt-sdny","kind":"attributed","text":"According to a March 2025 business-press report, a court filing in late January 2025 revealed that the U.S. Attorney's Office for the Southern District of New York had convened a grand jury in a criminal investigation into Synapse dating back to at least October 2024; prosecutors had subpoenaed Victor Medeiros, Synapse's former corporate controller, and were investigating possible violations including accounting fraud and wire fraud. Another press report said the subpoena was issued in November 2024.","source_ids":["src-021","src-025","src-076"],"entity_ids":["synapse","medeiros","pathak"],"qualification":"Press accounts of a court filing that is not retained; Medeiros has not been accused of any wrongdoing, the U.S. Attorney's Office declined to comment, and the record shows no criminal charge.","response":"Pathak said in November 2024 that he was not aware of any criminal investigation and had not been contacted by law enforcement, though he had spoken with FINRA, and in March 2025 that prosecutors had not contacted him. The trustee and Judge Barash said repeatedly that they could neither confirm nor deny any referral to law enforcement.","outcome":"","adverse_subject_ids":["synapse"]},"reading":"Attributed: According to a March 2025 business-press report, a court filing in late January 2025 revealed that the U.S. Attorney's Office for the Southern District of New York had convened a grand jury in a criminal investigation into Synapse dating back to at least October 2024; prosecutors had subpoenaed Victor Medeiros, Synapse's former corporate controller, and were investigating possible violations including accounting fraud and wire fraud. Another press report said the subpoena was issued in November 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-pathak-ceo","record":{"id":"c-pp-pathak-ceo","kind":"fact","text":"Sankaet Pathak founded Synapse in 2014 and was its chief executive until May 2024. He was quoted as chief executive in 2019, signed the bankruptcy petition in that capacity on April 22, 2024, and was described as Synapse's former chief executive in the senators' letter of June 28, 2024 and by the trustee.","source_ids":["src-008","src-022","src-007","src-012"],"entity_ids":["pathak","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Sankaet Pathak founded Synapse in 2014 and was its chief executive until May 2024. He was quoted as chief executive in 2019, signed the bankruptcy petition in that capacity on April 22, 2024, and was described as Synapse's former chief executive in the senators' letter of June 28, 2024 and by the trustee."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-keltner-cofounder","record":{"id":"c-pp-keltner-cofounder","kind":"fact","text":"Bryan Keltner is described as Synapse's co-founder: a 2025 business-press report calls him Pathak's co-founder and a fellow University of Memphis alumnus, a 2024 trade-press report says he met Pathak at the university, and a corporate-data profile lists him as co-founder of Synapse since April 2014.","source_ids":["src-021","src-063","src-047"],"entity_ids":["keltner","synapse","pathak"],"qualification":"","response":"","outcome":""},"reading":"Fact: Bryan Keltner is described as Synapse's co-founder: a 2025 business-press report calls him Pathak's co-founder and a fellow University of Memphis alumnus, a 2024 trade-press report says he met Pathak at the university, and a corporate-data profile lists him as co-founder of Synapse since April 2014."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-keltner-role","record":{"id":"c-pp-keltner-role","kind":"attributed","text":"A 2024 trade-press report, based on sources and internal records, says Keltner led Synapse's compliance, at times with the title chief compliance officer, and sat on the board in the early years; that before the Series A he was removed from the board while operations lead Hillary Quirk was given the title of co-founder and joined it; that he stepped back from day-to-day work in late 2017 or early 2018 and the company bought back his shares for a sum in the millions of dollars; and that Synapse later engaged him as a contractor reporting to Pathak from November 2018 to July 2021 and to then chief financial officer Mike Rasic from January to April 2023.","source_ids":["src-063","src-071"],"entity_ids":["keltner","synapse","quirk","pathak","rasic"],"qualification":"Reported from unnamed sources and internal records that are not retained. The report dates the Series A to late 2017, while the company's own announcement is dated September 6, 2018.","response":"Keltner confirmed the approximate timing of when he stopped regular work at the company.","outcome":""},"reading":"Attributed: A 2024 trade-press report, based on sources and internal records, says Keltner led Synapse's compliance, at times with the title chief compliance officer, and sat on the board in the early years; that before the Series A he was removed from the board while operations lead Hillary Quirk was given the title of co-founder and joined it; that he stepped back from day-to-day work in late 2017 or early 2018 and the company bought back his shares for a sum in the millions of dollars; and that Synapse later engaged him as a contractor reporting to Pathak from November 2018 to July 2021 and to then chief financial officer Mike Rasic from January to April 2023."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-keltner-evolve","record":{"id":"c-pp-keltner-evolve","kind":"attributed","text":"According to multiple sources cited by a trade newsletter in August 2024, Evolve engaged Keltner in some capacity to help with its Synapse reconciliation.","source_ids":["src-063"],"entity_ids":["keltner","evolve"],"qualification":"Reported from unnamed sources; neither Evolve nor Keltner confirmed the engagement.","response":"Keltner neither confirmed nor denied working for Evolve, saying only that he was working on his own trading business; Evolve did not respond to repeated requests for comment.","outcome":""},"reading":"Attributed: According to multiple sources cited by a trade newsletter in August 2024, Evolve engaged Keltner in some capacity to help with its Synapse reconciliation."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-quirk","record":{"id":"c-pp-quirk","kind":"fact","text":"Hillary Quirk joined Synapse as head of operations in October 2014, after serving as a program director at Start Co. in Memphis, according to a corporate-data profile; a trade newsletter reported, citing her professional profile, that she stayed at the company until August 2022. She was one of the three directors who signed the board's bankruptcy resolution in April 2024, and was described as a Synapse co-founder.","source_ids":["src-043","src-063","src-025","src-022"],"entity_ids":["quirk","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Hillary Quirk joined Synapse as head of operations in October 2014, after serving as a program director at Start Co. in Memphis, according to a corporate-data profile; a trade newsletter reported, citing her professional profile, that she stayed at the company until August 2022. She was one of the three directors who signed the board's bankruptcy resolution in April 2024, and was described as a Synapse co-founder."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-webb","record":{"id":"c-pp-webb","kind":"fact","text":"Jeffrey Webb, listed as a director and member of Synapse Payments, LLC in its 2015 Form D, gave the same Memphis address as the company, 6745 Lenox Center Ct., Suite 300, which Varsity Spirit gives as its corporate office; a 2024 trade-press report names Jeff Webb, founder of Varsity Brands, as one of the two sources of Synapse's initial $700,000 investment. Webb, who founded Varsity Spirit in 1974, died in March 2026, according to a business-press report of March 20, 2026.","source_ids":["src-096","src-097","src-063","src-041"],"entity_ids":["webb","synapse-payments","synapse"],"qualification":"The identification of the Form D director with the Varsity founder rests on the shared name, city and office address and the press report; the Varsity contact page is a current record, not a 2015 one.","response":"","outcome":""},"reading":"Fact: Jeffrey Webb, listed as a director and member of Synapse Payments, LLC in its 2015 Form D, gave the same Memphis address as the company, 6745 Lenox Center Ct., Suite 300, which Varsity Spirit gives as its corporate office; a 2024 trade-press report names Jeff Webb, founder of Varsity Brands, as one of the two sources of Synapse's initial $700,000 investment. Webb, who founded Varsity Spirit in 1974, died in March 2026, according to a business-press report of March 20, 2026."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-marchant","record":{"id":"c-pp-marchant","kind":"fact","text":"Douglas Marchant was a director and member of Synapse Payments, LLC in 2015 and remained on Synapse's three-member board in April 2024; the trade press describes him as a seed-round investor and as a founder of the payments company Concord EFS, later acquired by First Data. A Memphis business-network profile of a Douglas J. Marchant describes him as a founder of Concord EFS and of Unified Health Services.","source_ids":["src-025","src-022","src-045","src-041"],"entity_ids":["marchant","synapse","synapse-payments"],"qualification":"The business-network profile does not mention Synapse; the identification rests on name, city and the Concord EFS background.","response":"","outcome":""},"reading":"Fact: Douglas Marchant was a director and member of Synapse Payments, LLC in 2015 and remained on Synapse's three-member board in April 2024; the trade press describes him as a seed-round investor and as a founder of the payments company Concord EFS, later acquired by First Data. A Memphis business-network profile of a Douglas J. Marchant describes him as a founder of Concord EFS and of Unified Health Services."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-series-a","record":{"id":"c-pp-series-a","kind":"fact","text":"On September 6, 2018 Synapse announced a $17 million Series A financing led by Trinity Ventures and Core Innovation Capital, with contributions from other investors; Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital joined its board.","source_ids":["src-071"],"entity_ids":["synapse","trinity","core","satyavolu","schutte"],"qualification":"","response":"","outcome":""},"reading":"Fact: On September 6, 2018 Synapse announced a $17 million Series A financing led by Trinity Ventures and Core Innovation Capital, with contributions from other investors; Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital joined its board."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-series-b","record":{"id":"c-pp-series-b","kind":"fact","text":"In June 2019 Synapse raised $33 million in a Series B round led by Andreessen Horowitz with the existing investors Trinity Ventures and Core Innovation Capital, bringing its total funding to $50 million; Angela Strange, a general partner at Andreessen Horowitz, joined the board as part of the investment. A corporate-data aggregator puts total funding at $50.7 million over three rounds, the first on April 1, 2015 and the latest the Series B of June 6, 2019.","source_ids":["src-008","src-012"],"entity_ids":["synapse","a16z","trinity","core","strange"],"qualification":"","response":"","outcome":""},"reading":"Fact: In June 2019 Synapse raised $33 million in a Series B round led by Andreessen Horowitz with the existing investors Trinity Ventures and Core Innovation Capital, bringing its total funding to $50 million; Angela Strange, a general partner at Andreessen Horowitz, joined the board as part of the investment. A corporate-data aggregator puts total funding at $50.7 million over three rounds, the first on April 1, 2015 and the latest the Series B of June 6, 2019."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-board-members","record":{"id":"c-pp-board-members","kind":"fact","text":"According to Pathak, Synapse's board at various times included Angela Strange of Andreessen Horowitz, Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital. By the time of the bankruptcy resolution in April 2024 the board consisted of Pathak, Doug Marchant and Hillary Quirk, the directors who also approved Pathak's loans from the company.","source_ids":["src-025","src-022"],"entity_ids":["synapse","strange","satyavolu","schutte","pathak","marchant","quirk"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to Pathak, Synapse's board at various times included Angela Strange of Andreessen Horowitz, Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital. By the time of the bankruptcy resolution in April 2024 the board consisted of Pathak, Doug Marchant and Hillary Quirk, the directors who also approved Pathak's loans from the company."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-investor-affiliations","record":{"id":"c-pp-investor-affiliations","kind":"fact","text":"Strange has been a general partner at Andreessen Horowitz since 2018 and a partner there from November 2014; Satyavolu is a venture partner at Trinity Ventures and a co-founder of the fintech companies Yodlee and Truaxis; Schütte is founder and managing partner of Core Innovation Capital and a managing member of the general partner of its third fund, Core Innovation Capital III, L.P. None of their current profile pages lists Synapse.","source_ids":["src-026","src-014","src-044","src-048","src-074"],"entity_ids":["strange","a16z","satyavolu","trinity","schutte","core"],"qualification":"","response":"","outcome":""},"reading":"Fact: Strange has been a general partner at Andreessen Horowitz since 2018 and a partner there from November 2014; Satyavolu is a venture partner at Trinity Ventures and a co-founder of the fintech companies Yodlee and Truaxis; Schütte is founder and managing partner of Core Innovation Capital and a managing member of the general partner of its third fund, Core Innovation Capital III, L.P. None of their current profile pages lists Synapse."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-series-c","record":{"id":"c-pp-series-c","kind":"attributed","text":"Pathak has said that in November 2022 Synapse had lined up a Series C round of about $100 million and was pursuing a bank charter of its own, and stated in court filings that the round was vetoed by certain investor directors.","source_ids":["src-021"],"entity_ids":["pathak","synapse","a16z","trinity","core"],"qualification":"Pathak's own account; the investors' side is not on the record.","response":"Andreessen Horowitz, Trinity Ventures and Core Innovation Capital declined to comment or did not respond to a 2025 business-press request.","outcome":""},"reading":"Attributed: Pathak has said that in November 2022 Synapse had lined up a Series C round of about $100 million and was pursuing a bank charter of its own, and stated in court filings that the round was vetoed by certain investor directors."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-pathak-loans","record":{"id":"c-pp-pathak-loans","kind":"attributed","text":"Pathak acknowledged in a November 2024 interview that he took two loans from Synapse, in late 2023 and early 2024, totalling $320,000, approved by a board then consisting of himself, a seed investor and a co-founder, identified from bankruptcy filings as Doug Marchant and Hillary Quirk.","source_ids":["src-025"],"entity_ids":["pathak","synapse","marchant","quirk"],"qualification":"Pathak's own description; the loan documents and board approval are not retained.","response":"Pathak declined to explain the purpose of the loans beyond saying he had good reasons that would become obvious relatively soon.","outcome":""},"reading":"Attributed: Pathak acknowledged in a November 2024 interview that he took two loans from Synapse, in late 2023 and early 2024, totalling $320,000, approved by a board then consisting of himself, a seed investor and a co-founder, identified from bankruptcy filings as Doug Marchant and Hillary Quirk."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-guerin","record":{"id":"c-pp-guerin","kind":"fact","text":"Tracey Guerin stated in a sworn declaration of May 23, 2024 that she had been general counsel of Synapse Financial Technologies since June 2022 and associate general counsel from June 14, 2018 until June 2022.","source_ids":["src-034"],"entity_ids":["guerin","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Tracey Guerin stated in a sworn declaration of May 23, 2024 that she had been general counsel of Synapse Financial Technologies since June 2022 and associate general counsel from June 14, 2018 until June 2022."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-rasic","record":{"id":"c-pp-rasic","kind":"fact","text":"Michael Rasic was listed as an officer of Synapse Financial Technologies and of Synapse Credit in Washington's registry; in September 2022 Connecticut addressed Synapse Credit's licence notice to him as its chief financial officer and chief business officer, and a trade newsletter refers to him as Synapse's chief financial officer in early 2023.","source_ids":["src-005","src-015"],"entity_ids":["rasic","synapse","synapse-credit"],"qualification":"","response":"","outcome":""},"reading":"Fact: Michael Rasic was listed as an officer of Synapse Financial Technologies and of Synapse Credit in Washington's registry; in September 2022 Connecticut addressed Synapse Credit's licence notice to him as its chief financial officer and chief business officer, and a trade newsletter refers to him as Synapse's chief financial officer in early 2023."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-medeiros","record":{"id":"c-pp-medeiros","kind":"fact","text":"Victor Medeiros is described in press reports as Synapse's former corporate controller and as a former senior director in its finance department.","source_ids":["src-021"],"entity_ids":["medeiros","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Victor Medeiros is described in press reports as Synapse's former corporate controller and as a former senior director in its finance department."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-staff-end","record":{"id":"c-pp-staff-end","kind":"fact","text":"All remaining Synapse employees were terminated as of May 24, 2024, after which the company was run by the Chapter 11 trustee.","source_ids":["src-009"],"entity_ids":["synapse","mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Fact: All remaining Synapse employees were terminated as of May 24, 2024, after which the company was run by the Chapter 11 trustee."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pp-mcwilliams","record":{"id":"c-pp-mcwilliams","kind":"fact","text":"Jelena McWilliams, the Chapter 11 trustee, was sworn in as the 21st chair of the FDIC on June 5, 2018 and led the agency until 2021. She had earlier been executive vice president, chief legal officer and corporate secretary of Fifth Third Bank, chief counsel of the Senate Banking Committee and an attorney at the Federal Reserve Board, and had practised corporate and securities law at Morrison & Foerster and Hogan & Hartson. During the trusteeship she was a partner at Cravath, Swaine & Moore, which represented her as trustee; in January 2026 the fintech Plaid hired her as president of corporate and external affairs.","source_ids":["src-024","src-057","src-067","src-001"],"entity_ids":["mcwilliams","fdic","cravath","synapse"],"qualification":"","response":"","outcome":""},"reading":"Fact: Jelena McWilliams, the Chapter 11 trustee, was sworn in as the 21st chair of the FDIC on June 5, 2018 and led the agency until 2021. She had earlier been executive vice president, chief legal officer and corporate secretary of Fifth Third Bank, chief counsel of the Senate Banking Committee and an attorney at the Federal Reserve Board, and had practised corporate and securities law at Morrison & Foerster and Hogan & Hartson. During the trusteeship she was a partner at Cravath, Swaine & Moore, which represented her as trustee; in January 2026 the fintech Plaid hired her as president of corporate and external affairs."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pf-foundation","record":{"id":"c-pf-foundation","kind":"fact","text":"While still chief executive of Synapse, Pathak co-founded a humanoid robotics company, Foundation, in April 2024 with Arjun Sethi, chief executive of the venture firm Tribe Capital, and Mike LeBlanc, a co-founder of Cobalt Robotics, according to the company's fundraising pitch as reported by the business press. A private-market data provider lists Foundation Robotics Labs of San Francisco, founded by the three in 2024, with an $11 million Series A-1 round on August 22, 2024 at a $73.33 million valuation (Tribe Capital) and a $187 million Series A on August 19, 2025 at a $1.32 billion valuation. Florida's corporate registry lists Foundation Future Industries, Inc., a Delaware corporation registered in Florida on April 22, 2025 with a principal address at 617 Bryant Street, San Francisco, and Sankaet Pathak as its president. In January 2026 a technology newsletter, citing two sources, reported that Foundation Future was seeking up to $500 million at a valuation of more than $3 billion, and in March 2026 a news magazine described Pathak as Foundation's co-founder and chief executive and the company as developing humanoid robots, including for military use.","source_ids":["src-027","src-090","src-056","src-078","src-085"],"entity_ids":["pathak","foundation","sethi","leblanc","synapse"],"qualification":"The record does not establish whether Foundation Robotics Labs and Foundation Future Industries, Inc. are the same legal entity; the press uses both names for the company co-founded by Pathak, Sethi and LeBlanc. The funding figures come from a private-market data provider and a newsletter's sources, not from company filings.","response":"","outcome":""},"reading":"Fact: While still chief executive of Synapse, Pathak co-founded a humanoid robotics company, Foundation, in April 2024 with Arjun Sethi, chief executive of the venture firm Tribe Capital, and Mike LeBlanc, a co-founder of Cobalt Robotics, according to the company's fundraising pitch as reported by the business press. A private-market data provider lists Foundation Robotics Labs of San Francisco, founded by the three in 2024, with an $11 million Series A-1 round on August 22, 2024 at a $73.33 million valuation (Tribe Capital) and a $187 million Series A on August 19, 2025 at a $1.32 billion valuation. Florida's corporate registry lists Foundation Future Industries, Inc., a Delaware corporation registered in Florida on April 22, 2025 with a principal address at 617 Bryant Street, San Francisco, and Sankaet Pathak as its president. In January 2026 a technology newsletter, citing two sources, reported that Foundation Future was seeking up to $500 million at a valuation of more than $3 billion, and in March 2026 a news magazine described Pathak as Foundation's co-founder and chief executive and the company as developing humanoid robots, including for military use."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pf-foundation-gm","record":{"id":"c-pf-foundation-gm","kind":"attributed","text":"In June 2024 a business-press report, based on fundraising documents, said Foundation Robotics Labs was seeking the last $1 million of an $11 million seed round with a pitch claiming that General Motors had committed to invest alongside Tribe Capital, was set to become its first customer with a targeted $300 million purchase order and had given it access to its factories, including a plant in Mexico, to collect training data. GM said it had never invested in Foundation Robotics, had no plans to do so and had never had an agreement of any kind with the company, calling any claims to the contrary fabricated; co-founder Mike LeBlanc confirmed GM's points and said he was embarrassed that marketing materials overstating the relationship existed.","source_ids":["src-027","src-025","src-078"],"entity_ids":["foundation","pathak","leblanc","sethi"],"qualification":"Reported from fundraising documents obtained by the business press; the pitch itself is not retained.","response":"Tribe Capital and Sethi declined to comment and Pathak did not respond at the time. In November 2024 Pathak told a trade newsletter that the reporter was highly unethical and alleged that the reporter had contacted an auto-industry union leader rather than GM, leading the union leader to threaten a strike if GM did not pull out of the deal.","outcome":"A private-market data provider lists an $11 million Series A-1 round of August 22, 2024 with Tribe Capital as its investor; no General Motors investment appears in the record.","adverse_subject_ids":["foundation"]},"reading":"Attributed: In June 2024 a business-press report, based on fundraising documents, said Foundation Robotics Labs was seeking the last $1 million of an $11 million seed round with a pitch claiming that General Motors had committed to invest alongside Tribe Capital, was set to become its first customer with a targeted $300 million purchase order and had given it access to its factories, including a plant in Mexico, to collect training data. GM said it had never invested in Foundation Robotics, had no plans to do so and had never had an agreement of any kind with the company, calling any claims to the contrary fabricated; co-founder Mike LeBlanc confirmed GM's points and said he was embarrassed that marketing materials overstating the relationship existed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pf-evolve-ownership","record":{"id":"c-pf-evolve-ownership","kind":"fact","text":"Evolve Bank & Trust of West Memphis, Arkansas, is a state-chartered bank that is a member of the Federal Reserve System; it is owned and controlled by the registered bank holding company Evolve Bancorp, Inc., and both are supervised by the Federal Reserve Board and the Arkansas State Bank Department. Through its Open Banking Division the bank offered deposit accounts and payment processing to fintech partners, which in turn offered financial products to end users. The FFIEC's National Information Center lists the bank (RSSD ID 592448, FDIC certificate 1299) as an active state member bank engaged in commercial banking and Evolve Bancorp (RSSD ID 1142411) as a bank holding company, both at 301 Shoppingway Boulevard, West Memphis.","source_ids":["src-020","src-089","src-086"],"entity_ids":["evolve","evolve-bancorp","federal-reserve"],"qualification":"","response":"","outcome":""},"reading":"Fact: Evolve Bank & Trust of West Memphis, Arkansas, is a state-chartered bank that is a member of the Federal Reserve System; it is owned and controlled by the registered bank holding company Evolve Bancorp, Inc., and both are supervised by the Federal Reserve Board and the Arkansas State Bank Department. Through its Open Banking Division the bank offered deposit accounts and payment processing to fintech partners, which in turn offered financial products to end users. The FFIEC's National Information Center lists the bank (RSSD ID 592448, FDIC certificate 1299) as an active state member bank engaged in commercial banking and Evolve Bancorp (RSSD ID 1142411) as a bank holding company, both at 301 Shoppingway Boulevard, West Memphis."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pf-evolve-management","record":{"id":"c-pf-evolve-management","kind":"fact","text":"The Federal Reserve's order of June 11, 2024 was addressed to Scott Stafford as president and chief executive officer of Evolve Bank & Trust and to B. Scot Lenoir as chairman of the board of Evolve Bancorp and of the bank. Evolve's 2023 investor kit describes Lenoir as the founder and chief executive of Evolve Bancorp, who founded Evolve Bank & Trust in 2004 after serving as chief executive and president of First Mercantile Trust Company, which was sold in 2000, and W. Scott Stafford as president and chief executive of the bank, formerly a senior vice president of National Bank of Commerce and an investment banker with Duncan-Williams, Inc. A financial-data profile lists Lenoir as founder in 2004 and chairman, president and chief executive of Evolve Bancorp and of Evolve Financial Group, Inc., and as a former chairman of Evolve Bank & Trust.","source_ids":["src-020","src-046","src-075"],"entity_ids":["evolve","evolve-bancorp","stafford","lenoir"],"qualification":"Titles as stated at the dates of each source; the record does not give a complete management history.","response":"","outcome":""},"reading":"Fact: The Federal Reserve's order of June 11, 2024 was addressed to Scott Stafford as president and chief executive officer of Evolve Bank & Trust and to B. Scot Lenoir as chairman of the board of Evolve Bancorp and of the bank. Evolve's 2023 investor kit describes Lenoir as the founder and chief executive of Evolve Bancorp, who founded Evolve Bank & Trust in 2004 after serving as chief executive and president of First Mercantile Trust Company, which was sold in 2000, and W. Scott Stafford as president and chief executive of the bank, formerly a senior vice president of National Bank of Commerce and an investment banker with Duncan-Williams, Inc. A financial-data profile lists Lenoir as founder in 2004 and chairman, president and chief executive of Evolve Bancorp and of Evolve Financial Group, Inc., and as a former chairman of Evolve Bank & Trust."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-pf-evolve-financials","record":{"id":"c-pf-evolve-financials","kind":"fact","text":"In its parent-only FR Y-9SP reports to the Federal Reserve, Evolve Bancorp reported net income of about $7.87 million for 2024, including $8.72 million of income from its bank subsidiary, and a net loss of about $7.39 million for 2025, including a $3.02 million loss attributed to the bank subsidiary. At the end of 2025 the parent's total assets were about $165 million, its long-term borrowings $51.1 million and its equity capital $107.3 million, against $114.1 million of equity a year earlier; the group's total consolidated assets fell from about $1.81 billion at the end of 2024 to about $1.29 billion at the end of 2025. Both reports name KPMG of Atlanta as external auditor, record a full-scope independent audit and were signed by chief financial officer Mark Mosteller. A business-press report in October 2025 said Evolve Bank & Trust had lost $8.76 million in the first six months of 2025 while keeping its focus on banking-as-a-service.","source_ids":["src-088","src-095","src-083"],"entity_ids":["evolve-bancorp","evolve","federal-reserve"],"qualification":"FR Y-9SP amounts are reported in thousands of dollars and rounded here; the parent-only schedule does not show the bank's own statements.","response":"","outcome":""},"reading":"Fact: In its parent-only FR Y-9SP reports to the Federal Reserve, Evolve Bancorp reported net income of about $7.87 million for 2024, including $8.72 million of income from its bank subsidiary, and a net loss of about $7.39 million for 2025, including a $3.02 million loss attributed to the bank subsidiary. At the end of 2025 the parent's total assets were about $165 million, its long-term borrowings $51.1 million and its equity capital $107.3 million, against $114.1 million of equity a year earlier; the group's total consolidated assets fell from about $1.81 billion at the end of 2024 to about $1.29 billion at the end of 2025. Both reports name KPMG of Atlanta as external auditor, record a full-scope independent audit and were signed by chief financial officer Mark Mosteller. A business-press report in October 2025 said Evolve Bank & Trust had lost $8.76 million in the first six months of 2025 while keeping its focus on banking-as-a-service."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-ev-migration-view","record":{"id":"c-ev-migration-view","kind":"attributed","text":"On its Synapse update page Evolve has said that, as part of a revised cash management program begun in the fall of 2023, Synapse created a subsidiary, Synapse Brokerage, and hastily migrated funds away from Evolve to AMG, along with Lineage and American Bank, which Evolve calls the Synapse ecosystem banks.","source_ids":["src-050","src-025"],"entity_ids":["evolve","synapse","synapse-brokerage","amg","lineage","american-bank"],"qualification":"Evolve's account as a party to the dispute.","response":"Pathak has said Synapse launched the brokerage sweep program around September or October 2023 in response to Evolve raising its reserve requirement and withholding interest payments.","outcome":""},"reading":"Attributed: On its Synapse update page Evolve has said that, as part of a revised cash management program begun in the fall of 2023, Synapse created a subsidiary, Synapse Brokerage, and hastily migrated funds away from Evolve to AMG, along with Lineage and American Bank, which Evolve calls the Synapse ecosystem banks."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-identity","record":{"id":"c-yt-identity","kind":"fact","text":"Yotta Technologies, Inc. is a Delaware corporation. California's DFPI describes it as having a business address in San Francisco and the website withyotta.com, and Adam Moelis as its co-founder, former chief executive and a member of its board; it offered high-interest personal savings accounts to California consumers without registering with the California Secretary of State. A copy of New York's corporate registry gives a foreign incorporation date of October 18, 2019 and registration in New York as a foreign business corporation from March 10, 2020 (DOS ID 5724855); its 2022 biennial statement was filed by Adam Moelis, and a filing of March 1, 2026 names Ben Doyle as chief executive officer.","source_ids":["src-082","src-037"],"entity_ids":["yotta","moelis","ben-doyle"],"qualification":"","response":"","outcome":""},"reading":"Fact: Yotta Technologies, Inc. is a Delaware corporation. California's DFPI describes it as having a business address in San Francisco and the website withyotta.com, and Adam Moelis as its co-founder, former chief executive and a member of its board; it offered high-interest personal savings accounts to California consumers without registering with the California Secretary of State. A copy of New York's corporate registry gives a foreign incorporation date of October 18, 2019 and registration in New York as a foreign business corporation from March 10, 2020 (DOS ID 5724855); its 2022 biennial statement was filed by Adam Moelis, and a filing of March 1, 2026 names Ben Doyle as chief executive officer."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-synapse-model","record":{"id":"c-yt-synapse-model","kind":"fact","text":"Yotta, which offered sweepstakes games and prizes to people who opened savings accounts with it, signed a contract with Synapse on February 13, 2020 that let it use Synapse's software to interface with Evolve; the federal court recorded that Evolve and Synapse worked together to service Yotta's customers, that Evolve's systems processed certain transactions while Synapse handled others involving funds held with Evolve, and that Yotta and Evolve had no contract with each other. Yotta's disclosures stated that banking services were provided by Evolve Bank & Trust and Synapse Brokerage's program banks, that its debit card was issued by Evolve and that lending services were offered through Synapse Credit LLC.","source_ids":["src-068","src-051","src-079"],"entity_ids":["yotta","synapse","evolve","synapse-brokerage","synapse-credit"],"qualification":"","response":"","outcome":""},"reading":"Fact: Yotta, which offered sweepstakes games and prizes to people who opened savings accounts with it, signed a contract with Synapse on February 13, 2020 that let it use Synapse's software to interface with Evolve; the federal court recorded that Evolve and Synapse worked together to service Yotta's customers, that Evolve's systems processed certain transactions while Synapse handled others involving funds held with Evolve, and that Yotta and Evolve had no contract with each other. Yotta's disclosures stated that banking services were provided by Evolve Bank & Trust and Synapse Brokerage's program banks, that its debit card was issued by Evolve and that lending services were offered through Synapse Credit LLC."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-dfpi-findings","record":{"id":"c-yt-dfpi-findings","kind":"attributed","text":"California's DFPI found that from May 2020 Yotta told about 18,000 California customers that their deposits were safe, FDIC insured and that they could not lose their money, and that around October 11, 2023 it migrated savings accounts to Synapse Brokerage, which did not provide FDIC protection, while account holders kept their Evolve routing and account numbers. According to the DFPI, Yotta did so despite serious internal concerns about Synapse: its chief executive, Adam Moelis, wrote on the day of the migration that he did not trust Sankaet Pathak, and its management believed that Synapse constantly lied and overpromised. After Synapse's bankruptcy filing on April 22, 2024 at least 18,155 California consumers with Yotta accounts lost access to at least $28 million, and those who sought FDIC insurance found that it did not cover their losses.","source_ids":["src-079","src-082"],"entity_ids":["dfpi","yotta","synapse-brokerage","synapse","moelis","pathak","evolve"],"qualification":"Findings of the California regulator recited in a consent order; Yotta waived a hearing, and the order provides that its subject matter is deemed admitted only for a future licence application or for enforcement of the order.","response":"Yotta waived its rights to a hearing and to any appeal of the desist-and-refrain order and stipulated to its issuance.","outcome":"Resolved by the consent order dated May 15, 2026, with a $1,000,000 penalty and a desist-and-refrain order.","adverse_subject_ids":["yotta"]},"reading":"Attributed: California's DFPI found that from May 2020 Yotta told about 18,000 California customers that their deposits were safe, FDIC insured and that they could not lose their money, and that around October 11, 2023 it migrated savings accounts to Synapse Brokerage, which did not provide FDIC protection, while account holders kept their Evolve routing and account numbers. According to the DFPI, Yotta did so despite serious internal concerns about Synapse: its chief executive, Adam Moelis, wrote on the day of the migration that he did not trust Sankaet Pathak, and its management believed that Synapse constantly lied and overpromised. After Synapse's bankruptcy filing on April 22, 2024 at least 18,155 California consumers with Yotta accounts lost access to at least $28 million, and those who sought FDIC insurance found that it did not cover their losses."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-dfpi-order","record":{"id":"c-yt-dfpi-order","kind":"fact","text":"Under the consent order, signed for Yotta by board member Adam Moelis on May 8, 2026 and dated May 15, 2026 by Commissioner Khalil Mohseni, Yotta stipulated to an order to desist and refrain from deceptive acts or practices under the California Consumer Financial Protection Law, including representing that cash deposits in Yotta accounts are protected against all risks, and agreed to pay a $1,000,000 penalty: $275,000 within 14 days, $19,565.22 a month for 23 months and a final $275,000 after 24 months. A missed payment would entitle the Commissioner to impose the full penalty of $48,000,000, less any amount paid. Yotta also had to send a notice and May 2024 account information to its California customers with positive balances as of May 17, 2024.","source_ids":["src-082"],"entity_ids":["dfpi","yotta","moelis"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["yotta"]},"reading":"Fact: Under the consent order, signed for Yotta by board member Adam Moelis on May 8, 2026 and dated May 15, 2026 by Commissioner Khalil Mohseni, Yotta stipulated to an order to desist and refrain from deceptive acts or practices under the California Consumer Financial Protection Law, including representing that cash deposits in Yotta accounts are protected against all risks, and agreed to pay a $1,000,000 penalty: $275,000 within 14 days, $19,565.22 a month for 23 months and a final $275,000 after 24 months. A missed payment would entitle the Commissioner to impose the full penalty of $48,000,000, less any amount paid. Yotta also had to send a notice and May 2024 account information to its California customers with positive balances as of May 17, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-evolve-assurances","record":{"id":"c-yt-evolve-assurances","kind":"attributed","text":"As summarised by the federal court, Yotta's complaint alleges that Evolve suspended interest payments to Yotta in September 2023 and, in answer to its inquiries on September 25 and October 3, 2023, said it was addressing some contractual issues with Synapse while assuring Yotta that the matter was being handled and customers would be protected. The written assurances it cites came from Hank Word, Evolve's president of open banking (September 25, 2023), from Scot Lenoir (October 3, 2023), who added that Yotta could transition to another bank, and from Evolve's outside counsel (November 2, 2023), who described a contractual disagreement between Evolve and Synapse that could plausibly be resolved within weeks. The complaint alleges that Evolve suspended Yotta customers' access to all funds on May 11, 2024 and later acknowledged that a substantial amount of customer money was missing, a shortfall of tens of millions of dollars.","source_ids":["src-068"],"entity_ids":["yotta","evolve","synapse","hank-word","lenoir"],"qualification":"Allegations of the plaintiff as recited by the court in a ruling on a motion to dismiss; the federal case was later dismissed without a ruling on their merits.","response":"","outcome":"","adverse_subject_ids":["evolve"]},"reading":"Attributed: As summarised by the federal court, Yotta's complaint alleges that Evolve suspended interest payments to Yotta in September 2023 and, in answer to its inquiries on September 25 and October 3, 2023, said it was addressing some contractual issues with Synapse while assuring Yotta that the matter was being handled and customers would be protected. The written assurances it cites came from Hank Word, Evolve's president of open banking (September 25, 2023), from Scot Lenoir (October 3, 2023), who added that Yotta could transition to another bank, and from Evolve's outside counsel (November 2, 2023), who described a contractual disagreement between Evolve and Synapse that could plausibly be resolved within weeks. The complaint alleges that Evolve suspended Yotta customers' access to all funds on May 11, 2024 and later acknowledged that a substantial amount of customer money was missing, a shortfall of tens of millions of dollars."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-ach-halt","record":{"id":"c-yt-ach-halt","kind":"attributed","text":"Yotta told its customers that on May 7, 2024 it was notified that Lineage Bank had halted ACH processing for all Synapse Brokerage accounts and that Evolve would begin processing ACH transactions on Synapse Brokerage's behalf, and that on the evening of May 11 Evolve notified it that it had never agreed to take on ACH processing and would halt all payment processing it was involved in with immediate effect, leaving Synapse Brokerage without an ACH processor and causing card transactions to fail.","source_ids":["src-051","src-017","src-009"],"entity_ids":["yotta","lineage","evolve","synapse-brokerage"],"qualification":"Yotta's account on its customer status page.","response":"Evolve told the bankruptcy court on May 13, 2024 that it had been denied access to Synapse's computer systems and had been forced to freeze end-user accounts.","outcome":"According to FINRA, Synapse Brokerage customers could not withdraw any money from May 11, 2024, after the first deposit bank refused to process payments for the brokerage."},"reading":"Attributed: Yotta told its customers that on May 7, 2024 it was notified that Lineage Bank had halted ACH processing for all Synapse Brokerage accounts and that Evolve would begin processing ACH transactions on Synapse Brokerage's behalf, and that on the evening of May 11 Evolve notified it that it had never agreed to take on ACH processing and would halt all payment processing it was involved in with immediate effect, leaving Synapse Brokerage without an ACH processor and causing card transactions to fail."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-ledger-gap","record":{"id":"c-yt-ledger-gap","kind":"attributed","text":"At the hearing of May 24, 2024 an attorney for Yotta called the ledger discrepancies substantial: according to a press report, Synapse had stated that $111 million of Yotta funds were held at Evolve, while Evolve put the figure at only $80 million.","source_ids":["src-093"],"entity_ids":["yotta","synapse","evolve"],"qualification":"Positions of the parties as reported from the hearing; the figures were later the subject of the banks' reconciliations.","response":"","outcome":""},"reading":"Attributed: At the hearing of May 24, 2024 an attorney for Yotta called the ledger discrepancies substantial: according to a press report, Synapse had stated that $111 million of Yotta funds were held at Evolve, while Evolve put the figure at only $80 million."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"c-yt-other-suits","record":{"id":"c-yt-other-suits","kind":"fact","text":"The federal court's order of May 15, 2025 referred to two other cases in the Southern District of New York: one against Yotta Technologies and Evolve Bank and Trust (No. 24-cv-5535) and one against Yotta Technologies (No. 22-cv-8569).","source_ids":["src-068"],"entity_ids":["yotta","evolve"],"qualification":"The order cites the cases without describing them; their claims and outcomes are not in the record.","response":"","outcome":""},"reading":"Fact: The federal court's order of May 15, 2025 referred to two other cases in the Southern District of New York: one against Yotta Technologies and Evolve Bank and Trust (No. 24-cv-5535) and one against Yotta Technologies (No. 22-cv-8569)."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-3dbb00fb237ef3fdf297efc9","record":{"id":"display-claim-3dbb00fb237ef3fdf297efc9","kind":"analysis","text":"Synapse's banking-as-a-service model relied on pooled accounts at Evolve Bank & Trust and, from 2023, on a cash management program run by its broker-dealer, Synapse Brokerage, with AMG National Trust, Lineage Bank and American Bank. After the 2023 breakdown with Evolve and Mercury's departure, the April 2024 bankruptcy, the failed TabaPay sale and the May 2024 freeze left end users without access to their money; the banks paid out most of the $219 million they held, while the trustee's estimated $65 million to $95 million shortfall against Synapse's ledger had not been established in amount or source when the trustee moved to end the case. The CFPB obtained a stipulated judgment, California and FINRA acted against the brokerage and two of its officers, and Evolve consented to a Federal Reserve order. Each account keeps the parties' responses, the qualifications of settlement findings and the unresolved status of the litigation beside it.","source_ids":["src-001","src-004","src-003","src-023","src-017","src-009","src-038","src-008","src-022","src-007","src-012","src-071","src-002","src-068","src-034","src-021","src-102","src-027","src-042","src-073","src-101","src-054","src-065","src-025","src-060","src-051","src-081","src-020","src-087","src-070","src-072","src-076"],"entity_ids":["synapse","american-bank","amg","evolve","lineage","pathak","synapse-payments","trinity","core","satyavolu","schutte","a16z","strange","synapse-credit","synapse-brokerage","mercury","stanley","tabapay","mcwilliams","cfpb","dfpi","finra","federal-reserve","evolve-bancorp","paverman","medeiros"],"premise_claim_ids":["c-id-company","c-id-self-description","c-id-scale-2024","c-md-four-banks","c-md-omnibus-ledgers","c-id-founding","c-pp-pathak-ceo","c-pp-series-a","c-pp-series-b","c-st-subsidiaries","c-st-credit-business","c-st-brokerage-history","c-ev-breach-notice","c-mer-client","c-mer-departure","c-br-opt-out","c-ch-petition","c-ch-sale-collapse","c-ev-freeze","c-ch-trustee-order","c-pp-staff-end","c-sf-fbo-held","c-sf-nov2024-total","c-sf-june2025","c-ev-blame","c-rg-cfpb-judgment","c-sf-cfpb-redress","c-br-dfpi-revocation","c-br-expulsion","c-rg-fed-evolve","c-lt-colorado","c-lt-rico","c-lt-sdny","c-ch-no-liquidity","c-ch-asset-sale","c-ch-dismissal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse's banking-as-a-service model relied on pooled accounts at Evolve Bank & Trust and, from 2023, on a cash management program run by its broker-dealer, Synapse Brokerage, with AMG National Trust, Lineage Bank and American Bank. After the 2023 breakdown with Evolve and Mercury's departure, the April 2024 bankruptcy, the failed TabaPay sale and the May 2024 freeze left end users without access to their money; the banks paid out most of the $219 million they held, while the trustee's estimated $65 million to $95 million shortfall against Synapse's ledger had not been established in amount or source when the trustee moved to end the case. The CFPB obtained a stipulated judgment, California and FINRA acted against the brokerage and two of its officers, and Evolve consented to a Federal Reserve order. Each account keeps the parties' responses, the qualifications of settlement findings and the unresolved status of the litigation beside it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9581a37a24074979570d5599","record":{"id":"display-claim-9581a37a24074979570d5599","kind":"analysis","text":"Synapse Financial Technologies, Inc. is a Delaware corporation last based in Woodland Hills, California. In its bankruptcy filings it described itself as a non-bank technology company whose software let financial technology platforms offer partner banks' products to their own customers, the end users, and said that as of January 2024 it worked with 100 fintechs and more than 20 partner institutions and that about 10 million end users used its platform. By the bankruptcy, the trustee reported, most end users' money sat in pooled for-the-benefit-of (FBO) accounts, and the rest in deposit accounts, at four banks: American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank. FINRA found, in a settlement order to which the respondent consented without admitting or denying the allegations and whose findings bind no other respondent, that Synapse's two deposit banks, which it does not name, kept ledgers only at the omnibus-account level and relied on Synapse's ledgers for individual balances.","source_ids":["src-001","src-004","src-003","src-023","src-017","src-009"],"entity_ids":["synapse","american-bank","amg","evolve","lineage"],"premise_claim_ids":["c-id-company","c-id-self-description","c-id-scale-2024","c-md-four-banks","c-md-omnibus-ledgers"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse Financial Technologies, Inc. is a Delaware corporation last based in Woodland Hills, California. In its bankruptcy filings it described itself as a non-bank technology company whose software let financial technology platforms offer partner banks' products to their own customers, the end users, and said that as of January 2024 it worked with 100 fintechs and more than 20 partner institutions and that about 10 million end users used its platform. By the bankruptcy, the trustee reported, most end users' money sat in pooled for-the-benefit-of (FBO) accounts, and the rest in deposit accounts, at four banks: American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank. FINRA found, in a settlement order to which the respondent consented without admitting or denying the allegations and whose findings bind no other respondent, that Synapse's two deposit banks, which it does not name, kept ledgers only at the omnibus-account level and relied on Synapse's ledgers for individual balances."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-01dce2c5a46898900b4b3772","record":{"id":"display-claim-01dce2c5a46898900b4b3772","kind":"analysis","text":"Sankaet Pathak founded the business in 2014 as Synapse Payments LLC and was chief executive until May 2024. In 2018 and 2019 Synapse raised $50 million in rounds led by Trinity Ventures, Core Innovation Capital and Andreessen Horowitz. It wholly owned two subsidiaries: Synapse Credit LLC, which it said it set up to hold state lending licences, and Synapse Brokerage LLC, a registered broker-dealer that, according to FINRA, Synapse acquired in July 2020.","source_ids":["src-023","src-038","src-008","src-022","src-007","src-012","src-071","src-003","src-002","src-009"],"entity_ids":["synapse","pathak","synapse-payments","trinity","core","satyavolu","schutte","a16z","strange","synapse-credit","synapse-brokerage"],"premise_claim_ids":["c-id-founding","c-pp-pathak-ceo","c-pp-series-a","c-pp-series-b","c-st-subsidiaries","c-st-credit-business","c-st-brokerage-history"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Sankaet Pathak founded the business in 2014 as Synapse Payments LLC and was chief executive until May 2024. In 2018 and 2019 Synapse raised $50 million in rounds led by Trinity Ventures, Core Innovation Capital and Andreessen Horowitz. It wholly owned two subsidiaries: Synapse Credit LLC, which it said it set up to hold state lending licences, and Synapse Brokerage LLC, a registered broker-dealer that, according to FINRA, Synapse acquired in July 2020."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-449796a431760321a5661e83","record":{"id":"display-claim-449796a431760321a5661e83","kind":"analysis","text":"In September 2023 Synapse and Evolve fell into a dispute over the funding of Evolve's FBO accounts, reserves and compensation: on September 25 Evolve sent Synapse a notice of material breach and raised its required reserve; the notice itself is not retained. According to Synapse, Mercury, its largest client, gave notice the same day that it would not renew, and two days later Mercury and Evolve said they would move more than $3 billion of depositor funds to a direct Evolve program. Pathak put Mercury's share at about 35% of Synapse's business in September 2023 and unnamed former employees at around 60% of revenue at its peak, both informal estimates. Mercury said that after its experience with Synapse it had concluded that direct relationships with its partner banks were in its own and its customers' long-term interest. FINRA found that from about July 2023 to February 2024 fintechs sent opt-out notices worded by Synapse Brokerage, and that by the end of November 2023 more than two million brokerage accounts had been opened for end users moved into its cash management program; the same order also describes the Mercury move, and its findings were consented to without admitting or denying the allegations, bind no other respondent and name neither the fintech nor the banks.","source_ids":["src-068","src-034","src-021","src-102","src-027","src-009"],"entity_ids":["evolve","synapse","mercury","pathak","synapse-brokerage","stanley"],"premise_claim_ids":["c-ev-breach-notice","c-mer-client","c-mer-departure","c-br-opt-out"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In September 2023 Synapse and Evolve fell into a dispute over the funding of Evolve's FBO accounts, reserves and compensation: on September 25 Evolve sent Synapse a notice of material breach and raised its required reserve; the notice itself is not retained. According to Synapse, Mercury, its largest client, gave notice the same day that it would not renew, and two days later Mercury and Evolve said they would move more than $3 billion of depositor funds to a direct Evolve program. Pathak put Mercury's share at about 35% of Synapse's business in September 2023 and unnamed former employees at around 60% of revenue at its peak, both informal estimates. Mercury said that after its experience with Synapse it had concluded that direct relationships with its partner banks were in its own and its customers' long-term interest. FINRA found that from about July 2023 to February 2024 fintechs sent opt-out notices worded by Synapse Brokerage, and that by the end of November 2023 more than two million brokerage accounts had been opened for end users moved into its cash management program; the same order also describes the Mercury move, and its findings were consented to without admitting or denying the allegations, bind no other respondent and name neither the fintech nor the banks."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-3fe8fe8c63c0f3420f9a82e4","record":{"id":"display-claim-3fe8fe8c63c0f3420f9a82e4","kind":"analysis","text":"Synapse filed for Chapter 11 on April 22, 2024, planning to sell its business to TabaPay; on May 9 it reported that it had failed to reach a settlement with Evolve, and the buyer said it would not proceed without one. On May 11, the CFPB alleges, Synapse stopped maintaining Evolve's access to an online dashboard of end-user balances and stopped sending daily ledger reports, after which Evolve and Lineage froze all end-user activity; the trustee and the debtor neither admitted nor denied these allegations in the stipulated judgment, but agreed that they would be taken as true in any proceeding based on it. Synapse told the court that Evolve froze all accounts in response to a temporary pause in its dashboard access and had appropriate access from at least the morning of May 13. On May 24 the court ordered the appointment of a trustee, and the U.S. Trustee appointed Jelena McWilliams, a former chair of the FDIC, to run a company whose remaining staff had all been terminated.","source_ids":["src-001","src-022","src-017","src-042","src-073","src-101","src-034","src-054","src-021","src-009"],"entity_ids":["synapse","pathak","tabapay","evolve","lineage","mcwilliams","synapse-brokerage","synapse-credit"],"premise_claim_ids":["c-ch-petition","c-ch-sale-collapse","c-ev-freeze","c-ch-trustee-order","c-pp-staff-end"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse filed for Chapter 11 on April 22, 2024, planning to sell its business to TabaPay; on May 9 it reported that it had failed to reach a settlement with Evolve, and the buyer said it would not proceed without one. On May 11, the CFPB alleges, Synapse stopped maintaining Evolve's access to an online dashboard of end-user balances and stopped sending daily ledger reports, after which Evolve and Lineage froze all end-user activity; the trustee and the debtor neither admitted nor denied these allegations in the stipulated judgment, but agreed that they would be taken as true in any proceeding based on it. Synapse told the court that Evolve froze all accounts in response to a temporary pause in its dashboard access and had appropriate access from at least the morning of May 13. On May 24 the court ordered the appointment of a trustee, and the U.S. Trustee appointed Jelena McWilliams, a former chair of the FDIC, to run a company whose remaining staff had all been terminated."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-1365d2ba6d20a5b2659dbca6","record":{"id":"display-claim-1365d2ba6d20a5b2659dbca6","kind":"analysis","text":"At the appointment the four banks held $219,077,467 of FBO funds connected with Synapse, and by November 12, 2024 about 85% had been paid out. In June 2025 the trustee told the court that an apparent shortfall of $65 million to $95 million against Synapse's ledger had persisted throughout and appeared to predate the bankruptcy, but that its exact amount and sources had not been established. Pathak attributes it to discrepancies between Synapse's and Evolve's records and to fees Evolve debited from customer accounts; Evolve calls his version untrue, says Synapse failed at keeping accurate ledgers, which only Synapse was in a position to do, and that his claims rest on demonstrably inaccurate ledgers his company prepared. These are competing statements that no court or regulator has decided.","source_ids":["src-065","src-017","src-042","src-025","src-012","src-021","src-073"],"entity_ids":["american-bank","amg","evolve","lineage","synapse-brokerage","synapse","pathak"],"premise_claim_ids":["c-sf-fbo-held","c-sf-nov2024-total","c-sf-june2025","c-ev-blame"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the appointment the four banks held $219,077,467 of FBO funds connected with Synapse, and by November 12, 2024 about 85% had been paid out. In June 2025 the trustee told the court that an apparent shortfall of $65 million to $95 million against Synapse's ledger had persisted throughout and appeared to predate the bankruptcy, but that its exact amount and sources had not been established. Pathak attributes it to discrepancies between Synapse's and Evolve's records and to fees Evolve debited from customer accounts; Evolve calls his version untrue, says Synapse failed at keeping accurate ledgers, which only Synapse was in a position to do, and that his claims rest on demonstrably inaccurate ledgers his company prepared. These are competing statements that no court or regulator has decided."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-bee12aba8093a2df036b877c","record":{"id":"display-claim-bee12aba8093a2df036b877c","kind":"analysis","text":"A stipulated judgment in the CFPB's case, entered on September 12, 2025 without admission or denial of the allegations by the trustee or the debtor, permanently bars Synapse from deposit-taking, money transmission, custody of funds and payment processing, and imposed a $1 civil money penalty which, the CFPB said, enabled it to compensate harmed consumers from its Civil Penalty Fund; the fund allocated $46,248,291 in November 2025 and $8,965,767 in May 2026. California revoked Synapse Brokerage's broker-dealer certificate in January 2025 and FINRA expelled the firm in June 2025. In June 2024 Evolve consented, without adjudication, to a cease-and-desist order of the Federal Reserve Board and the Arkansas State Bank Department covering its fintech division and its anti-money-laundering and sanctions compliance; the Federal Reserve said the action was separate from the Synapse bankruptcy.","source_ids":["src-101","src-004","src-060","src-051","src-002","src-081","src-020","src-087"],"entity_ids":["cfpb","synapse","mcwilliams","dfpi","synapse-brokerage","finra","federal-reserve","evolve","evolve-bancorp"],"premise_claim_ids":["c-rg-cfpb-judgment","c-sf-cfpb-redress","c-br-dfpi-revocation","c-br-expulsion","c-rg-fed-evolve"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A stipulated judgment in the CFPB's case, entered on September 12, 2025 without admission or denial of the allegations by the trustee or the debtor, permanently bars Synapse from deposit-taking, money transmission, custody of funds and payment processing, and imposed a $1 civil money penalty which, the CFPB said, enabled it to compensate harmed consumers from its Civil Penalty Fund; the fund allocated $46,248,291 in November 2025 and $8,965,767 in May 2026. California revoked Synapse Brokerage's broker-dealer certificate in January 2025 and FINRA expelled the firm in June 2025. In June 2024 Evolve consented, without adjudication, to a cease-and-desist order of the Federal Reserve Board and the Arkansas State Bank Department covering its fintech division and its anti-money-laundering and sanctions compliance; the Federal Reserve said the action was separate from the Synapse bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-703efe5e34b22fafa1d6dac5","record":{"id":"display-claim-703efe5e34b22fafa1d6dac5","kind":"analysis","text":"Putative consumer class actions against Evolve, AMG and Lineage were pending in Colorado at the cutoff, with no finding of liability. In a putative class action classified as a RICO case against Synapse, Synapse Brokerage, Pathak, Mark Elliot Paverman and Jeffrey Alan Stanley in the Central District of California, the docket shows no ruling on the merits. Press reports of a federal grand jury investigation into Synapse rest on a court filing that is not retained; the U.S. Attorney's Office declined to comment, Pathak said prosecutors had not contacted him, the trustee and the judge would neither confirm nor deny any referral, and no charge appears in the record. The trustee reported in June 2024 that the estate appeared to have no available liquidity, and no qualified bid arrived for its platform and data; on the trustee's motion of June 5, 2025 the court approved dismissal on November 12, 2025, and the case was closed on June 29, 2026.","source_ids":["src-070","src-072","src-021","src-025","src-076","src-017","src-042","src-001"],"entity_ids":["evolve","evolve-bancorp","amg","lineage","synapse","synapse-brokerage","paverman","pathak","stanley","medeiros","mcwilliams"],"premise_claim_ids":["c-lt-colorado","c-lt-rico","c-lt-sdny","c-ch-no-liquidity","c-ch-asset-sale","c-ch-dismissal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Putative consumer class actions against Evolve, AMG and Lineage were pending in Colorado at the cutoff, with no finding of liability. In a putative class action classified as a RICO case against Synapse, Synapse Brokerage, Pathak, Mark Elliot Paverman and Jeffrey Alan Stanley in the Central District of California, the docket shows no ruling on the merits. Press reports of a federal grand jury investigation into Synapse rest on a court filing that is not retained; the U.S. Attorney's Office declined to comment, Pathak said prosecutors had not contacted him, the trustee and the judge would neither confirm nor deny any referral, and no charge appears in the record. The trustee reported in June 2024 that the estate appeared to have no available liquidity, and no qualified bid arrived for its platform and data; on the trustee's motion of June 5, 2025 the court approved dismissal on November 12, 2025, and the case was closed on June 29, 2026."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-dd21bd66bf87a9a9ac1559e5","record":{"id":"display-claim-dd21bd66bf87a9a9ac1559e5","kind":"analysis","text":"Synapse Financial Technologies, Inc. is a Delaware corporation. Its Chapter 11 docket gives employer identification number 46-5396710 and an address at 21255 Burbank Boulevard, Suite 120, Woodland Hills, California; the U.S. Consumer Financial Protection Bureau (CFPB) describes Woodland Hills as its principal place of business. A corporate-data aggregator lists the Delaware company as number 6083706 and shows foreign registrations in Utah, Arizona, Washington, Illinois and Tennessee.","source_ids":["src-001","src-004","src-006","src-013"],"entity_ids":["synapse"],"premise_claim_ids":["c-id-company","c-id-delaware"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse Financial Technologies, Inc. is a Delaware corporation. Its Chapter 11 docket gives employer identification number 46-5396710 and an address at 21255 Burbank Boulevard, Suite 120, Woodland Hills, California; the U.S. Consumer Financial Protection Bureau (CFPB) describes Woodland Hills as its principal place of business. A corporate-data aggregator lists the Delaware company as number 6083706 and shows foreign registrations in Utah, Arizona, Washington, Illinois and Tennessee."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e65051f96d89f487e03f3915","record":{"id":"display-claim-e65051f96d89f487e03f3915","kind":"analysis","text":"Washington recorded the company under UBI 604698641 as a foreign profit corporation, with an address at 101 2nd St, Suite 1500, San Francisco, and Michael Rasic and Sankaet Pathak as officers without titles; its last annual report was filed on January 11, 2023 and a statement of termination on May 3, 2024. Tennessee's record of its foreign registration (000858713) shows the status Inactive Revoked (Administrative), with the 2022 annual report, filed on May 1, 2023, as the last filing.","source_ids":["src-005","src-058","src-013"],"entity_ids":["synapse","rasic","pathak"],"premise_claim_ids":["c-id-washington","c-id-tennessee"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Washington recorded the company under UBI 604698641 as a foreign profit corporation, with an address at 101 2nd St, Suite 1500, San Francisco, and Michael Rasic and Sankaet Pathak as officers without titles; its last annual report was filed on January 11, 2023 and a statement of termination on May 3, 2024. Tennessee's record of its foreign registration (000858713) shows the status Inactive Revoked (Administrative), with the 2022 annual report, filed on May 1, 2023, as the last filing."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-ba6a3de067a4daf60366605e","record":{"id":"display-claim-ba6a3de067a4daf60366605e","kind":"analysis","text":"A landlord's 2021 complaint described the company as doing business as SynapseFi, SynapsePay, Synapse Investment Advisors, LLC and TN Synabot Advisors LLC; that is the plaintiff's description, and no retained registry record confirms the trade names.","source_ids":["src-064"],"entity_ids":["synapse"],"premise_claim_ids":["c-id-trade-names"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A landlord's 2021 complaint described the company as doing business as SynapseFi, SynapsePay, Synapse Investment Advisors, LLC and TN Synabot Advisors LLC; that is the plaintiff's description, and no retained registry record confirms the trade names."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-91e9a1c5cb2cf4720be3bcf2","record":{"id":"display-claim-91e9a1c5cb2cf4720be3bcf2","kind":"analysis","text":"According to the company's first-day bankruptcy filing, Sankaet Pathak founded the business in 2014 as Synapse Payments LLC, and it took its present name in 2016 when it converted to a corporation; a New Hampshire consent order likewise refers to Synapse Payments LLC as now known as Synapse Financial Technologies, Inc., doing business as SynapseFi. SEC records list Synapse Payments, LLC under Central Index Key 0001638446 at 6745 Lenox Center Ct., Suite 300, Memphis, with a single filing.","source_ids":["src-023","src-038","src-040"],"entity_ids":["synapse","pathak","synapse-payments"],"premise_claim_ids":["c-id-founding","c-id-payments-edgar"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to the company's first-day bankruptcy filing, Sankaet Pathak founded the business in 2014 as Synapse Payments LLC, and it took its present name in 2016 when it converted to a corporation; a New Hampshire consent order likewise refers to Synapse Payments LLC as now known as Synapse Financial Technologies, Inc., doing business as SynapseFi. SEC records list Synapse Payments, LLC under Central Index Key 0001638446 at 6745 Lenox Center Ct., Suite 300, Memphis, with a single filing."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-99a81b32f058d0ec5ca62018","record":{"id":"display-claim-99a81b32f058d0ec5ca62018","kind":"analysis","text":"That filing, a Form D of April 1, 2015, describes a Tennessee limited liability company organised in 2014 and lists Pathak as executive officer, director and promoter, and Bryan Keltner, Jeffrey Webb and Douglas Marchant as directors and members; it reports $700,000 of equity sold to ten investors, the first sale on March 16, 2015.","source_ids":["src-041"],"entity_ids":["synapse-payments","pathak","keltner","webb","marchant"],"premise_claim_ids":["c-id-payments-formd"],"qualification":"","response":"","outcome":""},"reading":"Analysis: That filing, a Form D of April 1, 2015, describes a Tennessee limited liability company organised in 2014 and lists Pathak as executive officer, director and promoter, and Bryan Keltner, Jeffrey Webb and Douglas Marchant as directors and members; it reports $700,000 of equity sold to ten investors, the first sale on March 16, 2015."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9c84295956d8414283e7345b","record":{"id":"display-claim-9c84295956d8414283e7345b","kind":"analysis","text":"In its bankruptcy filings Synapse described itself as a non-bank technology company whose software let financial technology platforms (fintechs) offer the products of partner banks to their own customers, the end users, and as one of the first to pioneer banking-as-a-service. It stated that end users were customers of the fintechs and the partner institutions, not of Synapse, and that it was not in the flow of funds.","source_ids":["src-003","src-023"],"entity_ids":["synapse"],"premise_claim_ids":["c-id-self-description"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In its bankruptcy filings Synapse described itself as a non-bank technology company whose software let financial technology platforms (fintechs) offer the products of partner banks to their own customers, the end users, and as one of the first to pioneer banking-as-a-service. It stated that end users were customers of the fintechs and the partner institutions, not of Synapse, and that it was not in the flow of funds."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-d37b793d2ec1beca1784eaa1","record":{"id":"display-claim-d37b793d2ec1beca1784eaa1","kind":"analysis","text":"The company described its scale as follows. Announcing its Series A in September 2018, it said it had processed more than $10 billion in transactions for more than 1.5 million end users and served more than 100 startups and financial firms. In 2024 it told the court that, as of January 2024, it had contracts with more than 20 partner financial institutions and 100 fintechs, that about 10 million end users used its platform, and that at the petition date it engaged about 89 employees and contractors in the United States and about 19 people abroad.","source_ids":["src-071","src-023"],"entity_ids":["synapse"],"premise_claim_ids":["c-id-scale-2018","c-id-scale-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The company described its scale as follows. Announcing its Series A in September 2018, it said it had processed more than $10 billion in transactions for more than 1.5 million end users and served more than 100 startups and financial firms. In 2024 it told the court that, as of January 2024, it had contracts with more than 20 partner financial institutions and 100 fintechs, that about 10 million end users used its platform, and that at the petition date it engaged about 89 employees and contractors in the United States and about 19 people abroad."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-8abd7bee79732bc1976edd76","record":{"id":"display-claim-8abd7bee79732bc1976edd76","kind":"analysis","text":"In April 2024 Synapse told the court that it wholly owned two subsidiaries, Synapse Credit LLC and Synapse Brokerage LLC. The trustee later summarised their roles: from 2014 Synapse opened demand deposit accounts at banks for about 100 fintech platforms and their end users; from 2020 it built a cash management program with Synapse Brokerage; and it offered secured loans to end users through Synapse Credit.","source_ids":["src-003","src-017"],"entity_ids":["synapse","synapse-credit","synapse-brokerage"],"premise_claim_ids":["c-st-subsidiaries","c-st-programs"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In April 2024 Synapse told the court that it wholly owned two subsidiaries, Synapse Credit LLC and Synapse Brokerage LLC. The trustee later summarised their roles: from 2014 Synapse opened demand deposit accounts at banks for about 100 fintech platforms and their end users; from 2020 it built a cash management program with Synapse Brokerage; and it offered secured loans to end users through Synapse Credit."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5e548cb3518cd5316f485d07","record":{"id":"display-claim-5e548cb3518cd5316f485d07","kind":"analysis","text":"Synapse Brokerage LLC was formed in Delaware in 2004 and registered with FINRA from March 2006 under earlier names, MVP Global Trading, LLC and MVP Financial; as MVP Financial its membership was suspended from April 10 to May 8, 2017 after it failed to file its 2016 annual audit report. FINRA records that Synapse acquired the firm in July 2020 and that it did no business until September 2023. BrokerCheck lists it under CRD 137662 and SEC file number 8-67105, with a principal office in Parker, Colorado. Its Form BD schedules show Synapse as owner of 75% or more from June 2020 and Pathak as an indirect owner, through Synapse, in the band of 25% to less than 50%; the schedules give ownership bands, not exact percentages, and do not date Pathak's holding beyond his stated relationship to Synapse as chief executive, established December 2019.","source_ids":["src-002","src-009","src-081"],"entity_ids":["synapse-brokerage","synapse","pathak"],"premise_claim_ids":["c-st-brokerage-history","c-st-brokerage-2017","c-st-brokerage-office","c-st-brokerage-ownership"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse Brokerage LLC was formed in Delaware in 2004 and registered with FINRA from March 2006 under earlier names, MVP Global Trading, LLC and MVP Financial; as MVP Financial its membership was suspended from April 10 to May 8, 2017 after it failed to file its 2016 annual audit report. FINRA records that Synapse acquired the firm in July 2020 and that it did no business until September 2023. BrokerCheck lists it under CRD 137662 and SEC file number 8-67105, with a principal office in Parker, Colorado. Its Form BD schedules show Synapse as owner of 75% or more from June 2020 and Pathak as an indirect owner, through Synapse, in the band of 25% to less than 50%; the schedules give ownership bands, not exact percentages, and do not date Pathak's holding beyond his stated relationship to Synapse as chief executive, established December 2019."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-4090c5556ff2f1897c224584","record":{"id":"display-claim-4090c5556ff2f1897c224584","kind":"analysis","text":"According to Pathak's sworn testimony as relayed by the trustee, Synapse Brokerage had not established its planned cash management and money market programs and had deployed only a sweep network at American Deposit Management Company, used to enlarge FDIC coverage and to earn interest shared among Synapse, the fintechs and end users.","source_ids":["src-017","src-032"],"entity_ids":["synapse-brokerage","synapse","admc"],"premise_claim_ids":["c-st-brokerage-sweep"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to Pathak's sworn testimony as relayed by the trustee, Synapse Brokerage had not established its planned cash management and money market programs and had deployed only a sweep network at American Deposit Management Company, used to enlarge FDIC coverage and to earn interest shared among Synapse, the fintechs and end users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e0878fffbb5deccc0ce5f93c","record":{"id":"display-claim-e0878fffbb5deccc0ce5f93c","kind":"analysis","text":"Synapse Credit LLC, doing business as Synapse (NMLS 1971454), is a Delaware company that Synapse said it set up around 2019 to hold state lending licences and offer end users loans, typically secured by restricted cash; it had no employees. Connecticut licensed it as a small loan lender from September 15, 2020. Washington registered it in March 2020, listing Pathak and Rasic as officers; the registration was terminated by a statement filed on December 3, 2024.","source_ids":["src-015","src-011","src-005","src-091","src-023"],"entity_ids":["synapse-credit","pathak","rasic","synapse"],"premise_claim_ids":["c-st-credit-identity","c-st-credit-business"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse Credit LLC, doing business as Synapse (NMLS 1971454), is a Delaware company that Synapse said it set up around 2019 to hold state lending licences and offer end users loans, typically secured by restricted cash; it had no employees. Connecticut licensed it as a small loan lender from September 15, 2020. Washington registered it in March 2020, listing Pathak and Rasic as officers; the registration was terminated by a statement filed on December 3, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e434ea7a179aa6faa01db54b","record":{"id":"display-claim-e434ea7a179aa6faa01db54b","kind":"analysis","text":"Another company, Synapse Money LLC, was registered in Washington from November 2019 to January 2021 at the same San Francisco address as Synapse and Synapse Credit. The shared address and name are the only documented link; no record shows who owned it.","source_ids":["src-018","src-011","src-059"],"entity_ids":["synapse-money","synapse","synapse-credit"],"premise_claim_ids":["c-st-money"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Another company, Synapse Money LLC, was registered in Washington from November 2019 to January 2021 at the same San Francisco address as Synapse and Synapse Credit. The shared address and name are the only documented link; no record shows who owned it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e7b8f84ab9ff8cf33db496f6","record":{"id":"display-claim-e7b8f84ab9ff8cf33db496f6","kind":"analysis","text":"In the CFPB's description, Synapse's technology was a bridge between non-bank fintech platforms and the banks that held consumers' money, issued debit cards and processed ACH and wire transfers: its software passed end users' requests to the banks, and Synapse was responsible for tracking where consumers' funds moved and for matching its records to the banks'. These are allegations of the CFPB's 2025 complaint; the trustee and the debtor neither admitted nor denied them in the stipulated judgment, but agreed that the facts alleged would be taken as true in any proceeding based on it.","source_ids":["src-004","src-073","src-101"],"entity_ids":["synapse"],"premise_claim_ids":["c-md-bridge"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In the CFPB's description, Synapse's technology was a bridge between non-bank fintech platforms and the banks that held consumers' money, issued debit cards and processed ACH and wire transfers: its software passed end users' requests to the banks, and Synapse was responsible for tracking where consumers' funds moved and for matching its records to the banks'. These are allegations of the CFPB's 2025 complaint; the trustee and the debtor neither admitted nor denied them in the stipulated judgment, but agreed that the facts alleged would be taken as true in any proceeding based on it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-a339dc1de0f74c4b6d94692c","record":{"id":"display-claim-a339dc1de0f74c4b6d94692c","kind":"analysis","text":"FINRA found, in a settlement order to which the respondent consented without admitting or denying the allegations, whose findings bind no other respondent and which names the banks only as DDA Bank 1 and DDA Bank 2, that end users signed account agreements with one of two deposit banks, that funds at the first bank were held before December 2023 in omnibus FBO accounts in the bank's name, and that the banks kept ledgers only at the omnibus level and relied on Synapse's ledger for individual balances; by September 2023 fintechs with millions of end users had more than $2 billion at the two banks. The trustee defined an FBO account as a pooled custodial account and reported that Synapse often used different banks for deposits and withdrawals of the same fintech, which made reconciliation both essential and difficult.","source_ids":["src-009","src-031"],"entity_ids":["synapse"],"premise_claim_ids":["c-md-omnibus-ledgers","c-md-multiple-banks"],"qualification":"","response":"","outcome":""},"reading":"Analysis: FINRA found, in a settlement order to which the respondent consented without admitting or denying the allegations, whose findings bind no other respondent and which names the banks only as DDA Bank 1 and DDA Bank 2, that end users signed account agreements with one of two deposit banks, that funds at the first bank were held before December 2023 in omnibus FBO accounts in the bank's name, and that the banks kept ledgers only at the omnibus level and relied on Synapse's ledger for individual balances; by September 2023 fintechs with millions of end users had more than $2 billion at the two banks. The trustee defined an FBO account as a pooled custodial account and reported that Synapse often used different banks for deposits and withdrawals of the same fintech, which made reconciliation both essential and difficult."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-4fdfcb0039abfd1fcf091c19","record":{"id":"display-claim-4fdfcb0039abfd1fcf091c19","kind":"analysis","text":"A 2018 master services agreement with a platform client, filed with the SEC and signed by Pathak as founder and chief executive, shows the model in contract form: bank services were provided directly by Evolve Bank & Trust or a successor bank designated by Synapse, Synapse's APIs carried the platform's requests to the bank, and the platform's users held sub-accounts within an FBO account.","source_ids":["src-099"],"entity_ids":["synapse","evolve","pathak"],"premise_claim_ids":["c-md-msa-2018"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A 2018 master services agreement with a platform client, filed with the SEC and signed by Pathak as founder and chief executive, shows the model in contract form: bank services were provided directly by Evolve Bank & Trust or a successor bank designated by Synapse, Synapse's APIs carried the platform's requests to the bank, and the platform's users held sub-accounts within an FBO account."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-822c32e7ac308469381090bc","record":{"id":"display-claim-822c32e7ac308469381090bc","kind":"analysis","text":"According to the CFPB, Synapse signed a Bank Services Agreement with Evolve on or about April 18, 2017 and a Master Bank Services Agreement on or about September 23, 2022; in 2017 Evolve was its only partner bank, and until at least mid-2023 Synapse issued deposit account agreements to consumers on Evolve's behalf. A 2024 trade-press report dates the first version of a Synapse/Evolve deposit agreement to September 7, 2017.","source_ids":["src-073","src-063","src-021"],"entity_ids":["synapse","evolve"],"premise_claim_ids":["c-md-evolve-agreements","c-md-evolve-start"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to the CFPB, Synapse signed a Bank Services Agreement with Evolve on or about April 18, 2017 and a Master Bank Services Agreement on or about September 23, 2022; in 2017 Evolve was its only partner bank, and until at least mid-2023 Synapse issued deposit account agreements to consumers on Evolve's behalf. A 2024 trade-press report dates the first version of a Synapse/Evolve deposit agreement to September 7, 2017."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e0650f81c70096f735581af5","record":{"id":"display-claim-e0650f81c70096f735581af5","kind":"analysis","text":"A trade-press report citing former employees says Jeff Webb and Doug Marchant, whose $700,000 was Synapse's first investment, helped introduce it to its first two bank partners, Triumph Bank and Independent Bank; no agreement with either bank is retained.","source_ids":["src-063"],"entity_ids":["synapse","webb","marchant","triumph-bank","independent-bank"],"premise_claim_ids":["c-md-early-banks"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A trade-press report citing former employees says Jeff Webb and Doug Marchant, whose $700,000 was Synapse's first investment, helped introduce it to its first two bank partners, Triumph Bank and Independent Bank; no agreement with either bank is retained."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-71c02721e9ceaee374bb34b0","record":{"id":"display-claim-71c02721e9ceaee374bb34b0","kind":"analysis","text":"By the bankruptcy, the trustee reported, most end-user money sat in omnibus FBO accounts and the rest in deposit accounts across four banks: American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank. According to the trustee, Synapse's contracts with American Bank (2021), Evolve (2022) and Lineage (2022) include clauses stating that Synapse has no interest in end users' funds, and the trustee concluded that the money was not property of the estate; Pathak and general counsel Tracey Guerin testified that it belonged to end users, apart from Synapse's own operating money at Evolve.","source_ids":["src-017"],"entity_ids":["synapse","american-bank","amg","evolve","lineage","pathak","guerin"],"premise_claim_ids":["c-md-four-banks","c-md-no-interest-clauses"],"qualification":"","response":"","outcome":""},"reading":"Analysis: By the bankruptcy, the trustee reported, most end-user money sat in omnibus FBO accounts and the rest in deposit accounts across four banks: American Bank, AMG National Trust, Evolve Bank & Trust and Lineage Bank. According to the trustee, Synapse's contracts with American Bank (2021), Evolve (2022) and Lineage (2022) include clauses stating that Synapse has no interest in end users' funds, and the trustee concluded that the money was not property of the estate; Pathak and general counsel Tracey Guerin testified that it belonged to end users, apart from Synapse's own operating money at Evolve."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-f9cdbac21c25c682913e5fc9","record":{"id":"display-claim-f9cdbac21c25c682913e5fc9","kind":"analysis","text":"The banks had different roles, as the trustee reported them. Evolve provided deposit accounts to Synapse and payment processing for Synapse Brokerage. AMG accepted brokered sweep deposits from August 2023 in accounts in Synapse Brokerage's name, and from February 2024 also processed payments for four fintechs. Lineage processed ACH and wire transfers for Synapse as originating bank and told the trustee it never maintained accounts for end users or contracted with them directly. American Bank held sweep deposits and issued debit cards for five fintechs; a wind-down begun at its request left it with less than $50,000 of sweep deposits by May 17, 2024.","source_ids":["src-031","src-073"],"entity_ids":["evolve","synapse","synapse-brokerage","amg","lineage","american-bank"],"premise_claim_ids":["c-md-evolve-services","c-md-amg","c-md-lineage","c-md-american-bank"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The banks had different roles, as the trustee reported them. Evolve provided deposit accounts to Synapse and payment processing for Synapse Brokerage. AMG accepted brokered sweep deposits from August 2023 in accounts in Synapse Brokerage's name, and from February 2024 also processed payments for four fintechs. Lineage processed ACH and wire transfers for Synapse as originating bank and told the trustee it never maintained accounts for end users or contracted with them directly. American Bank held sweep deposits and issued debit cards for five fintechs; a wind-down begun at its request left it with less than $50,000 of sweep deposits by May 17, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-74134fa25cca07e872acbc79","record":{"id":"display-claim-74134fa25cca07e872acbc79","kind":"analysis","text":"The banks told the trustee that what they held were FBO funds for Synapse or for Synapse Brokerage and its end users; Lineage's single FBO account, designated for the benefit of Synapse Financial Technologies, held funds mostly belonging to brokerage-program end users. Over several months the brokerage moved about $650 million from Evolve to AMG and other banks. The trustee noted that Evolve was supervised by the Federal Reserve, Lineage by the FDIC and AMG and American Bank by the OCC, while Synapse itself was not directly regulated by them.","source_ids":["src-031","src-032"],"entity_ids":["amg","evolve","lineage","synapse","synapse-brokerage","american-bank","federal-reserve","fdic","finra"],"premise_claim_ids":["c-md-fbo-holders","c-md-regulators"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The banks told the trustee that what they held were FBO funds for Synapse or for Synapse Brokerage and its end users; Lineage's single FBO account, designated for the benefit of Synapse Financial Technologies, held funds mostly belonging to brokerage-program end users. Over several months the brokerage moved about $650 million from Evolve to AMG and other banks. The trustee noted that Evolve was supervised by the Federal Reserve, Lineage by the FDIC and AMG and American Bank by the OCC, while Synapse itself was not directly regulated by them."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-70868b72b851f15a2f504008","record":{"id":"display-claim-70868b72b851f15a2f504008","kind":"analysis","text":"The CFPB alleges that from 2023 Synapse marketed a cash management program through fintechs as a way to increase FDIC coverage by sweeping funds across banks, opened accounts with Synapse Brokerage for end users and omnibus accounts at partner banks, and from October 2023 directed participating users' funds from Evolve to the brokerage and on to other banks, while Evolve still sponsored debit cards and received ACH deposits; it alleges that Synapse was responsible for tracking every user's funds across Synapse Brokerage, AMG and the other banks, Evolve and Lineage. The trustee and the debtor neither admitted nor denied these allegations in the stipulated judgment, but agreed that the facts alleged would be taken as true in any proceeding based on it.","source_ids":["src-073","src-101"],"entity_ids":["synapse","synapse-brokerage","amg","evolve","lineage"],"premise_claim_ids":["c-md-cash-program","c-md-tracking-duty"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The CFPB alleges that from 2023 Synapse marketed a cash management program through fintechs as a way to increase FDIC coverage by sweeping funds across banks, opened accounts with Synapse Brokerage for end users and omnibus accounts at partner banks, and from October 2023 directed participating users' funds from Evolve to the brokerage and on to other banks, while Evolve still sponsored debit cards and received ACH deposits; it alleges that Synapse was responsible for tracking every user's funds across Synapse Brokerage, AMG and the other banks, Evolve and Lineage. The trustee and the debtor neither admitted nor denied these allegations in the stipulated judgment, but agreed that the facts alleged would be taken as true in any proceeding based on it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-638dd4f0cf76e8dddd1e5ad1","record":{"id":"display-claim-638dd4f0cf76e8dddd1e5ad1","kind":"analysis","text":"A bank-regulatory consultant quoted in the trade press in May 2024 explained that affected customers could not claim deposit insurance because their funds were pooled at Evolve or held in sweep accounts arranged through Synapse Brokerage, fintechs are not banks and are not insured by the FDIC, and no partner bank had failed.","source_ids":["src-049"],"entity_ids":["evolve","synapse-brokerage"],"premise_claim_ids":["c-md-no-fdic"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A bank-regulatory consultant quoted in the trade press in May 2024 explained that affected customers could not claim deposit insurance because their funds were pooled at Evolve or held in sweep accounts arranged through Synapse Brokerage, fintechs are not banks and are not insured by the FDIC, and no partner bank had failed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e5efe47b2342bc20d4ca668b","record":{"id":"display-claim-e5efe47b2342bc20d4ca668b","kind":"analysis","text":"Synapse's principal fintech partners were named as Copper, Juno, Mercury, Yieldstreet and Yotta in a letter from Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman, announced by the Senate Banking Committee majority on July 1, 2024, which also went to former chief executive Pathak, the investors Andreessen Horowitz, Core Innovation Capital and Trinity Ventures, and the four banks. The trustee met these and other fintechs, including Changed, Gig Wage, Grabr, Gravy, IDT, Latitud, Sunny Day Fund and TClub.","source_ids":["src-016","src-017"],"entity_ids":["synapse","pathak","a16z","core","trinity","american-bank","amg","evolve","lineage","copper","juno","mercury","yieldstreet","yotta"],"premise_claim_ids":["c-md-senate-recipients","c-md-trustee-fintechs"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse's principal fintech partners were named as Copper, Juno, Mercury, Yieldstreet and Yotta in a letter from Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman, announced by the Senate Banking Committee majority on July 1, 2024, which also went to former chief executive Pathak, the investors Andreessen Horowitz, Core Innovation Capital and Trinity Ventures, and the four banks. The trustee met these and other fintechs, including Changed, Gig Wage, Grabr, Gravy, IDT, Latitud, Sunny Day Fund and TClub."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-d74b39a54a09dcdcbadc7f73","record":{"id":"display-claim-d74b39a54a09dcdcbadc7f73","kind":"analysis","text":"Copper, a teen banking app operated by NEXT Financial Inc. of Seattle, described SynapseFi as its backend software provider and, with Evolve, its bank partner; Evolve issued Copper's debit cards. In May 2024 Copper abruptly closed its deposit accounts and debit cards; on May 12 its chief executive told customers that the banking middleware service it used was sunsetting imminently, and Copper later said it was coordinating with AMG and Synapse to return customers' money, while some customers could not yet access their funds. Dave Inc., another fintech, reported that the bankruptcy affected customers of fintechs using Synapse and that Dave itself was not directly affected.","source_ids":["src-052","src-049","src-098"],"entity_ids":["copper","synapse","evolve","amg"],"premise_claim_ids":["c-md-copper-terms","c-md-copper-closure","c-md-dave"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Copper, a teen banking app operated by NEXT Financial Inc. of Seattle, described SynapseFi as its backend software provider and, with Evolve, its bank partner; Evolve issued Copper's debit cards. In May 2024 Copper abruptly closed its deposit accounts and debit cards; on May 12 its chief executive told customers that the banking middleware service it used was sunsetting imminently, and Copper later said it was coordinating with AMG and Synapse to return customers' money, while some customers could not yet access their funds. Dave Inc., another fintech, reported that the bankruptcy affected customers of fintechs using Synapse and that Dave itself was not directly affected."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b086f5400a6cc548cfd2331c","record":{"id":"display-claim-b086f5400a6cc548cfd2331c","kind":"analysis","text":"Synapse and Evolve began working together around 2017. A 2025 business-press report says Pathak built the relationship partly through a rapport with Evolve's chairman, Scot Lenoir; both attended the University of Memphis, Lenoir three decades earlier. The bank that FINRA calls DDA Bank 1 in its 2026 settlement order matches Evolve on every documented point, and the second bank, partnered from 2022 until March 2024, matches Lineage Bank; that identification is a comparison of particulars, not a statement by FINRA.","source_ids":["src-021","src-009"],"entity_ids":["pathak","lenoir","evolve","synapse","lineage"],"premise_claim_ids":["c-ev-lenoir-ties","c-ev-dda-bank-1"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse and Evolve began working together around 2017. A 2025 business-press report says Pathak built the relationship partly through a rapport with Evolve's chairman, Scot Lenoir; both attended the University of Memphis, Lenoir three decades earlier. The bank that FINRA calls DDA Bank 1 in its 2026 settlement order matches Evolve on every documented point, and the second bank, partnered from 2022 until March 2024, matches Lineage Bank; that identification is a comparison of particulars, not a statement by FINRA."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-0a54bdd7d5ecf93c9ee71e3d","record":{"id":"display-claim-0a54bdd7d5ecf93c9ee71e3d","kind":"analysis","text":"Evolve's spokespeople say the bank planned to leave well before the collapse: in 2025 a spokesperson said Evolve had a long-standing plan to deal directly with fintechs rather than through aggregators like Synapse and had told Synapse a year in advance, and in June 2024 a spokesman said the bank had been trying to separate itself since late 2022 because of ledger problems. Pathak said he had heard that Evolve wanted to win Synapse's customers directly to cut out Synapse's fees. No notice of exit or 2022 correspondence is retained.","source_ids":["src-087","src-021"],"entity_ids":["evolve","synapse","pathak"],"premise_claim_ids":["c-ev-exit-accounts"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Evolve's spokespeople say the bank planned to leave well before the collapse: in 2025 a spokesperson said Evolve had a long-standing plan to deal directly with fintechs rather than through aggregators like Synapse and had told Synapse a year in advance, and in June 2024 a spokesman said the bank had been trying to separate itself since late 2022 because of ledger problems. Pathak said he had heard that Evolve wanted to win Synapse's customers directly to cut out Synapse's fees. No notice of exit or 2022 correspondence is retained."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-acb489acd7fe4ad74ff229da","record":{"id":"display-claim-acb489acd7fe4ad74ff229da","kind":"analysis","text":"In a statement of July 12, 2024 Evolve said its services agreement had expired by its terms in September 2023 and was being wound down when Synapse filed for bankruptcy; fintechs had to find another provider, some moving in the autumn of 2023 to a program run by Synapse Brokerage, to which Evolve transferred balances at Synapse's instruction while temporarily processing payments for its end users. That is Evolve's own public account. FINRA likewise found, in findings of its Paverman settlement order that were consented to without admitting or denying the allegations, bind no other respondent and refer to the bank only as DDA Bank 1, that the first deposit bank's agreement expired in September 2023, with some services continuing during a wind-down until May 2024.","source_ids":["src-009","src-036"],"entity_ids":["evolve","synapse","synapse-brokerage"],"premise_claim_ids":["c-ev-agreement-expiry"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In a statement of July 12, 2024 Evolve said its services agreement had expired by its terms in September 2023 and was being wound down when Synapse filed for bankruptcy; fintechs had to find another provider, some moving in the autumn of 2023 to a program run by Synapse Brokerage, to which Evolve transferred balances at Synapse's instruction while temporarily processing payments for its end users. That is Evolve's own public account. FINRA likewise found, in findings of its Paverman settlement order that were consented to without admitting or denying the allegations, bind no other respondent and refer to the bank only as DDA Bank 1, that the first deposit bank's agreement expired in September 2023, with some services continuing during a wind-down until May 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-89d31afc9109c0f5845517f7","record":{"id":"display-claim-89d31afc9109c0f5845517f7","kind":"analysis","text":"On its update page Evolve, a party to the dispute, adds that Synapse created Synapse Brokerage under a revised cash management program begun in the fall of 2023 and hastily migrated funds away from Evolve to AMG, Lineage and American Bank, which it calls the Synapse ecosystem banks. Pathak gives a different reason for the move: Synapse launched the brokerage sweep program around September or October 2023 because Evolve had raised its reserve requirement and withheld interest, and he says Evolve stopped processing sweeps to AMG without explanation. The interviewer noted that Synapse Brokerage had been set up earlier and that programs had been migrating to it since significantly earlier in 2023.","source_ids":["src-050","src-025"],"entity_ids":["evolve","synapse","synapse-brokerage","amg","lineage","american-bank","pathak"],"premise_claim_ids":["c-ev-migration-view","c-ev-sweeps-halt"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On its update page Evolve, a party to the dispute, adds that Synapse created Synapse Brokerage under a revised cash management program begun in the fall of 2023 and hastily migrated funds away from Evolve to AMG, Lineage and American Bank, which it calls the Synapse ecosystem banks. Pathak gives a different reason for the move: Synapse launched the brokerage sweep program around September or October 2023 because Evolve had raised its reserve requirement and withheld interest, and he says Evolve stopped processing sweeps to AMG without explanation. The interviewer noted that Synapse Brokerage had been set up earlier and that programs had been migrating to it since significantly earlier in 2023."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-6cd2bcbf8ae6fdcaf0caa1a6","record":{"id":"display-claim-6cd2bcbf8ae6fdcaf0caa1a6","kind":"analysis","text":"According to Synapse's May 2024 court filing, Pathak told Lenoir in a call around September 15, 2023 that Synapse had found improper debits by Evolve since 2017 exceeding $27 million from depositor funds in Evolve's FBO accounts. A 2025 business-press report describes Synapse's September 2023 notice as reporting discrepancies of about $13 million in accounts holding customer funds at Evolve and alleging that Evolve paid itself fees from customer funds, including some it was not entitled to. Evolve disputes Synapse's account, and the two figures are not reconciled in the record. Evolve's spokesperson said any accounting errors were Synapse's responsibility, because the bank had given Synapse details of every fee charged, which Synapse, as program manager, was supposed to allocate to platforms and end users.","source_ids":["src-034","src-021"],"entity_ids":["synapse","evolve","lenoir","pathak"],"premise_claim_ids":["c-ev-sep2023-synapse"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to Synapse's May 2024 court filing, Pathak told Lenoir in a call around September 15, 2023 that Synapse had found improper debits by Evolve since 2017 exceeding $27 million from depositor funds in Evolve's FBO accounts. A 2025 business-press report describes Synapse's September 2023 notice as reporting discrepancies of about $13 million in accounts holding customer funds at Evolve and alleging that Evolve paid itself fees from customer funds, including some it was not entitled to. Evolve disputes Synapse's account, and the two figures are not reconciled in the record. Evolve's spokesperson said any accounting errors were Synapse's responsibility, because the bank had given Synapse details of every fee charged, which Synapse, as program manager, was supposed to allocate to platforms and end users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-beac8f71b737aa59a831c637","record":{"id":"display-claim-beac8f71b737aa59a831c637","kind":"analysis","text":"On September 25, 2023 Evolve sent Synapse a notice of material breach and raised its required reserve; the notice itself is not retained. Synapse's filing says the notice cited a failure to fully fund Evolve's FBO accounts, demanded a $50 million reserve and said Evolve would withhold all remaining compensation due to Synapse, which ultimately exceeded $43 million. Two days later Pathak sent Evolve a seven-page letter, seen by the business press, accusing it of persistent negligence through a misappropriation of consumer funds and demanding an independent investigation; the same letter acknowledged that Synapse might have incorrectly received $3.25 million from customer accounts, of which it would pay a little more than half, with Evolve agreeing in an October 2023 contract to cover the rest. Neither document is retained. Synapse's April 2024 asset purchase agreement refers to a letter agreement with Evolve dated October 1, 2023; the record does not show whether it is the contract the press describes. Pathak also said in a November 2024 interview that Evolve was aware of and acknowledged that fees owed to TabaPay had been improperly debited from customer funds, while disputing whether that was the bank's fault; no Evolve statement on this is retained. He denies that Synapse knowingly let fees it owed be debited from end-user funds, saying it alerted Evolve and worked to fix such issues as they came to its attention.","source_ids":["src-068","src-034","src-021","src-003","src-025"],"entity_ids":["evolve","synapse","pathak","tabapay"],"premise_claim_ids":["c-ev-breach-notice","c-ev-pathak-letter","c-ev-oct2023-letter","c-ev-tabapay-fees"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On September 25, 2023 Evolve sent Synapse a notice of material breach and raised its required reserve; the notice itself is not retained. Synapse's filing says the notice cited a failure to fully fund Evolve's FBO accounts, demanded a $50 million reserve and said Evolve would withhold all remaining compensation due to Synapse, which ultimately exceeded $43 million. Two days later Pathak sent Evolve a seven-page letter, seen by the business press, accusing it of persistent negligence through a misappropriation of consumer funds and demanding an independent investigation; the same letter acknowledged that Synapse might have incorrectly received $3.25 million from customer accounts, of which it would pay a little more than half, with Evolve agreeing in an October 2023 contract to cover the rest. Neither document is retained. Synapse's April 2024 asset purchase agreement refers to a letter agreement with Evolve dated October 1, 2023; the record does not show whether it is the contract the press describes. Pathak also said in a November 2024 interview that Evolve was aware of and acknowledged that fees owed to TabaPay had been improperly debited from customer funds, while disputing whether that was the bank's fault; no Evolve statement on this is retained. He denies that Synapse knowingly let fees it owed be debited from end-user funds, saying it alerted Evolve and worked to fix such issues as they came to its attention."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5286aba6414f968b046a341d","record":{"id":"display-claim-5286aba6414f968b046a341d","kind":"analysis","text":"The CFPB alleges that both Evolve and Synapse knew by September 2023 at the latest of a deficit of tens of millions of dollars in the funds Evolve held for end users, and that the dispute was still unresolved in August 2025; the trustee and the debtor neither admitted nor denied the complaint's allegations in the stipulated judgment, but agreed that they would be taken as true in any proceeding based on it. FINRA found, in its Paverman settlement order, whose findings were consented to without admitting or denying the allegations, bind no other respondent and name the bank only as DDA Bank 1, that from around 2022 the first bank's ledger and Synapse's diverged, that by September 2023 each side said the other's ledger was wrong, and that by May 2024 Synapse's records showed about $92 million more at the bank than the bank acknowledged.","source_ids":["src-073","src-101","src-009"],"entity_ids":["synapse","evolve"],"premise_claim_ids":["c-ev-cfpb-deficit","c-ev-finra-gap"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The CFPB alleges that both Evolve and Synapse knew by September 2023 at the latest of a deficit of tens of millions of dollars in the funds Evolve held for end users, and that the dispute was still unresolved in August 2025; the trustee and the debtor neither admitted nor denied the complaint's allegations in the stipulated judgment, but agreed that they would be taken as true in any proceeding based on it. FINRA found, in its Paverman settlement order, whose findings were consented to without admitting or denying the allegations, bind no other respondent and name the bank only as DDA Bank 1, that from around 2022 the first bank's ledger and Synapse's diverged, that by September 2023 each side said the other's ledger was wrong, and that by May 2024 Synapse's records showed about $92 million more at the bank than the bank acknowledged."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b517ea9267a1257bb4bc06f6","record":{"id":"display-claim-b517ea9267a1257bb4bc06f6","kind":"analysis","text":"In May 2024 Synapse told the bankruptcy court that Evolve owed depositors $150,437,659.89 as of May 14 but held $102,694,725.72 in 49 FBO accounts, and had to fund the difference, the \"FBO Account Deficit\"; it said Evolve had moved Synapse's reserve of more than $43 million partly to cover a shortfall of at least $35.3 million and still owed about $50 million. Synapse's schedule attributed most of the total to Yotta's end users ($111,743,905.77) and Juno's ($26,508,736.54). Evolve says these figures rest on inaccurate ledgers prepared by Synapse and that the funds were never in its possession.","source_ids":["src-034","src-087"],"entity_ids":["synapse","evolve","pathak","yotta","juno","yieldstreet"],"premise_claim_ids":["c-ev-fbo-deficit","c-ev-fbo-schedule"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In May 2024 Synapse told the bankruptcy court that Evolve owed depositors $150,437,659.89 as of May 14 but held $102,694,725.72 in 49 FBO accounts, and had to fund the difference, the \"FBO Account Deficit\"; it said Evolve had moved Synapse's reserve of more than $43 million partly to cover a shortfall of at least $35.3 million and still owed about $50 million. Synapse's schedule attributed most of the total to Yotta's end users ($111,743,905.77) and Juno's ($26,508,736.54). Evolve says these figures rest on inaccurate ledgers prepared by Synapse and that the funds were never in its possession."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-60062ace5a659b335973bf0b","record":{"id":"display-claim-60062ace5a659b335973bf0b","kind":"analysis","text":"When it filed for bankruptcy Synapse said Evolve had agreed to pay $2 million to the estate, and court approval of that settlement was a condition of the TabaPay sale. On May 9, 2024 Synapse reported that the settlement had not been consummated because of disputes over Evolve funding it, and the buyer said it would not proceed with the sale without it. In Synapse's account, given in a court filing that Evolve disputes, Evolve had agreed to fully fund its FBO accounts by April 22, repeatedly asked for more time, and announced on the evening of May 8 that it had already fully funded a single FBO account on April 8 by transferring funds from Synapse's reserve account, paying itself almost $9 million in fees, and that nothing more was required; Synapse disputed that calculation and says TabaPay walked away when it learned of it. An Evolve spokesperson said the bank was not party to TabaPay's agreement with Synapse and had no closing conditions to meet, and that its settlement agreement had a funding condition which Evolve satisfied; TabaPay said it withdrew because the purchase agreement's closing conditions were not met. The purchase was never completed.","source_ids":["src-023","src-003","src-017","src-034","src-049"],"entity_ids":["synapse","evolve","tabapay"],"premise_claim_ids":["c-ev-settlement","c-ev-settlement-collapse"],"qualification":"","response":"","outcome":""},"reading":"Analysis: When it filed for bankruptcy Synapse said Evolve had agreed to pay $2 million to the estate, and court approval of that settlement was a condition of the TabaPay sale. On May 9, 2024 Synapse reported that the settlement had not been consummated because of disputes over Evolve funding it, and the buyer said it would not proceed with the sale without it. In Synapse's account, given in a court filing that Evolve disputes, Evolve had agreed to fully fund its FBO accounts by April 22, repeatedly asked for more time, and announced on the evening of May 8 that it had already fully funded a single FBO account on April 8 by transferring funds from Synapse's reserve account, paying itself almost $9 million in fees, and that nothing more was required; Synapse disputed that calculation and says TabaPay walked away when it learned of it. An Evolve spokesperson said the bank was not party to TabaPay's agreement with Synapse and had no closing conditions to meet, and that its settlement agreement had a funding condition which Evolve satisfied; TabaPay said it withdrew because the purchase agreement's closing conditions were not met. The purchase was never completed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-4da37a9eb4ef17b3bfeee5cc","record":{"id":"display-claim-4da37a9eb4ef17b3bfeee5cc","kind":"analysis","text":"The CFPB alleges that the buyer required Synapse and Evolve to agree and to fully fund the balances at Evolve, and that they could not resolve their dispute; the trustee and the debtor neither admitted nor denied this in the stipulated judgment, but agreed that it would be taken as true in any proceeding based on it. TabaPay's co-founder and president, Rodney Robinson, told the business press that all parties had been willing to cover the gap until its true extent became clear, calling it a matter of sloppy business practices that went on for years.","source_ids":["src-073","src-101","src-021"],"entity_ids":["synapse","evolve","tabapay"],"premise_claim_ids":["c-ev-cfpb-sale","c-ev-tabapay-view"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The CFPB alleges that the buyer required Synapse and Evolve to agree and to fully fund the balances at Evolve, and that they could not resolve their dispute; the trustee and the debtor neither admitted nor denied this in the stipulated judgment, but agreed that it would be taken as true in any proceeding based on it. TabaPay's co-founder and president, Rodney Robinson, told the business press that all parties had been willing to cover the gap until its true extent became clear, calling it a matter of sloppy business practices that went on for years."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-eb0c190befeb13c53698f330","record":{"id":"display-claim-eb0c190befeb13c53698f330","kind":"analysis","text":"On May 11, 2024, the CFPB alleges, Synapse stopped maintaining Evolve's access to its dashboard of end-user balances and stopped sending daily ledger reports; Evolve then froze all end-user activity, and Lineage did the same, so that consumers could not use cards, withdraw money or receive direct deposits. Evolve asked the court on May 13 to restore its access or let it close Synapse's accounts, saying it had been denied access to Synapse's systems and forced to freeze accounts. Synapse answered that Evolve froze all accounts in response to a temporary pause in its dashboard access and had appropriate access from at least the morning of May 13. The trustee later reported that it was undisputed at the hearing that end users had lost access to their money. The CFPB's allegations were neither admitted nor denied by the trustee and the debtor, who agreed that they would be taken as true in any proceeding based on the judgment.","source_ids":["src-073","src-101","src-017","src-034"],"entity_ids":["synapse","evolve","lineage"],"premise_claim_ids":["c-ev-freeze"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On May 11, 2024, the CFPB alleges, Synapse stopped maintaining Evolve's access to its dashboard of end-user balances and stopped sending daily ledger reports; Evolve then froze all end-user activity, and Lineage did the same, so that consumers could not use cards, withdraw money or receive direct deposits. Evolve asked the court on May 13 to restore its access or let it close Synapse's accounts, saying it had been denied access to Synapse's systems and forced to freeze accounts. Synapse answered that Evolve froze all accounts in response to a temporary pause in its dashboard access and had appropriate access from at least the morning of May 13. The trustee later reported that it was undisputed at the hearing that end users had lost access to their money. The CFPB's allegations were neither admitted nor denied by the trustee and the debtor, who agreed that they would be taken as true in any proceeding based on the judgment."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b31db368fe8b4891fd63d513","record":{"id":"display-claim-b31db368fe8b4891fd63d513","kind":"analysis","text":"Evolve, a party to the dispute, says the ledgers Synapse supplied contained numerous material irregularities: Synapse Brokerage balances that changed significantly from one day to the next without corresponding movement of funds, in some cases by millions of dollars, and discrepancies between the brokerage ledgers and actual movements into and out of the bank, where it said it held about $46 million in accounts created for payment processing and was never a program bank. Pathak attributes the gap to Evolve's technical problems and fee debits. As an example, Evolve told the trustee that a Synapse ledger of April 11, 2024 showed $109 million for Yotta's end users at American Bank, AMG and six program banks reached through American Deposit Management, and the ledger of May 17 only $1.4 million, with no funds sent to Evolve in between.","source_ids":["src-032","src-036","src-030"],"entity_ids":["evolve","synapse","synapse-brokerage","yotta","juno","yieldstreet","american-bank","amg","admc"],"premise_claim_ids":["c-ev-ledger-irregularities","c-ev-yotta-ledger-example"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Evolve, a party to the dispute, says the ledgers Synapse supplied contained numerous material irregularities: Synapse Brokerage balances that changed significantly from one day to the next without corresponding movement of funds, in some cases by millions of dollars, and discrepancies between the brokerage ledgers and actual movements into and out of the bank, where it said it held about $46 million in accounts created for payment processing and was never a program bank. Pathak attributes the gap to Evolve's technical problems and fee debits. As an example, Evolve told the trustee that a Synapse ledger of April 11, 2024 showed $109 million for Yotta's end users at American Bank, AMG and six program banks reached through American Deposit Management, and the ledger of May 17 only $1.4 million, with no funds sent to Evolve in between."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-d9f280873c89c713a268bf92","record":{"id":"display-claim-d9f280873c89c713a268bf92","kind":"analysis","text":"In a 2025 letter to end users, Evolve, a party to the dispute, said Synapse, which was contractually responsible for monthly end-user statements, had given it statements for April and May 2024 in which many accounts moved from zero to substantial balances with no corresponding transfers in Evolve's or Federal Reserve records, and had given end users different statements that omitted transfers from Evolve to Synapse Brokerage: in one October 2023 example the statement given to Evolve showed an ending balance of $25.45 and the one given to the Yotta end user $2,862.82. The statements are reproduced only in its letter. Its consultant Ankura Consulting Group completed a reconciliation on October 18, 2024 that, according to Evolve, found Synapse's ledgers contradicted by transaction data, though Ankura could not trace funds beyond Evolve because the other banks did not take part; the reconciliation itself is not public. AMG and Lineage called Evolve's suggestion that they might still hold substantial funds irresponsible and disingenuous, and in June 2025 the trustee reported that the exact amounts and sources of the shortfall had not been clearly established.","source_ids":["src-050","src-065","src-042"],"entity_ids":["evolve","synapse","synapse-brokerage","yotta","amg","lineage","american-bank"],"premise_claim_ids":["c-ev-statements","c-ev-ankura"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In a 2025 letter to end users, Evolve, a party to the dispute, said Synapse, which was contractually responsible for monthly end-user statements, had given it statements for April and May 2024 in which many accounts moved from zero to substantial balances with no corresponding transfers in Evolve's or Federal Reserve records, and had given end users different statements that omitted transfers from Evolve to Synapse Brokerage: in one October 2023 example the statement given to Evolve showed an ending balance of $25.45 and the one given to the Yotta end user $2,862.82. The statements are reproduced only in its letter. Its consultant Ankura Consulting Group completed a reconciliation on October 18, 2024 that, according to Evolve, found Synapse's ledgers contradicted by transaction data, though Ankura could not trace funds beyond Evolve because the other banks did not take part; the reconciliation itself is not public. AMG and Lineage called Evolve's suggestion that they might still hold substantial funds irresponsible and disingenuous, and in June 2025 the trustee reported that the exact amounts and sources of the shortfall had not been clearly established."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e0584e79c62609ac60eeb002","record":{"id":"display-claim-e0584e79c62609ac60eeb002","kind":"analysis","text":"Pathak, for his part, says the shortfall comes from discrepancies between the two sides' records and Evolve's fee debits, and that Evolve should cover the deficit it created; Evolve calls his version simply not true, says only Synapse could keep accurate ledgers and that his claims rest on demonstrably inaccurate ledgers his company prepared, and, according to Pathak, sent him a cease-and-desist letter after he posted what he described as an anonymised trial balance. These are competing statements of the parties: no court or regulator has decided between them, the CFPB recorded that the dispute over the deficit was still unresolved when the sale failed, and the trustee expressed no opinion on whether any bank's liability to end users was limited to the funds it held.","source_ids":["src-025","src-012","src-021","src-073","src-065"],"entity_ids":["pathak","evolve","synapse"],"premise_claim_ids":["c-ev-blame"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Pathak, for his part, says the shortfall comes from discrepancies between the two sides' records and Evolve's fee debits, and that Evolve should cover the deficit it created; Evolve calls his version simply not true, says only Synapse could keep accurate ledgers and that his claims rest on demonstrably inaccurate ledgers his company prepared, and, according to Pathak, sent him a cease-and-desist letter after he posted what he described as an anonymised trial balance. These are competing statements of the parties: no court or regulator has decided between them, the CFPB recorded that the dispute over the deficit was still unresolved when the sale failed, and the trustee expressed no opinion on whether any bank's liability to end users was limited to the funds it held."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5bbe15c8d509d9cadef32a5f","record":{"id":"display-claim-5bbe15c8d509d9cadef32a5f","kind":"analysis","text":"Mercury Technologies, Inc., backed by Andreessen Horowitz, was Synapse's largest client. Former employees told the business press that it grew to around 60% of Synapse's revenue at its peak; Pathak put its share at about 35% of the business in September 2023. Both figures are informal estimates.","source_ids":["src-021"],"entity_ids":["mercury","synapse","pathak"],"premise_claim_ids":["c-mer-client"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Mercury Technologies, Inc., backed by Andreessen Horowitz, was Synapse's largest client. Former employees told the business press that it grew to around 60% of Synapse's revenue at its peak; Pathak put its share at about 35% of the business in September 2023. Both figures are informal estimates."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5e744214d2d71fee11d6f8b7","record":{"id":"display-claim-5e744214d2d71fee11d6f8b7","kind":"analysis","text":"According to Synapse, Mercury gave notice on September 25, 2023, the day of Evolve's breach notice, that it would not renew, and two days later Mercury and Evolve said they would move more than $3 billion of Mercury depositor funds to a direct Evolve program; a technology-press timeline dates the end of both Evolve's and Mercury's relationships with Synapse to October 13, 2023. FINRA found that Synapse's biggest customer, a fintech with about $3 billion at the first deposit bank, began partnering directly with that bank around October 2023, in findings of its Paverman settlement order that name neither company, were consented to without admission or denial and bind no one else. Mercury said that after its experience with Synapse it had concluded that direct relationships and integrations with its partner banks were in the long-term interest of Mercury and its customers.","source_ids":["src-034","src-102","src-027","src-009","src-021"],"entity_ids":["mercury","synapse","evolve"],"premise_claim_ids":["c-mer-departure"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to Synapse, Mercury gave notice on September 25, 2023, the day of Evolve's breach notice, that it would not renew, and two days later Mercury and Evolve said they would move more than $3 billion of Mercury depositor funds to a direct Evolve program; a technology-press timeline dates the end of both Evolve's and Mercury's relationships with Synapse to October 13, 2023. FINRA found that Synapse's biggest customer, a fintech with about $3 billion at the first deposit bank, began partnering directly with that bank around October 2023, in findings of its Paverman settlement order that name neither company, were consented to without admission or denial and bind no one else. Mercury said that after its experience with Synapse it had concluded that direct relationships and integrations with its partner banks were in the long-term interest of Mercury and its customers."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-c2088b864122562c7611e26c","record":{"id":"display-claim-c2088b864122562c7611e26c","kind":"analysis","text":"Synapse confirmed on October 6, 2023 that it had laid off 86 people, about 40% of its staff, four months after cutting 18% of its workforce. A 2025 business-press report, describing the loss of Evolve and Mercury as a perfect storm, said Synapse's revenue had been cut by more than a third and put the October layoffs at more than 100, a figure that differs from the company's own.","source_ids":["src-102","src-021"],"entity_ids":["synapse","mercury","evolve"],"premise_claim_ids":["c-mer-layoffs"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse confirmed on October 6, 2023 that it had laid off 86 people, about 40% of its staff, four months after cutting 18% of its workforce. A 2025 business-press report, describing the loss of Evolve and Mercury as a perfect storm, said Synapse's revenue had been cut by more than a third and put the October layoffs at more than 100, a figure that differs from the company's own."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-17abc20a7e58e564b6543830","record":{"id":"display-claim-17abc20a7e58e564b6543830","kind":"analysis","text":"Synapse alleged in a May 2024 court filing that in the two weeks after the September notices Mercury and Evolve improperly transferred more than $49 million of Synapse-related depositor funds into Mercury's direct program without Synapse's review or participation. FINRA, in its Paverman settlement order, whose findings were consented to without admission or denial, bind no other respondent and name neither the bank nor the fintech, records this only as Synapse's contention. Mercury strenuously denies it: its spokesperson said that, despite the lack of evidence provided by Synapse's former chief executive, Mercury investigated the claim fully, found no evidence to support it and did not over-migrate any funds.","source_ids":["src-034","src-009","src-021"],"entity_ids":["synapse","mercury","evolve"],"premise_claim_ids":["c-mer-overmigration"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse alleged in a May 2024 court filing that in the two weeks after the September notices Mercury and Evolve improperly transferred more than $49 million of Synapse-related depositor funds into Mercury's direct program without Synapse's review or participation. FINRA, in its Paverman settlement order, whose findings were consented to without admission or denial, bind no other respondent and name neither the bank nor the fintech, records this only as Synapse's contention. Mercury strenuously denies it: its spokesperson said that, despite the lack of evidence provided by Synapse's former chief executive, Mercury investigated the claim fully, found no evidence to support it and did not over-migrate any funds."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-850c15e5481d177c2d6f2960","record":{"id":"display-claim-850c15e5481d177c2d6f2960","kind":"analysis","text":"On December 11, 2023 Mercury petitioned the San Francisco Superior Court for provisional relief in connection with an arbitrable controversy with Synapse, claiming according to a business-press report that Synapse had withheld $30 million in revenue; according to the same report Synapse countersued for more than $36 million, and Synapse told the bankruptcy court it had substantial claims against Mercury. Neither side's filings are retained, and no ruling or settlement appears in the record; in June 2025 the trustee reported having looked for financing, including contingency counsel, to pursue any claims. In June 2024 the trustee also said that reconciliation was likely to show a shortfall predating the bankruptcy, as Pathak had reported in a May 9, 2024 post on Mercury reconciliation issues.","source_ids":["src-017","src-023","src-021","src-042"],"entity_ids":["mercury","synapse","pathak"],"premise_claim_ids":["c-mer-litigation","c-mer-trustee-link"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On December 11, 2023 Mercury petitioned the San Francisco Superior Court for provisional relief in connection with an arbitrable controversy with Synapse, claiming according to a business-press report that Synapse had withheld $30 million in revenue; according to the same report Synapse countersued for more than $36 million, and Synapse told the bankruptcy court it had substantial claims against Mercury. Neither side's filings are retained, and no ruling or settlement appears in the record; in June 2025 the trustee reported having looked for financing, including contingency counsel, to pursue any claims. In June 2024 the trustee also said that reconciliation was likely to show a shortfall predating the bankruptcy, as Pathak had reported in a May 9, 2024 post on Mercury reconciliation issues."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-daf754153261f5e2bac9e80a","record":{"id":"display-claim-daf754153261f5e2bac9e80a","kind":"analysis","text":"Separately from Synapse, Mercury settled with the California DFPI, whose Commissioner found that its @bankmercury handle, website phrases such as \"building a bank for startups\" and use of the FDIC logo violated California law on the use of the word bank; Mercury agreed to stop using the word bank or banking in its name or handle, and to stop using the FDIC logo in a misleading manner. Chief executive Immad Akhund signed on December 24, 2021, and Mercury neither admitted nor denied the findings.","source_ids":["src-092"],"entity_ids":["mercury","akhund","dfpi"],"premise_claim_ids":["c-mer-dfpi-2022"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Separately from Synapse, Mercury settled with the California DFPI, whose Commissioner found that its @bankmercury handle, website phrases such as \"building a bank for startups\" and use of the FDIC logo violated California law on the use of the word bank; Mercury agreed to stop using the word bank or banking in its name or handle, and to stop using the FDIC logo in a misleading manner. Chief executive Immad Akhund signed on December 24, 2021, and Mercury neither admitted nor denied the findings."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-66253d17a501e8dc7e0534b0","record":{"id":"display-claim-66253d17a501e8dc7e0534b0","kind":"analysis","text":"A trade-newsletter headline of September 7, 2025 reported, citing sources, an FBI inquiry into Evolve's fintech program with Mercury among the programs under scrutiny. Only the headline and subheading are retained, with no confirmation by the FBI, Evolve or Mercury and no charge.","source_ids":["src-084"],"entity_ids":["evolve","mercury"],"premise_claim_ids":["c-mer-fbi-report"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A trade-newsletter headline of September 7, 2025 reported, citing sources, an FBI inquiry into Evolve's fintech program with Mercury among the programs under scrutiny. Only the headline and subheading are retained, with no confirmation by the FBI, Evolve or Mercury and no charge."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b71fb81c1dbbc58b7a92c7f2","record":{"id":"display-claim-b71fb81c1dbbc58b7a92c7f2","kind":"analysis","text":"When Jelena McWilliams became trustee on May 24, 2024, the partner banks had lost access to Synapse's systems, had reason to doubt its ledger and had found unexpected shortfalls in their FBO accounts, and they had no safe way to share data. They paused distributions, and on May 31 the court approved a protective order letting them and the trustee share trial balances. The trustee was told that Synapse and Synapse Brokerage shared employees, functions and systems, including a single ledger database on MongoDB, and that the banks generally regarded May 17, 2024 as the last date the ledger was complete and accessible; with all employees and contractors terminated on May 24 for lack of funds, no one was left to interpret it.","source_ids":["src-017","src-031"],"entity_ids":["synapse","synapse-brokerage","evolve"],"premise_claim_ids":["c-sf-on-appointment","c-sf-ledger-system"],"qualification":"","response":"","outcome":""},"reading":"Analysis: When Jelena McWilliams became trustee on May 24, 2024, the partner banks had lost access to Synapse's systems, had reason to doubt its ledger and had found unexpected shortfalls in their FBO accounts, and they had no safe way to share data. They paused distributions, and on May 31 the court approved a protective order letting them and the trustee share trial balances. The trustee was told that Synapse and Synapse Brokerage shared employees, functions and systems, including a single ledger database on MongoDB, and that the banks generally regarded May 17, 2024 as the last date the ledger was complete and accessible; with all employees and contractors terminated on May 24 for lack of funds, no one was left to interpret it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-efa2aee7f821e06577b8d7a6","record":{"id":"display-claim-efa2aee7f821e06577b8d7a6","kind":"analysis","text":"At the appointment the four banks held $219,077,467 of FBO funds connected with Synapse: $43,339 at American Bank, $110,290,040 at AMG, $46,926,558 at Evolve and $61,817,530 at Lineage, whose single FBO account combined DDA and FBO funds. Demand deposit accounts were the smaller part of the problem: the banks told the trustee they had fully reconciled them, and no shortfall was reported. Evolve began paying DDA funds on its regulator's instructions, and by November 12, 2024 about 91% of the roughly $6.5 million of DDA funds held by Evolve and Lineage had been paid.","source_ids":["src-065","src-017","src-032"],"entity_ids":["american-bank","amg","evolve","lineage","synapse-brokerage","synapse"],"premise_claim_ids":["c-sf-fbo-held","c-sf-dda-funds"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the appointment the four banks held $219,077,467 of FBO funds connected with Synapse: $43,339 at American Bank, $110,290,040 at AMG, $46,926,558 at Evolve and $61,817,530 at Lineage, whose single FBO account combined DDA and FBO funds. Demand deposit accounts were the smaller part of the problem: the banks told the trustee they had fully reconciled them, and no shortfall was reported. Evolve began paying DDA funds on its regulator's instructions, and by November 12, 2024 about 91% of the roughly $6.5 million of DDA funds held by Evolve and Lineage had been paid."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9080a5b1af9c72704ac1d06e","record":{"id":"display-claim-9080a5b1af9c72704ac1d06e","kind":"analysis","text":"The trustee's first report, filed on June 7, 2024, relayed the banks' figures: about $180 million held in accounts associated with end users and possible platform reserves, against a remaining trial balance of about $265 million, a shortfall of about $85 million whose source was unknown. A week later at least one bank put the FBO shortfall at $65 million to $96 million, the range reflecting about $31 million of interest and rebates whose ownership by end users was unresolved. American Bank and AMG reported no shortfall, Evolve said it had not yet reconciled enough to tell, and Lineage said it lacked the data.","source_ids":["src-031","src-017"],"entity_ids":["synapse","american-bank","amg","evolve","lineage"],"premise_claim_ids":["c-sf-initial-estimate","c-sf-revised-estimate"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The trustee's first report, filed on June 7, 2024, relayed the banks' figures: about $180 million held in accounts associated with end users and possible platform reserves, against a remaining trial balance of about $265 million, a shortfall of about $85 million whose source was unknown. A week later at least one bank put the FBO shortfall at $65 million to $96 million, the range reflecting about $31 million of interest and rebates whose ownership by end users was unresolved. American Bank and AMG reported no shortfall, Evolve said it had not yet reconciled enough to tell, and Lineage said it lacked the data."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-3095648932aaf033cc1ca2a4","record":{"id":"display-claim-3095648932aaf033cc1ca2a4","kind":"analysis","text":"Seeking to end the case in June 2025, the trustee told the court that the apparent shortfall of $65 million to $95 million against Synapse's ledger had persisted throughout and appeared to have existed before the bankruptcy. The banks had completed the reconciliation needed to return funds, but the exact amount and sources of the shortfall had not been established, because the estate lacked resources and some banks declined to share their data voluntarily. The CFPB's 2025 complaint alleges a similar sequence: banks found less money than Synapse's records showed, a shortfall it says the trustee estimated at $60 million to $90 million; consumers waited weeks or months, some distributions took more than eight months, and many consumers had not received their full balance. The trustee and the debtor neither admitted nor denied these allegations in the stipulated judgment, but agreed that they would be taken as true in any proceeding based on it.","source_ids":["src-042","src-004","src-073","src-101"],"entity_ids":["synapse"],"premise_claim_ids":["c-sf-june2025","c-sf-cfpb-account"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Seeking to end the case in June 2025, the trustee told the court that the apparent shortfall of $65 million to $95 million against Synapse's ledger had persisted throughout and appeared to have existed before the bankruptcy. The banks had completed the reconciliation needed to return funds, but the exact amount and sources of the shortfall had not been established, because the estate lacked resources and some banks declined to share their data voluntarily. The CFPB's 2025 complaint alleges a similar sequence: banks found less money than Synapse's records showed, a shortfall it says the trustee estimated at $60 million to $90 million; consumers waited weeks or months, some distributions took more than eight months, and many consumers had not received their full balance. The trustee and the debtor neither admitted nor denied these allegations in the stipulated judgment, but agreed that they would be taken as true in any proceeding based on it."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-368e883a1a02f691802d71d5","record":{"id":"display-claim-368e883a1a02f691802d71d5","kind":"analysis","text":"Press reports in June 2024 counted more than 100,000 people locked out, with $265 million of deposits according to the trustee, or more than 200,000 customers; in September 2025 a trade-press report said many end users of Yotta, Juno and Copper still could not reach their funds 17 months after the filing. These are press estimates; the trustee's reports count dollars and paid end users bank by bank.","source_ids":["src-027","src-102","src-029","src-093"],"entity_ids":["synapse","yotta","juno","copper"],"premise_claim_ids":["c-sf-affected"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Press reports in June 2024 counted more than 100,000 people locked out, with $265 million of deposits according to the trustee, or more than 200,000 customers; in September 2025 a trade-press report said many end users of Yotta, Juno and Copper still could not reach their funds 17 months after the filing. These are press estimates; the trustee's reports count dollars and paid end users bank by bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-c9d35d48db7df47d0eb10430","record":{"id":"display-claim-c9d35d48db7df47d0eb10430","kind":"analysis","text":"AMG, which held about $110 million, paid about $55 million just before the appointment and $109,869,963, 99.6% of its FBO funds, to about 91,400 end users by November 12, 2024, including $2,360,734 for Juno's users and $1,289,619 for Yotta's. Evolve completed its reconciliation as of October 18, 2024, began paying on November 4, and by November 12 users had chosen payment methods for more than $21 million of the $46.9 million it had held; it declined, citing litigation, to give the trustee reconciled balances, and the trustee wrote that she was disappointed with results that notified some end users of amounts considerably less than the Synapse ledger showed. Lineage's payments are set out with its account below.","source_ids":["src-065","src-032"],"entity_ids":["amg","juno","yotta","evolve","yieldstreet"],"premise_claim_ids":["c-sf-amg-payouts","c-sf-evolve-payouts"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AMG, which held about $110 million, paid about $55 million just before the appointment and $109,869,963, 99.6% of its FBO funds, to about 91,400 end users by November 12, 2024, including $2,360,734 for Juno's users and $1,289,619 for Yotta's. Evolve completed its reconciliation as of October 18, 2024, began paying on November 4, and by November 12 users had chosen payment methods for more than $21 million of the $46.9 million it had held; it declined, citing litigation, to give the trustee reconciled balances, and the trustee wrote that she was disappointed with results that notified some end users of amounts considerably less than the Synapse ledger showed. Lineage's payments are set out with its account below."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-dd55d835b782c0e25c9bb825","record":{"id":"display-claim-dd55d835b782c0e25c9bb825","kind":"analysis","text":"Overall, $187,121,978, about 85% of the $219,077,467 held at the appointment, had been distributed by November 12, 2024 and $31,955,489 remained. The trustee stated that she expressed no opinion on whether any bank's liability to end users was limited to what it held, and the shortfall estimate was unchanged.","source_ids":["src-065"],"entity_ids":["synapse","american-bank","amg","evolve","lineage"],"premise_claim_ids":["c-sf-nov2024-total"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Overall, $187,121,978, about 85% of the $219,077,467 held at the appointment, had been distributed by November 12, 2024 and $31,955,489 remained. The trustee stated that she expressed no opinion on whether any bank's liability to end users was limited to what it held, and the shortfall estimate was unchanged."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-eada58ab3245645d56bc0b28","record":{"id":"display-claim-eada58ab3245645d56bc0b28","kind":"analysis","text":"Lineage told the trustee that in the autumn of 2023 it found Synapse had moved about $60 million of end-user funds into a Synapse reserve account securing its processing agreement, that it moved the money into an FBO account for the end users, and that it terminated the agreement for cause in March 2024; the reserve account records are not retained. A trade-newsletter headline of October 2024 reported, citing a partner bank and former employees, that Synapse had used customer funds to meet bank reserve requirements. Asked in a November 2024 interview, Pathak said he was not aware of any misappropriation and called that allegation factually false; the interviewer noted that Synapse would have instructed Evolve to move the funds to Lineage and had represented them as its own. Lineage had paid out $49,200,617 of FBO funds by August 29, 2024 and, by November 12, 2024, $55,252,015 to 10,175 end users, 91% of the FBO funds it held at the trustee's appointment by the trustee's count. Separately, in findings of its January 28, 2026 order accepting Mark Paverman's settlement, to which he consented without admitting or denying the allegations and which bind no other respondent, FINRA found that the bank it calls DDA Bank 2 had required a $60 million minimum balance from around December 2022 after finding deficiencies in Synapse's record-keeping.","source_ids":["src-031","src-094","src-025","src-065","src-009"],"entity_ids":["lineage","synapse","pathak","evolve"],"premise_claim_ids":["c-sf-lineage-reserve","c-sf-lineage-payouts","c-sf-bank2-minimum"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Lineage told the trustee that in the autumn of 2023 it found Synapse had moved about $60 million of end-user funds into a Synapse reserve account securing its processing agreement, that it moved the money into an FBO account for the end users, and that it terminated the agreement for cause in March 2024; the reserve account records are not retained. A trade-newsletter headline of October 2024 reported, citing a partner bank and former employees, that Synapse had used customer funds to meet bank reserve requirements. Asked in a November 2024 interview, Pathak said he was not aware of any misappropriation and called that allegation factually false; the interviewer noted that Synapse would have instructed Evolve to move the funds to Lineage and had represented them as its own. Lineage had paid out $49,200,617 of FBO funds by August 29, 2024 and, by November 12, 2024, $55,252,015 to 10,175 end users, 91% of the FBO funds it held at the trustee's appointment by the trustee's count. Separately, in findings of its January 28, 2026 order accepting Mark Paverman's settlement, to which he consented without admitting or denying the allegations and which bind no other respondent, FINRA found that the bank it calls DDA Bank 2 had required a $60 million minimum balance from around December 2022 after finding deficiencies in Synapse's record-keeping."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-52506adb90dddf1f174470e6","record":{"id":"display-claim-52506adb90dddf1f174470e6","kind":"analysis","text":"Lineage also said Synapse's trial balance was contradictory and unverifiable, that Synapse had moved lump sums totalling hundreds of millions of dollars between banks without allocating them, and that its final trial balance assigned missing funds to banks apparently arbitrarily. In November 2024 AMG and Lineage set out their flows with Evolve, a combined net $957,567,777.54 moved to Evolve; they said they had paid out according to Synapse's trial balances as confirmed by reconciliation, rejected Evolve's suggestion that they might still hold substantial funds, noted that AMG had received more than $80 million from American Deposit Management Company during the wind-down for processing end-user payments, and urged the banks to find out why Synapse's trial balances exceeded the money held. These are the positions of the two banks; Evolve's own account of these flows is not retained.","source_ids":["src-032","src-093","src-065"],"entity_ids":["lineage","synapse","amg","evolve","admc"],"premise_claim_ids":["c-sf-lineage-view","c-sf-bank-flows"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Lineage also said Synapse's trial balance was contradictory and unverifiable, that Synapse had moved lump sums totalling hundreds of millions of dollars between banks without allocating them, and that its final trial balance assigned missing funds to banks apparently arbitrarily. In November 2024 AMG and Lineage set out their flows with Evolve, a combined net $957,567,777.54 moved to Evolve; they said they had paid out according to Synapse's trial balances as confirmed by reconciliation, rejected Evolve's suggestion that they might still hold substantial funds, noted that AMG had received more than $80 million from American Deposit Management Company during the wind-down for processing end-user payments, and urged the banks to find out why Synapse's trial balances exceeded the money held. These are the positions of the two banks; Evolve's own account of these flows is not retained."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-41287d55ae54114bb6fc1fa6","record":{"id":"display-claim-41287d55ae54114bb6fc1fa6","kind":"analysis","text":"In 2023 Synapse's audit committee engaged Kroll to audit and reconcile its ledgers, and in June 2024 the trustee was meeting Kroll to discuss its findings. A February 2025 press report, relaying a newspaper investigation, says Victor Medeiros, formerly a senior director in Synapse's finance department, warned Kroll's accountants in 2023 that customers had not been credited with the full interest due and were more than $3 million short as of mid-2023, that Kroll confirmed the estimate to the board, which demanded that the shortfall be fixed at once, and that Synapse said it could not cover the losses. Kroll's work and board minutes are not retained, no response from Synapse's former directors to this account appears in the record, and Medeiros's lawyer did not respond. Pathak said in November 2024 that the board, which at various times included directors from Andreessen Horowitz, Trinity Ventures and Core Innovation Capital, was broadly aware of the problems, was trying to do the right thing and asked him not to shut down and escalate; no statement by those directors or their firms is retained, and the investors declined to comment or did not respond to another outlet.","source_ids":["src-017","src-076","src-021","src-025"],"entity_ids":["kroll","synapse","medeiros","pathak","strange","satyavolu","schutte","a16z","trinity","core"],"premise_claim_ids":["c-sf-kroll-audit","c-sf-medeiros-warning","c-sf-board-awareness"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In 2023 Synapse's audit committee engaged Kroll to audit and reconcile its ledgers, and in June 2024 the trustee was meeting Kroll to discuss its findings. A February 2025 press report, relaying a newspaper investigation, says Victor Medeiros, formerly a senior director in Synapse's finance department, warned Kroll's accountants in 2023 that customers had not been credited with the full interest due and were more than $3 million short as of mid-2023, that Kroll confirmed the estimate to the board, which demanded that the shortfall be fixed at once, and that Synapse said it could not cover the losses. Kroll's work and board minutes are not retained, no response from Synapse's former directors to this account appears in the record, and Medeiros's lawyer did not respond. Pathak said in November 2024 that the board, which at various times included directors from Andreessen Horowitz, Trinity Ventures and Core Innovation Capital, was broadly aware of the problems, was trying to do the right thing and asked him not to shut down and escalate; no statement by those directors or their firms is retained, and the investors declined to comment or did not respond to another outlet."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-c20f1a9b8669f95fddcebc2b","record":{"id":"display-claim-c20f1a9b8669f95fddcebc2b","kind":"analysis","text":"On June 28, 2024 Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman wrote to Pathak and to Synapse's investors and partners, including Evolve's chief executive Scott Stafford, that customers had been cut off since mid-May, that there was a potential shortfall of $65 million to $96 million, and that it was ultimately the recipients' responsibility to ensure the safety and accessibility of end-user funds, urging them to pool resources to release all frozen deposits; the letter is a request and assigns no legal liability. On July 2 the Federal Reserve's general counsel, Mark Van Der Weide, replied to the trustee that exact balances were hard to establish because the funds sat at several banks in pooled accounts, and that the Federal Reserve, as Evolve's primary federal regulator, expected supervised banks to return customer funds consistent with applicable law and would continue to monitor Evolve's progress. The trustee's counsel urged MongoDB not to shut down the database holding Synapse's records, which were needed to distribute more than $100 million and trace the shortfall.","source_ids":["src-007","src-077","src-033"],"entity_ids":["synapse","pathak","evolve","stafford","federal-reserve","mcwilliams"],"premise_claim_ids":["c-sf-senators","c-sf-fed-letter","c-sf-mongodb"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On June 28, 2024 Senators Sherrod Brown, Ron Wyden, Tammy Baldwin and John Fetterman wrote to Pathak and to Synapse's investors and partners, including Evolve's chief executive Scott Stafford, that customers had been cut off since mid-May, that there was a potential shortfall of $65 million to $96 million, and that it was ultimately the recipients' responsibility to ensure the safety and accessibility of end-user funds, urging them to pool resources to release all frozen deposits; the letter is a request and assigns no legal liability. On July 2 the Federal Reserve's general counsel, Mark Van Der Weide, replied to the trustee that exact balances were hard to establish because the funds sat at several banks in pooled accounts, and that the Federal Reserve, as Evolve's primary federal regulator, expected supervised banks to return customer funds consistent with applicable law and would continue to monitor Evolve's progress. The trustee's counsel urged MongoDB not to shut down the database holding Synapse's records, which were needed to distribute more than $100 million and trace the shortfall."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b607a96356e7e54f238bf331","record":{"id":"display-claim-b607a96356e7e54f238bf331","kind":"analysis","text":"After Evolve's November 2024 payouts, Yotta and Juno customers reported receiving small fractions of their balances, such as $0.84 on $10,328, in screenshots seen by the trade press. Yotta, which is in litigation with Evolve, said a survey of more than 8,700 users with deposits of more than $46.7 million showed Evolve payments of $7.7 million, a 16.5% payout ratio, while the Synapse trial balance showed Evolve owing about $158 million; a Yotta spokesperson said Evolve had acknowledged knowing of the shortfall since at least September 2023 without telling Yotta. Evolve declined to comment further and has maintained that the shortfall arose from inaccuracies in Synapse's ledger. It let end users choose a payment method until December 4, 2024, after which it would send checks; the trustee's November 2024 report showed 44% of Evolve's FBO funds distributed. End users appealed Evolve's results, contacted lawmakers and filed claims with the FDIC, the CFPB and the Federal Reserve Bank of St. Louis, Evolve's primary regulator, and a users' website coordinated complaints to the Federal Reserve against Evolve, Lineage, AMG and American Bank.","source_ids":["src-030","src-051","src-065"],"entity_ids":["evolve","yotta","juno","synapse","lineage","amg","american-bank"],"premise_claim_ids":["c-sf-evolve-payout-dispute","c-sf-end-user-complaints"],"qualification":"","response":"","outcome":""},"reading":"Analysis: After Evolve's November 2024 payouts, Yotta and Juno customers reported receiving small fractions of their balances, such as $0.84 on $10,328, in screenshots seen by the trade press. Yotta, which is in litigation with Evolve, said a survey of more than 8,700 users with deposits of more than $46.7 million showed Evolve payments of $7.7 million, a 16.5% payout ratio, while the Synapse trial balance showed Evolve owing about $158 million; a Yotta spokesperson said Evolve had acknowledged knowing of the shortfall since at least September 2023 without telling Yotta. Evolve declined to comment further and has maintained that the shortfall arose from inaccuracies in Synapse's ledger. It let end users choose a payment method until December 4, 2024, after which it would send checks; the trustee's November 2024 report showed 44% of Evolve's FBO funds distributed. End users appealed Evolve's results, contacted lawmakers and filed claims with the FDIC, the CFPB and the Federal Reserve Bank of St. Louis, Evolve's primary regulator, and a users' website coordinated complaints to the Federal Reserve against Evolve, Lineage, AMG and American Bank."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-341b6292c41c77284218a24c","record":{"id":"display-claim-341b6292c41c77284218a24c","kind":"analysis","text":"After the CFPB's 2025 judgment, its Civil Penalty Fund allocated $46,248,291 for Synapse victims on November 28, 2025 and a further $8,965,767 on May 29, 2026; Yotta reported that the timing and amounts of the CFPB's payments remained to be determined.","source_ids":["src-060","src-051"],"entity_ids":["synapse","cfpb"],"premise_claim_ids":["c-sf-cfpb-redress"],"qualification":"","response":"","outcome":""},"reading":"Analysis: After the CFPB's 2025 judgment, its Civil Penalty Fund allocated $46,248,291 for Synapse victims on November 28, 2025 and a further $8,965,767 on May 29, 2026; Yotta reported that the timing and amounts of the CFPB's payments remained to be determined."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-22ffaa34193106d047c8a543","record":{"id":"display-claim-22ffaa34193106d047c8a543","kind":"analysis","text":"Synapse said it had explored investment, restructuring and sale options from around the spring of 2022, engaging William Blair as investment banker and working with Sherwood Partners as financial adviser, and later seeking to engage Jefferies to sell the company as a going concern, which drew several offers. Its secured lenders included Silicon Valley Bank, under a February 19, 2021 loan of up to $6 million to Synapse and Synapse Credit secured on all of Synapse's personal property other than intellectual property, and lenders identified as TPVG, TPVL and TPC, with TriplePoint Capital LLC as collateral agent, under a July 29, 2022 growth capital agreement of up to $20 million in three facilities, secured on all of Synapse's personal property with control agreements over accounts at SVB, Evolve and Independent Bank and subordinated to SVB. TriplePoint Venture Growth BDC Corp. also held a warrant for 3,913 shares of Synapse's non-voting stock.","source_ids":["src-003","src-023","src-028"],"entity_ids":["synapse","svb","synapse-credit","first-citizens","triplepoint","evolve","independent-bank","tpvg"],"premise_claim_ids":["c-ch-advisers","c-ch-svb-loan","c-ch-triplepoint","c-ch-tpvg"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse said it had explored investment, restructuring and sale options from around the spring of 2022, engaging William Blair as investment banker and working with Sherwood Partners as financial adviser, and later seeking to engage Jefferies to sell the company as a going concern, which drew several offers. Its secured lenders included Silicon Valley Bank, under a February 19, 2021 loan of up to $6 million to Synapse and Synapse Credit secured on all of Synapse's personal property other than intellectual property, and lenders identified as TPVG, TPVL and TPC, with TriplePoint Capital LLC as collateral agent, under a July 29, 2022 growth capital agreement of up to $20 million in three facilities, secured on all of Synapse's personal property with control agreements over accounts at SVB, Evolve and Independent Bank and subordinated to SVB. TriplePoint Venture Growth BDC Corp. also held a warrant for 3,913 shares of Synapse's non-voting stock."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-c7fd6aab0691382ef103802d","record":{"id":"display-claim-c7fd6aab0691382ef103802d","kind":"analysis","text":"By unanimous written consent of April 10 and 11, 2024, the board, consisting of Sankaet Pathak, Doug Marchant and Hillary Quirk, resolved to file for Chapter 11 and named Pathak the responsible officer. On April 19 Synapse signed an asset purchase agreement under which TabaPay or its designee would buy substantially all its assets, including the equity in both subsidiaries, for $9,700,000 in cash, in three stages ending in April 2025; the debtor listed about $2 million in cash, its technology platform, customer agreements, the subsidiaries and possible claims against third parties as its main assets, and a registered trademark as its only intellectual property.","source_ids":["src-022","src-003","src-023"],"entity_ids":["synapse","pathak","marchant","quirk","tabapay","synapse-brokerage","synapse-credit"],"premise_claim_ids":["c-ch-board-resolution","c-ch-tabapay-apa","c-ch-ip"],"qualification":"","response":"","outcome":""},"reading":"Analysis: By unanimous written consent of April 10 and 11, 2024, the board, consisting of Sankaet Pathak, Doug Marchant and Hillary Quirk, resolved to file for Chapter 11 and named Pathak the responsible officer. On April 19 Synapse signed an asset purchase agreement under which TabaPay or its designee would buy substantially all its assets, including the equity in both subsidiaries, for $9,700,000 in cash, in three stages ending in April 2025; the debtor listed about $2 million in cash, its technology platform, customer agreements, the subsidiaries and possible claims against third parties as its main assets, and a registered trademark as its only intellectual property."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-a78b140861fbaf460bf20f63","record":{"id":"display-claim-a78b140861fbaf460bf20f63","kind":"analysis","text":"Synapse filed a voluntary petition on April 22, 2024 in the U.S. Bankruptcy Court for the Central District of California (Case No. 1:24-bk-10646-MB, Judge Martin R. Barash), signed by Pathak as chief executive; an official committee of unsecured creditors was later appointed. According to a trade-press report, the petition estimated 50 to 99 creditors and assets and liabilities of $10 million to $50 million each. The largest unsecured creditors listed included Kroll Associates, Thomson Reuters (disputed), Lineage Bank (disputed) and Amazon Web Services, with TabaPay and Yotta also listed.","source_ids":["src-001","src-022","src-049"],"entity_ids":["synapse","pathak","kroll","lineage","tabapay","yotta"],"premise_claim_ids":["c-ch-petition","c-ch-scale"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse filed a voluntary petition on April 22, 2024 in the U.S. Bankruptcy Court for the Central District of California (Case No. 1:24-bk-10646-MB, Judge Martin R. Barash), signed by Pathak as chief executive; an official committee of unsecured creditors was later appointed. According to a trade-press report, the petition estimated 50 to 99 creditors and assets and liabilities of $10 million to $50 million each. The largest unsecured creditors listed included Kroll Associates, Thomson Reuters (disputed), Lineage Bank (disputed) and Amazon Web Services, with TabaPay and Yotta also listed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-c90cff609b8829d8fca5899b","record":{"id":"display-claim-c90cff609b8829d8fca5899b","kind":"analysis","text":"The court approved bidding procedures on May 1 and held the sale hearing on May 9, 2024, where Synapse reported that it had failed to settle with Evolve and the buyer said it would not proceed without a settlement; the sale process stopped. On May 15 the U.S. Trustee moved to convert the case to Chapter 7 or appoint a trustee, saying, according to a technology-press account, that Synapse had grossly mismanaged its estate. On May 24 the debtor reported that it would run out of cash and cease operations that day, and that without new funding, which did not appear available, there was no chance of a reorganization or a going-concern sale; one of its lawyers told the court, according to a press report, that all the company's funds were gone.","source_ids":["src-017","src-042","src-102","src-009","src-093"],"entity_ids":["synapse","tabapay","evolve"],"premise_claim_ids":["c-ch-sale-collapse","c-ch-ust-motion","c-ch-may24"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The court approved bidding procedures on May 1 and held the sale hearing on May 9, 2024, where Synapse reported that it had failed to settle with Evolve and the buyer said it would not proceed without a settlement; the sale process stopped. On May 15 the U.S. Trustee moved to convert the case to Chapter 7 or appoint a trustee, saying, according to a technology-press account, that Synapse had grossly mismanaged its estate. On May 24 the debtor reported that it would run out of cash and cease operations that day, and that without new funding, which did not appear available, there was no chance of a reorganization or a going-concern sale; one of its lawyers told the court, according to a press report, that all the company's funds were gone."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-8e2dd049672ac7f0d9447fbd","record":{"id":"display-claim-8e2dd049672ac7f0d9447fbd","kind":"analysis","text":"Granting the U.S. Trustee's motion that day on findings stated orally, Judge Barash ordered the appointment of a Chapter 11 trustee, directed the trustee to meet the fintechs, banks and secured lenders and report weekly, and ordered the debtor, its subsidiaries, officers, directors, shareholders and current and former employees to preserve all evidence; the U.S. Trustee appointed Jelena McWilliams, a former chair of the FDIC. A 2025 business-press account describes the court as having removed management citing gross mismanagement; the oral findings are not retained. According to a press report, the judge called it a horrible situation for customers who could not buy food or pay their mortgage or rent.","source_ids":["src-054","src-001","src-021","src-017","src-093"],"entity_ids":["synapse","mcwilliams","synapse-brokerage","synapse-credit"],"premise_claim_ids":["c-ch-trustee-order","c-ch-mismanagement-report","c-ch-hearing-may24"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Granting the U.S. Trustee's motion that day on findings stated orally, Judge Barash ordered the appointment of a Chapter 11 trustee, directed the trustee to meet the fintechs, banks and secured lenders and report weekly, and ordered the debtor, its subsidiaries, officers, directors, shareholders and current and former employees to preserve all evidence; the U.S. Trustee appointed Jelena McWilliams, a former chair of the FDIC. A 2025 business-press account describes the court as having removed management citing gross mismanagement; the oral findings are not retained. According to a press report, the judge called it a horrible situation for customers who could not buy food or pay their mortgage or rent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-14b709544987d8262b694ed8","record":{"id":"display-claim-14b709544987d8262b694ed8","kind":"analysis","text":"The trustee obtained access to Synapse's MongoDB database, Slack, HR system and the data room prepared for TabaPay; administrative access to MongoDB came from former officers. Master credentials to its Amazon Web Services environment, where ledger records were also stored, were reported to be known only to two former engineers, who later said they no longer had access. Her reports describe Pathak and general counsel Tracey Guerin as former officers who testified at the creditors' meeting on June 10, 2024, Pam Wismer as an independent contractor who had provided part-time chief financial officer services and Jack Doan as former chief human resources officer. Yotta reported that in early July 2024 the trustee said B. Riley Financial had been retained to help with forensic accounting and the management of the estate.","source_ids":["src-017","src-032","src-031","src-051"],"entity_ids":["synapse","tabapay","pathak","guerin","wismer","doan","b-riley","mcwilliams"],"premise_claim_ids":["c-ch-system-access","c-ch-former-officers","c-ch-b-riley"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The trustee obtained access to Synapse's MongoDB database, Slack, HR system and the data room prepared for TabaPay; administrative access to MongoDB came from former officers. Master credentials to its Amazon Web Services environment, where ledger records were also stored, were reported to be known only to two former engineers, who later said they no longer had access. Her reports describe Pathak and general counsel Tracey Guerin as former officers who testified at the creditors' meeting on June 10, 2024, Pam Wismer as an independent contractor who had provided part-time chief financial officer services and Jack Doan as former chief human resources officer. Yotta reported that in early July 2024 the trustee said B. Riley Financial had been retained to help with forensic accounting and the management of the estate."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-adfcbe39684c393544ab881d","record":{"id":"display-claim-adfcbe39684c393544ab881d","kind":"analysis","text":"In June 2024 the trustee reported that the estate appeared to have no liquidity and no arrangement with its secured lenders to use cash collateral; throughout her appointment it could not pay its own counsel or advisers. First Citizens Bank, which had acquired SVB and held Synapse's operating accounts, was owed about $1.5 million and TriplePoint about $7.2 million in June 2025, both secured and protected under the cash collateral orders. The trustee tried to sell the platform and data, but no qualified bid arrived by November 11, 2024 and the bids received did not exceed the liens; she also found no way to fund claims against third parties, although the debtor might hold valuable ones.","source_ids":["src-017","src-042","src-003","src-001"],"entity_ids":["synapse","svb","first-citizens","triplepoint","mcwilliams","pathak"],"premise_claim_ids":["c-ch-no-liquidity","c-ch-svb-successor","c-ch-secured-2025","c-ch-asset-sale","c-ch-causes-of-action"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In June 2024 the trustee reported that the estate appeared to have no liquidity and no arrangement with its secured lenders to use cash collateral; throughout her appointment it could not pay its own counsel or advisers. First Citizens Bank, which had acquired SVB and held Synapse's operating accounts, was owed about $1.5 million and TriplePoint about $7.2 million in June 2025, both secured and protected under the cash collateral orders. The trustee tried to sell the platform and data, but no qualified bid arrived by November 11, 2024 and the bids received did not exceed the liens; she also found no way to fund claims against third parties, although the debtor might hold valuable ones."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-82e472385f690c0352ccae01","record":{"id":"display-claim-82e472385f690c0352ccae01","kind":"analysis","text":"On the trustee's motion of June 5, 2025, the court approved dismissal of the case on November 12, 2025. The clerk closed it on June 29, 2026, discharging the trustee and exonerating her bond.","source_ids":["src-001"],"entity_ids":["synapse","mcwilliams"],"premise_claim_ids":["c-ch-dismissal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On the trustee's motion of June 5, 2025, the court approved dismissal of the case on November 12, 2025. The clerk closed it on June 29, 2026, discharging the trustee and exonerating her bond."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-37359760f779f4acb87baf3b","record":{"id":"display-claim-37359760f779f4acb87baf3b","kind":"analysis","text":"FINRA's account of the program comes from findings in its January 28, 2026 order accepting Mark Paverman's offer of settlement: he consented to them without admitting or denying the allegations, the order says they are not binding on any other respondent, and it refers to Synapse's deposit banks only as DDA Bank 1 and DDA Bank 2 and to fintechs by number. According to those findings, Synapse decided, amid its dispute with its first deposit bank, to move away from that bank by having its dormant broker-dealer offer services directly to end users; Jeffrey Stanley was warned that the firm was not ready but decided to proceed. In September 2023 Synapse Brokerage launched a cash management program that spread deposits among banks that were not FINRA members, with the aim of maximising FDIC coverage. It was the firm's only line of business and offered no securities.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse","stanley"],"premise_claim_ids":["c-br-launch"],"qualification":"","response":"","outcome":""},"reading":"Analysis: FINRA's account of the program comes from findings in its January 28, 2026 order accepting Mark Paverman's offer of settlement: he consented to them without admitting or denying the allegations, the order says they are not binding on any other respondent, and it refers to Synapse's deposit banks only as DDA Bank 1 and DDA Bank 2 and to fintechs by number. According to those findings, Synapse decided, amid its dispute with its first deposit bank, to move away from that bank by having its dormant broker-dealer offer services directly to end users; Jeffrey Stanley was warned that the firm was not ready but decided to proceed. In September 2023 Synapse Brokerage launched a cash management program that spread deposits among banks that were not FINRA members, with the aim of maximising FDIC coverage. It was the firm's only line of business and offered no securities."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-71d4cf9efd9527a33702f8fa","record":{"id":"display-claim-71d4cf9efd9527a33702f8fa","kind":"analysis","text":"Customers had to deposit money first at one of Synapse's deposit banks, from which it was to be swept to a Synapse Brokerage omnibus account at a third bank and spread among program banks, with Synapse keeping the ledger of each customer's balance. The brokerage earned substantial interest and fees from the program banks and passed part of them to fintechs or customers. From September 2023 to mid-May 2024 customers could not withdraw directly from the program banks; money had to move back through the deposit banks first. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse"],"premise_claim_ids":["c-br-structure"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Customers had to deposit money first at one of Synapse's deposit banks, from which it was to be swept to a Synapse Brokerage omnibus account at a third bank and spread among program banks, with Synapse keeping the ledger of each customer's balance. The brokerage earned substantial interest and fees from the program banks and passed part of them to fintechs or customers. From September 2023 to mid-May 2024 customers could not withdraw directly from the program banks; money had to move back through the deposit banks first. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-32867cde15308114fda6a089","record":{"id":"display-claim-32867cde15308114fda6a089","kind":"analysis","text":"FINRA also found that brokerage customers' funds at the second deposit bank sat in an FBO account in Synapse Financial Technologies' name; that after December 2023 the omnibus accounts at the first bank were retitled \"Synapse Financial Technologies Synapse FBO Synapse Brokerage ACH Customers\" and \"... Wire Customers\"; and that by January 2024 all customer funds sent from the brokerage to both banks were held in omnibus accounts in the parent's name rather than the brokerage's or the banks'. Synapse's terms of service, to which the opt-out notices referred customers, said that Synapse did not and would not control, transmit or hold their funds, and customers were not told otherwise. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent.","source_ids":["src-009"],"entity_ids":["synapse","synapse-brokerage"],"premise_claim_ids":["c-br-synapse-name"],"qualification":"","response":"","outcome":""},"reading":"Analysis: FINRA also found that brokerage customers' funds at the second deposit bank sat in an FBO account in Synapse Financial Technologies' name; that after December 2023 the omnibus accounts at the first bank were retitled \"Synapse Financial Technologies Synapse FBO Synapse Brokerage ACH Customers\" and \"... Wire Customers\"; and that by January 2024 all customer funds sent from the brokerage to both banks were held in omnibus accounts in the parent's name rather than the brokerage's or the banks'. Synapse's terms of service, to which the opt-out notices referred customers, said that Synapse did not and would not control, transmit or hold their funds, and customers were not told otherwise. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-61258e1fce1c51c8ac35cb0b","record":{"id":"display-claim-61258e1fce1c51c8ac35cb0b","kind":"analysis","text":"Jeffrey Alan Stanley was registered as a general securities principal through Synapse Brokerage from February 2023 to June 2024. FINRA says he functionally acted as its chief executive before December 2023, supervising the firm, approving account openings and transfers and dealing with Synapse, and held the titles of president and chief executive from December 2023 to May 2024; the firm reported his voluntary departure on June 21, 2024, and California's DFPI describes him as chief executive and a control person from December 2023 to July 2024. His earlier posts included chief operating officer of Insperex (2020-2022) and chief operating officer and chief risk officer of D.A. Davidson & Co. (2012-2020). Mark Elliot Paverman, whose FINRA record shows him as principal of his own compliance consultancy in Boca Raton, Florida since June 2019 and who was registered with about 30 other member firms, was registered through the brokerage from January 2021 to January 2025, recorded as its president and chief executive from March 2021 to December 2023 and as chief compliance officer afterwards. DFPI states that Sankaet Pathak was a control person of the firm from June 2020; the end date is cut off in the retained copy of its accusation.","source_ids":["src-009","src-053","src-019","src-002","src-010"],"entity_ids":["stanley","synapse-brokerage","paverman","pathak","synapse","dfpi"],"premise_claim_ids":["c-br-stanley","c-br-paverman","c-br-pathak-control"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Jeffrey Alan Stanley was registered as a general securities principal through Synapse Brokerage from February 2023 to June 2024. FINRA says he functionally acted as its chief executive before December 2023, supervising the firm, approving account openings and transfers and dealing with Synapse, and held the titles of president and chief executive from December 2023 to May 2024; the firm reported his voluntary departure on June 21, 2024, and California's DFPI describes him as chief executive and a control person from December 2023 to July 2024. His earlier posts included chief operating officer of Insperex (2020-2022) and chief operating officer and chief risk officer of D.A. Davidson & Co. (2012-2020). Mark Elliot Paverman, whose FINRA record shows him as principal of his own compliance consultancy in Boca Raton, Florida since June 2019 and who was registered with about 30 other member firms, was registered through the brokerage from January 2021 to January 2025, recorded as its president and chief executive from March 2021 to December 2023 and as chief compliance officer afterwards. DFPI states that Sankaet Pathak was a control person of the firm from June 2020; the end date is cut off in the retained copy of its accusation."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-ca7a0e49df8c7b2b0d3ee7f8","record":{"id":"display-claim-ca7a0e49df8c7b2b0d3ee7f8","kind":"analysis","text":"In the same settlement findings, to which Paverman consented without admitting or denying the allegations and which bind no other respondent, FINRA describes a broker-dealer run by its parent's staff. Stanley was employed by Synapse Financial Technologies from January 2023 to May 2024, worked only on the brokerage and reported to the parent's unregistered chief compliance officer; the only other registered employee split his time with the parent and reported to its chief technology officer; the rest were part-time outside consultants, among them Paverman, the anti-money-laundering officer throughout, who spent about five hours a week on the firm. Under an amended intercompany agreement Stanley signed in December 2023, the brokerage paid the parent for personnel and services. Unregistered staff of the parent onboarded customers, negotiated with fintechs, designed the technology, kept the ledger, directed transfers, handled anti-money-laundering reviews and chose the program banks; on at least two occasions they moved money out of a brokerage account without approval from any registered person, and no one at the brokerage had direct access to its ledgers.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse","stanley","paverman"],"premise_claim_ids":["c-br-staffing","c-br-parent-functions"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In the same settlement findings, to which Paverman consented without admitting or denying the allegations and which bind no other respondent, FINRA describes a broker-dealer run by its parent's staff. Stanley was employed by Synapse Financial Technologies from January 2023 to May 2024, worked only on the brokerage and reported to the parent's unregistered chief compliance officer; the only other registered employee split his time with the parent and reported to its chief technology officer; the rest were part-time outside consultants, among them Paverman, the anti-money-laundering officer throughout, who spent about five hours a week on the firm. Under an amended intercompany agreement Stanley signed in December 2023, the brokerage paid the parent for personnel and services. Unregistered staff of the parent onboarded customers, negotiated with fintechs, designed the technology, kept the ledger, directed transfers, handled anti-money-laundering reviews and chose the program banks; on at least two occasions they moved money out of a brokerage account without approval from any registered person, and no one at the brokerage had direct access to its ledgers."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-d0d4193e31b6f7f8809225f5","record":{"id":"display-claim-d0d4193e31b6f7f8809225f5","kind":"analysis","text":"From about July 2023 to February 2024 fintechs emailed opt-out notices worded by Synapse Brokerage: unless end users contacted the firm, a brokerage account would be opened in their name and their deposit-bank funds moved into the program, and continued use of the app meant accepting the brokerage's customer agreement. In FINRA's examples, about $200 million of some 650,000 end users moved from the first deposit bank within eight days of one fintech's notice of October 5, 2023, and about $60 million of some 32,000 users within a week of another's notice of October 13. By the end of November 2023 more than two million accounts had been opened and about $388 million transferred; at one fintech only about 29,000 of some 90,000 recipients opened the email and 123 clicked the links to the agreement. FINRA found that Stanley approved the opening of more than two million accounts without any affirmative customer authorisation. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","stanley"],"premise_claim_ids":["c-br-opt-out"],"qualification":"","response":"","outcome":""},"reading":"Analysis: From about July 2023 to February 2024 fintechs emailed opt-out notices worded by Synapse Brokerage: unless end users contacted the firm, a brokerage account would be opened in their name and their deposit-bank funds moved into the program, and continued use of the app meant accepting the brokerage's customer agreement. In FINRA's examples, about $200 million of some 650,000 end users moved from the first deposit bank within eight days of one fintech's notice of October 5, 2023, and about $60 million of some 32,000 users within a week of another's notice of October 13. By the end of November 2023 more than two million accounts had been opened and about $388 million transferred; at one fintech only about 29,000 of some 90,000 recipients opened the email and 123 clicked the links to the agreement. FINRA found that Stanley approved the opening of more than two million accounts without any affirmative customer authorisation. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-6795af620fbd3c5b868c8100","record":{"id":"display-claim-6795af620fbd3c5b868c8100","kind":"analysis","text":"Around December 31, 2023, FINRA found, the first deposit bank stopped sweeping brokerage customers' deposits into the brokerage, without customers being told, and Synapse began reallocating customers' funds by changing values on its ledger with no accompanying transfer, so that only Synapse and the brokerage could know. On or about April 30, 2024, a week after the bankruptcy filing, Synapse moved more than $85 million of one fintech's end-user funds on its ledger from the program banks to the first deposit bank, offsetting it by moving other fintechs' users' funds the other way, with no wire or ACH transfer and no customer authorisation; the reallocations appeared on Synapse's trial balance reports. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent.","source_ids":["src-009"],"entity_ids":["synapse","synapse-brokerage"],"premise_claim_ids":["c-br-reallocation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Around December 31, 2023, FINRA found, the first deposit bank stopped sweeping brokerage customers' deposits into the brokerage, without customers being told, and Synapse began reallocating customers' funds by changing values on its ledger with no accompanying transfer, so that only Synapse and the brokerage could know. On or about April 30, 2024, a week after the bankruptcy filing, Synapse moved more than $85 million of one fintech's end-user funds on its ledger from the program banks to the first deposit bank, offsetting it by moving other fintechs' users' funds the other way, with no wire or ACH transfer and no customer authorisation; the reallocations appeared on Synapse's trial balance reports. These are findings of the same settlement order, to which Paverman consented without admitting or denying the allegations and which bind no other respondent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9343c4702625c285a7e630c0","record":{"id":"display-claim-9343c4702625c285a7e630c0","kind":"analysis","text":"From May 11, 2024 brokerage customers could not withdraw any money, because withdrawals had to pass through the deposit banks: the first had refused to process payments for the brokerage and the second had terminated its agreement. About $110 million recorded at the program banks was returned at the end of May and in June 2024. Funds allocated to the first bank, largely the money reallocated on April 30, stayed frozen until it began releasing funds in November 2024, and those customers recovered only a fraction. Stanley had routinely approved transfers from the program banks to Synapse's omnibus account at the second bank to meet its $60 million minimum, without telling customers; that bank froze about $62 million from May to August 2024 and had returned about 90% by the end of September 2024. These, too, are findings of the Paverman settlement order, to which he consented without admitting or denying the allegations and which bind no other respondent.","source_ids":["src-009"],"entity_ids":["synapse-brokerage","synapse","stanley"],"premise_claim_ids":["c-br-freeze"],"qualification":"","response":"","outcome":""},"reading":"Analysis: From May 11, 2024 brokerage customers could not withdraw any money, because withdrawals had to pass through the deposit banks: the first had refused to process payments for the brokerage and the second had terminated its agreement. About $110 million recorded at the program banks was returned at the end of May and in June 2024. Funds allocated to the first bank, largely the money reallocated on April 30, stayed frozen until it began releasing funds in November 2024, and those customers recovered only a fraction. Stanley had routinely approved transfers from the program banks to Synapse's omnibus account at the second bank to meet its $60 million minimum, without telling customers; that bank froze about $62 million from May to August 2024 and had returned about 90% by the end of September 2024. These, too, are findings of the Paverman settlement order, to which he consented without admitting or denying the allegations and which bind no other respondent."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-05a466a2939855a436e3c74b","record":{"id":"display-claim-05a466a2939855a436e3c74b","kind":"analysis","text":"By an order of July 10, 2024, after Synapse Credit LLC did not request a hearing on a June accusation, the Commissioner of California's Department of Financial Protection and Innovation (DFPI) revoked its California Financing Law licence (No. 60DBO-113301); DFPI later said it was the first regulator to take formal action after the bankruptcy. DFPI began examining Synapse Brokerage's books on June 14, 2024, and on October 11, 2024 Commissioner Clothilde V. Hewlett issued an accusation and notice of intent to revoke its broker-dealer certificate: the firm had not produced required records, its net capital in May 2024 was $217,972, $32,028 below the $250,000 minimum, and it had filed no monthly interim financial reports from May to September 2024. It requested no hearing, and on January 22, 2025 the Acting Commissioner revoked the certificate, first issued on March 22, 2010. DFPI's statement in the firm's regulatory record notes that the parent's bankruptcy left thousands of clients unable to reach their funds and that, while some had their funds returned, an estimated $60 million or more was unaccounted for as of January 2025.","source_ids":["src-080","src-079","src-053","src-002","src-081"],"entity_ids":["dfpi","synapse-credit","synapse-brokerage","synapse"],"premise_claim_ids":["c-br-credit-revocation","c-br-dfpi-accusation","c-br-dfpi-revocation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: By an order of July 10, 2024, after Synapse Credit LLC did not request a hearing on a June accusation, the Commissioner of California's Department of Financial Protection and Innovation (DFPI) revoked its California Financing Law licence (No. 60DBO-113301); DFPI later said it was the first regulator to take formal action after the bankruptcy. DFPI began examining Synapse Brokerage's books on June 14, 2024, and on October 11, 2024 Commissioner Clothilde V. Hewlett issued an accusation and notice of intent to revoke its broker-dealer certificate: the firm had not produced required records, its net capital in May 2024 was $217,972, $32,028 below the $250,000 minimum, and it had filed no monthly interim financial reports from May to September 2024. It requested no hearing, and on January 22, 2025 the Acting Commissioner revoked the certificate, first issued on March 22, 2010. DFPI's statement in the firm's regulatory record notes that the parent's bankruptcy left thousands of clients unable to reach their funds and that, while some had their funds returned, an estimated $60 million or more was unaccounted for as of January 2025."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e31035c9ed71448dcdd01bde","record":{"id":"display-claim-e31035c9ed71448dcdd01bde","kind":"analysis","text":"FINRA suspended Synapse Brokerage on March 18, 2025 for failing to file its December 2024 annual audit report and to keep its Form BD current and accurate, and expelled it from membership on June 23, 2025 because it had not asked for the suspensions to be lifted within three months.","source_ids":["src-002"],"entity_ids":["finra","synapse-brokerage"],"premise_claim_ids":["c-br-expulsion"],"qualification":"","response":"","outcome":""},"reading":"Analysis: FINRA suspended Synapse Brokerage on March 18, 2025 for failing to file its December 2024 annual audit report and to keep its Form BD current and accurate, and expelled it from membership on June 23, 2025 because it had not asked for the suspensions to be lifted within three months."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-0bb33411a3c8916b57b0af5e","record":{"id":"display-claim-0bb33411a3c8916b57b0af5e","kind":"analysis","text":"On August 28, 2025 FINRA's Department of Enforcement filed a disciplinary complaint (No. 2023080111701) against Stanley and Paverman. It alleged that Stanley failed to reasonably supervise the program, approving hundreds of thousands of account openings and transfers without adequate customer authorisation, with the firm under him failing to detect the ledger reallocation of tens of millions of dollars to a bank, and that he failed to supervise the parent's unregistered staff or investigate red flags of ledger discrepancies; and that Paverman caused the firm to fail to preserve electronic communications and falsely certified that it contracted directly with its records vendor and had independent access to its records. These were allegations at filing. Stanley's attorney, Paul Vorndran, said Stanley denied engaging in any misconduct and intended to defend himself vigorously; Paverman and Pathak did not respond to a trade-press request for comment. Both respondents later settled without admitting or denying the allegations, Paverman on January 28, 2026 and Stanley on May 22, 2026.","source_ids":["src-035","src-029","src-009","src-019"],"entity_ids":["finra","stanley","paverman","synapse-brokerage"],"premise_claim_ids":["c-br-finra-complaint"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On August 28, 2025 FINRA's Department of Enforcement filed a disciplinary complaint (No. 2023080111701) against Stanley and Paverman. It alleged that Stanley failed to reasonably supervise the program, approving hundreds of thousands of account openings and transfers without adequate customer authorisation, with the firm under him failing to detect the ledger reallocation of tens of millions of dollars to a bank, and that he failed to supervise the parent's unregistered staff or investigate red flags of ledger discrepancies; and that Paverman caused the firm to fail to preserve electronic communications and falsely certified that it contracted directly with its records vendor and had independent access to its records. These were allegations at filing. Stanley's attorney, Paul Vorndran, said Stanley denied engaging in any misconduct and intended to defend himself vigorously; Paverman and Pathak did not respond to a trade-press request for comment. Both respondents later settled without admitting or denying the allegations, Paverman on January 28, 2026 and Stanley on May 22, 2026."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-833b2817bc50657fc1e47822","record":{"id":"display-claim-833b2817bc50657fc1e47822","kind":"analysis","text":"In his settlement Paverman consented to findings that he caused the firm to violate FINRA Rules 4511 and 2010 by failing to preserve communications from December 2023 to June 2024, including those of parent-company staff doing brokerage work, and that in May 2023 he gave FINRA a false undertaking that the firm contracted directly with its records vendor and had independent access to its records. He was suspended in all principal capacities for 12 months from February 17, 2026, fined $20,000 and required to requalify. Stanley consented to findings that from at least September 2023 to May 2024 the firm, acting through him, lacked a supervisory system reasonably designed to ensure compliance: he approved account openings and transfers of customer funds without adequate authorisation, let the non-member parent perform significant brokerage functions, including keeping the ledger used to reconcile customer balances, without supervision, and did not investigate red flags of discrepancies with the banks' ledgers. He was suspended from any principal capacity for 12 months and from all capacities for four months and must requalify by examination; in light of his financial status no monetary sanction was imposed.","source_ids":["src-009","src-103","src-019"],"entity_ids":["finra","paverman","synapse-brokerage","synapse","stanley"],"premise_claim_ids":["c-br-paverman-order","c-br-stanley-order"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In his settlement Paverman consented to findings that he caused the firm to violate FINRA Rules 4511 and 2010 by failing to preserve communications from December 2023 to June 2024, including those of parent-company staff doing brokerage work, and that in May 2023 he gave FINRA a false undertaking that the firm contracted directly with its records vendor and had independent access to its records. He was suspended in all principal capacities for 12 months from February 17, 2026, fined $20,000 and required to requalify. Stanley consented to findings that from at least September 2023 to May 2024 the firm, acting through him, lacked a supervisory system reasonably designed to ensure compliance: he approved account openings and transfers of customer funds without adequate authorisation, let the non-member parent perform significant brokerage functions, including keeping the ledger used to reconcile customer balances, without supervision, and did not investigate red flags of discrepancies with the banks' ledgers. He was suspended from any principal capacity for 12 months and from all capacities for four months and must requalify by examination; in light of his financial status no monetary sanction was imposed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-ea0f12f25d32e9883ccbb41f","record":{"id":"display-claim-ea0f12f25d32e9883ccbb41f","kind":"analysis","text":"In a consent order in Case No. 16-041, filed in June 2020, the New Hampshire Banking Department contended that SynapseFi, formerly Synapse Payments LLC, had carried out 1,187 unlicensed money transmissions for New Hampshire entities from at least 2015 to 2017, collecting $82.60 in fees, and noted that the company had cooperated fully and stopped in 2017. Waiving a hearing, the company agreed by consent to continue refraining from unlicensed transmission, to amend its third-party contracts so that it was not positioned to transmit money and to pay a fine of $1,582.60; Sankaet Pathak signed as chief executive.","source_ids":["src-039","src-038"],"entity_ids":["nh-banking","synapse","synapse-payments","pathak"],"premise_claim_ids":["c-rg-nh-2020"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In a consent order in Case No. 16-041, filed in June 2020, the New Hampshire Banking Department contended that SynapseFi, formerly Synapse Payments LLC, had carried out 1,187 unlicensed money transmissions for New Hampshire entities from at least 2015 to 2017, collecting $82.60 in fees, and noted that the company had cooperated fully and stopped in 2017. Waiving a hearing, the company agreed by consent to continue refraining from unlicensed transmission, to amend its third-party contracts so that it was not positioned to transmit money and to pay a fine of $1,582.60; Sankaet Pathak signed as chief executive."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-4d1e45806fc2598c5375a2bd","record":{"id":"display-claim-4d1e45806fc2598c5375a2bd","kind":"analysis","text":"On September 26, 2022 Connecticut's Banking Commissioner, Jorge L. Perez, notified Synapse Credit LLC that he intended to refuse to renew its small loan licence and of its right to a hearing: its renewal application of December 30, 2021 was pending because it had filed only unaudited statements instead of audited statements for 2020 and 2021, had not answered a compliance letter of May 5, 2022 and had not surrendered the licence. The notice went to Michael Rasic as chief financial officer and chief business officer. No later decision on the renewal is in the record.","source_ids":["src-015"],"entity_ids":["ct-banking","synapse-credit","rasic"],"premise_claim_ids":["c-rg-ct-2022"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On September 26, 2022 Connecticut's Banking Commissioner, Jorge L. Perez, notified Synapse Credit LLC that he intended to refuse to renew its small loan licence and of its right to a hearing: its renewal application of December 30, 2021 was pending because it had filed only unaudited statements instead of audited statements for 2020 and 2021, had not answered a compliance letter of May 5, 2022 and had not surrendered the licence. The notice went to Michael Rasic as chief financial officer and chief business officer. No later decision on the renewal is in the record."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-90502e767084a489380abc73","record":{"id":"display-claim-90502e767084a489380abc73","kind":"analysis","text":"On January 30, 2024 the FDIC issued a consent order against Lineage Bank of Franklin, Tennessee (FDIC-23-0041b); the bank consented without admitting or denying charges of unsafe or unsound practices in its third-party risk management program and its fintech partnerships. Its board must receive monthly reports on fintech partners' FBO-account and ACH activity and the effect on capital and liquidity, formalise due diligence before accepting new fintech partners and commission an independent look-back, from September 1, 2022, at all activity in the account of its largest fintech partnership to identify suspicious activity. The order names neither the fintech partners nor that partnership.","source_ids":["src-055"],"entity_ids":["fdic","lineage"],"premise_claim_ids":["c-rg-fdic-lineage"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On January 30, 2024 the FDIC issued a consent order against Lineage Bank of Franklin, Tennessee (FDIC-23-0041b); the bank consented without admitting or denying charges of unsafe or unsound practices in its third-party risk management program and its fintech partnerships. Its board must receive monthly reports on fintech partners' FBO-account and ACH activity and the effect on capital and liquidity, formalise due diligence before accepting new fintech partners and commission an independent look-back, from September 1, 2022, at all activity in the account of its largest fintech partnership to identify suspicious activity. The order names neither the fintech partners nor that partnership."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-738a5714142354a0488f8590","record":{"id":"display-claim-738a5714142354a0488f8590","kind":"analysis","text":"On June 11, 2024 the Federal Reserve Board and the Arkansas State Bank Department issued a cease-and-desist order, by consent, against Evolve Bancorp, Inc. and Evolve Bank & Trust (Docket Nos. 24-012-B-HC and 24-012-B-SM). It recites examinations of August 2023 and January 2024 that found deficiencies in risk management and consumer compliance at the bank's Open Banking Division, which served fintech partners, and in anti-money-laundering and sanctions compliance. The bank must ensure that its own and its fintech partners' ledger and sub-ledger responsibilities are clearly defined, including in a business disruption; may not add fintech partners, products or programs to the division without prior supervisory approval; and must give supervisors an analysis of the liquidity impact before exiting a fintech relationship. The bank consented without a formal proceeding or adjudication of any issue of fact or law, and the Federal Reserve said the action was separate from the Synapse bankruptcy.","source_ids":["src-020","src-087"],"entity_ids":["federal-reserve","evolve","evolve-bancorp"],"premise_claim_ids":["c-rg-fed-evolve"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On June 11, 2024 the Federal Reserve Board and the Arkansas State Bank Department issued a cease-and-desist order, by consent, against Evolve Bancorp, Inc. and Evolve Bank & Trust (Docket Nos. 24-012-B-HC and 24-012-B-SM). It recites examinations of August 2023 and January 2024 that found deficiencies in risk management and consumer compliance at the bank's Open Banking Division, which served fintech partners, and in anti-money-laundering and sanctions compliance. The bank must ensure that its own and its fintech partners' ledger and sub-ledger responsibilities are clearly defined, including in a business disruption; may not add fintech partners, products or programs to the division without prior supervisory approval; and must give supervisors an analysis of the liquidity impact before exiting a fintech relationship. The bank consented without a formal proceeding or adjudication of any issue of fact or law, and the Federal Reserve said the action was separate from the Synapse bankruptcy."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-593534f2df228e1ede63dcf3","record":{"id":"display-claim-593534f2df228e1ede63dcf3","kind":"analysis","text":"On August 21, 2025 the CFPB filed an adversary complaint against Synapse within its bankruptcy case (Adv. No. 1:25-ap-01052-MB), together with a proposed stipulated final judgment. Its single count alleged that Synapse, as a service provider to the fintech platforms and to Evolve, engaged in unfair acts or practices under sections 1031 and 1036 of the Consumer Financial Protection Act by failing to keep adequate records of where consumers' funds were and to ensure that those records matched the partner banks' records, so that consumers lost access to their money. The trustee and the debtor neither admitted nor denied the allegations, and the CFPB made none against the trustee. Judge Barash entered the stipulated final judgment on September 12, 2025, without adjudication of any issue of fact or law; the facts alleged are to be taken as true in any proceeding based on it. The judgment permanently bars Synapse from taking part in or assisting deposit-taking, money transmission, custody of funds or payment processing, bars the debtor and the trustee from selling customer information, and imposes a civil money penalty of $1, allowed as a general unsecured claim, which the CFPB said let it use its Civil Penalty Fund to compensate harmed consumers; the CFPB then allocated money from the fund to affected consumers.","source_ids":["src-004","src-073","src-101","src-060"],"entity_ids":["cfpb","synapse","evolve","mcwilliams"],"premise_claim_ids":["c-rg-cfpb-action","c-rg-cfpb-judgment"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On August 21, 2025 the CFPB filed an adversary complaint against Synapse within its bankruptcy case (Adv. No. 1:25-ap-01052-MB), together with a proposed stipulated final judgment. Its single count alleged that Synapse, as a service provider to the fintech platforms and to Evolve, engaged in unfair acts or practices under sections 1031 and 1036 of the Consumer Financial Protection Act by failing to keep adequate records of where consumers' funds were and to ensure that those records matched the partner banks' records, so that consumers lost access to their money. The trustee and the debtor neither admitted nor denied the allegations, and the CFPB made none against the trustee. Judge Barash entered the stipulated final judgment on September 12, 2025, without adjudication of any issue of fact or law; the facts alleged are to be taken as true in any proceeding based on it. The judgment permanently bars Synapse from taking part in or assisting deposit-taking, money transmission, custody of funds or payment processing, bars the debtor and the trustee from selling customer information, and imposes a civil money penalty of $1, allowed as a general unsecured claim, which the CFPB said let it use its Civil Penalty Fund to compensate harmed consumers; the CFPB then allocated money from the fund to affected consumers."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-abcc64c9c46842e977a19784","record":{"id":"display-claim-abcc64c9c46842e977a19784","kind":"analysis","text":"The judgment defines the harm of each affected consumer, anyone with an account at a fintech platform served by Synapse on May 17, 2024, as the difference between that day's balance with the platform and the distributions since paid by Evolve, AMG National Trust or Lineage, plus prejudgment interest. The Civil Penalty Fund allocated $46,248,291 for Synapse victims on November 28, 2025 and a further $8,965,767 on May 29, 2026; Yotta reported that the timing and amounts of the CFPB's payments remained to be determined.","source_ids":["src-101","src-060","src-051"],"entity_ids":["cfpb","synapse","evolve","amg","lineage"],"premise_claim_ids":["c-rg-cfpb-harm","c-sf-cfpb-redress"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The judgment defines the harm of each affected consumer, anyone with an account at a fintech platform served by Synapse on May 17, 2024, as the difference between that day's balance with the platform and the distributions since paid by Evolve, AMG National Trust or Lineage, plus prejudgment interest. The Civil Penalty Fund allocated $46,248,291 for Synapse victims on November 28, 2025 and a further $8,965,767 on May 29, 2026; Yotta reported that the timing and amounts of the CFPB's payments remained to be determined."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-8b7ec0026e7833c74e309151","record":{"id":"display-claim-8b7ec0026e7833c74e309151","kind":"analysis","text":"On September 17, 2024 the FDIC proposed a rule that would set heightened reconciliation and recordkeeping standards for certain custodial accounts holding commingled customer funds, citing, according to another fintech's annual report, recordkeeping issues connected with Synapse's commingling of customer funds in custodial accounts.","source_ids":["src-100"],"entity_ids":["fdic","synapse"],"premise_claim_ids":["c-rg-fdic-rule"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On September 17, 2024 the FDIC proposed a rule that would set heightened reconciliation and recordkeeping standards for certain custodial accounts holding commingled customer funds, citing, according to another fintech's annual report, recordkeeping issues connected with Synapse's commingling of customer funds in custodial accounts."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-6ebfdd4006c80a41bc3a6d1c","record":{"id":"display-claim-6ebfdd4006c80a41bc3a6d1c","kind":"analysis","text":"Further actions concern Synapse's subsidiaries and Yotta: California's DFPI revoked Synapse Credit's lending licence in July 2024 and Synapse Brokerage's broker-dealer certificate in January 2025; FINRA expelled the brokerage in June 2025 and in 2026 settled its disciplinary case against two former officers, Mark Paverman and Jeffrey Stanley; and in May 2026 Yotta stipulated to a DFPI consent order to desist and refrain from deceptive acts or practices under the California Consumer Financial Protection Law, including representing that cash deposits in Yotta accounts were protected against all risks, and agreed to a $1,000,000 penalty.","source_ids":["src-080","src-079","src-002","src-081","src-009","src-103","src-019","src-082"],"entity_ids":["dfpi","synapse-credit","synapse-brokerage","synapse","finra","paverman","stanley","yotta","moelis"],"premise_claim_ids":["c-br-credit-revocation","c-br-dfpi-revocation","c-br-expulsion","c-br-paverman-order","c-br-stanley-order","c-yt-dfpi-order"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Further actions concern Synapse's subsidiaries and Yotta: California's DFPI revoked Synapse Credit's lending licence in July 2024 and Synapse Brokerage's broker-dealer certificate in January 2025; FINRA expelled the brokerage in June 2025 and in 2026 settled its disciplinary case against two former officers, Mark Paverman and Jeffrey Stanley; and in May 2026 Yotta stipulated to a DFPI consent order to desist and refrain from deceptive acts or practices under the California Consumer Financial Protection Law, including representing that cash deposits in Yotta accounts were protected against all risks, and agreed to a $1,000,000 penalty."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-ada34ddfb83e2c3acd73a643","record":{"id":"display-claim-ada34ddfb83e2c3acd73a643","kind":"analysis","text":"On September 13, 2024 Yotta Technologies sued Evolve Bancorp and Evolve Bank & Trust in the U.S. District Court for the Northern District of California (No. 3:24-cv-06456), accusing the bank of fraud and negligence among other claims; its lawyers alleged grotesque misconduct and described the bank as having a rotten core, and Yotta alleged that Evolve had known of a shortfall long before Synapse's bankruptcy. Evolve moved to dismiss, arguing among other things that it was entitled to the fees it took. Yotta dropped its claims against Evolve Bancorp in January 2025. On May 15, 2025 Judge Trina L. Thompson dismissed the claims against the bank with leave to amend, ordering Yotta to plead jurisdiction and Synapse's status as a joint tortfeasor and noting that Synapse might be a necessary party. Yotta amended on June 4, 2025; on February 18, 2026 the court granted Evolve's renewed motion, holding according to the trade press that Synapse was a necessary party, and it closed the case the next day without reaching the merits. Yotta appealed to the Ninth Circuit (No. 26-1535), whose mandate was entered on the district-court docket on October 6, 2026; the retained docket does not show the appeal's outcome.","source_ids":["src-061","src-021","src-069","src-062","src-068"],"entity_ids":["yotta","evolve","evolve-bancorp","synapse"],"premise_claim_ids":["c-lt-yotta-federal","c-lt-yotta-federal-course","c-lt-yotta-appeal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On September 13, 2024 Yotta Technologies sued Evolve Bancorp and Evolve Bank & Trust in the U.S. District Court for the Northern District of California (No. 3:24-cv-06456), accusing the bank of fraud and negligence among other claims; its lawyers alleged grotesque misconduct and described the bank as having a rotten core, and Yotta alleged that Evolve had known of a shortfall long before Synapse's bankruptcy. Evolve moved to dismiss, arguing among other things that it was entitled to the fees it took. Yotta dropped its claims against Evolve Bancorp in January 2025. On May 15, 2025 Judge Trina L. Thompson dismissed the claims against the bank with leave to amend, ordering Yotta to plead jurisdiction and Synapse's status as a joint tortfeasor and noting that Synapse might be a necessary party. Yotta amended on June 4, 2025; on February 18, 2026 the court granted Evolve's renewed motion, holding according to the trade press that Synapse was a necessary party, and it closed the case the next day without reaching the merits. Yotta appealed to the Ninth Circuit (No. 26-1535), whose mandate was entered on the district-court docket on October 6, 2026; the retained docket does not show the appeal's outcome."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-dc67674b9e6a742fb1d515ec","record":{"id":"display-claim-dc67674b9e6a742fb1d515ec","kind":"analysis","text":"On March 13, 2026 Yotta sued Evolve Bank & Trust again, in California state court, alleging, as reported by the trade press, that Evolve stole millions of dollars from Yotta's customers in a Ponzi or Ponzi-like scheme, lied about its controls and capabilities and concealed the deficit with false transaction and balance information, and that Yotta's end users were still deprived of $80 million. It named Synapse as a second defendant only out of an abundance of caution after the federal ruling, saying it had no intention of bringing claims against Synapse. No ruling in the state case is in the record. In the wider dispute between Evolve and Synapse, Evolve's position is that only Synapse could keep accurate ledgers of each end user's funds, while Pathak attributes the shortfall to discrepancies between the two companies' records and to fees Evolve debited; these are competing statements, and no court or regulator has decided between them.","source_ids":["src-062","src-025","src-012","src-021","src-073","src-065"],"entity_ids":["yotta","evolve","synapse","pathak"],"premise_claim_ids":["c-lt-yotta-state","c-ev-blame"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On March 13, 2026 Yotta sued Evolve Bank & Trust again, in California state court, alleging, as reported by the trade press, that Evolve stole millions of dollars from Yotta's customers in a Ponzi or Ponzi-like scheme, lied about its controls and capabilities and concealed the deficit with false transaction and balance information, and that Yotta's end users were still deprived of $80 million. It named Synapse as a second defendant only out of an abundance of caution after the federal ruling, saying it had no intention of bringing claims against Synapse. No ruling in the state case is in the record. In the wider dispute between Evolve and Synapse, Evolve's position is that only Synapse could keep accurate ledgers of each end user's funds, while Pathak attributes the shortfall to discrepancies between the two companies' records and to fees Evolve debited; these are competing statements, and no court or regulator has decided between them."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-68e5f66cfd7f88e3ec58761b","record":{"id":"display-claim-68e5f66cfd7f88e3ec58761b","kind":"analysis","text":"End users' putative class actions against the partner banks are consolidated in the U.S. District Court for the District of Colorado under lead case No. 24-cv-03259-DDD-NRN, with five related cases, against Evolve Bank & Trust and Evolve Bancorp, AMG National Trust Bank and Lineage Bank; the court describes the action as arising from the collapse of Synapse, through which consumers' money was deposited with those banks. On April 16, 2026 Magistrate Judge N. Reid Neureiter extended the schedule: fact and class discovery closes on January 15, 2027, class-certification motions are due by March 17, 2027 and dispositive motions by September 29, 2027. A further putative class action, filed in the Central District of California on November 27, 2024 (No. 2:24-cv-10317) against Evolve, Evolve Bancorp and Lineage, was transferred to Colorado on October 16, 2025 under the first-to-file rule, leaving undecided the plaintiff's motion to add Synapse, Synapse Brokerage, Mark Paverman and Jeffrey Stanley as defendants. The consolidated Colorado action was pending at the evidence cutoff, with no finding of liability.","source_ids":["src-070","src-066"],"entity_ids":["evolve","evolve-bancorp","amg","lineage","synapse","synapse-brokerage","paverman","stanley"],"premise_claim_ids":["c-lt-colorado","c-lt-felton-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: End users' putative class actions against the partner banks are consolidated in the U.S. District Court for the District of Colorado under lead case No. 24-cv-03259-DDD-NRN, with five related cases, against Evolve Bank & Trust and Evolve Bancorp, AMG National Trust Bank and Lineage Bank; the court describes the action as arising from the collapse of Synapse, through which consumers' money was deposited with those banks. On April 16, 2026 Magistrate Judge N. Reid Neureiter extended the schedule: fact and class discovery closes on January 15, 2027, class-certification motions are due by March 17, 2027 and dispositive motions by September 29, 2027. A further putative class action, filed in the Central District of California on November 27, 2024 (No. 2:24-cv-10317) against Evolve, Evolve Bancorp and Lineage, was transferred to Colorado on October 16, 2025 under the first-to-file rule, leaving undecided the plaintiff's motion to add Synapse, Synapse Brokerage, Mark Paverman and Jeffrey Stanley as defendants. The consolidated Colorado action was pending at the evidence cutoff, with no finding of liability."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-c0caf0af55059a5760e3eff5","record":{"id":"display-claim-c0caf0af55059a5760e3eff5","kind":"analysis","text":"AMG has moved for summary judgment, arguing that it distributed all or almost all end-user funds according to Synapse Brokerage's instructions and the final trial balance it received after the bankruptcy, and that it owed the plaintiffs no duty because its contract was with Synapse Brokerage; the plaintiffs dispute the reliability of that data and method. Citing plaintiffs' counsel, the court noted that the case requires tracing deposits in pooled FBO accounts across several banks, involving hundreds of millions of dollars and more than ten terabytes of data, and that neither the trustee nor any defendant had completed a full reconciliation. These are the parties' positions as the court summarised them in a scheduling order. AMG opposed the schedule extension, which the other defendants did not oppose, and the court granted it; AMG's motion was undecided at the cutoff.","source_ids":["src-070"],"entity_ids":["amg","synapse-brokerage","synapse","evolve","lineage"],"premise_claim_ids":["c-lt-colorado-positions"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AMG has moved for summary judgment, arguing that it distributed all or almost all end-user funds according to Synapse Brokerage's instructions and the final trial balance it received after the bankruptcy, and that it owed the plaintiffs no duty because its contract was with Synapse Brokerage; the plaintiffs dispute the reliability of that data and method. Citing plaintiffs' counsel, the court noted that the case requires tracing deposits in pooled FBO accounts across several banks, involving hundreds of millions of dollars and more than ten terabytes of data, and that neither the trustee nor any defendant had completed a full reconciliation. These are the parties' positions as the court summarised them in a scheduling order. AMG opposed the schedule extension, which the other defendants did not oppose, and the court granted it; AMG's motion was undecided at the cutoff."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-bc27ef60695ece9398212998","record":{"id":"display-claim-bc27ef60695ece9398212998","kind":"analysis","text":"On March 5, 2026 a putative class action classified as a racketeering (RICO) case was filed in the Central District of California (No. 2:26-cv-02385) against Synapse, Synapse Brokerage, Mark Elliot Paverman, Sankaet Pathak and Jeffrey Alan Stanley, and assigned to Judge Wu as related to the 2024 case against Evolve. Paverman acknowledged service on May 4, 2026; Synapse was served through California's secretary of state under an alternative-service order and the clerk entered its default on July 1, 2026; a summons to Pathak issued on April 7, and by July 29 the docket showed no proof of service on him. After an order to show cause for lack of prosecution, the court set a status conference for September 17, 2026. The docket shows no ruling on the merits, and a default entered by the clerk is not a judgment.","source_ids":["src-072"],"entity_ids":["synapse","synapse-brokerage","paverman","pathak","stanley"],"premise_claim_ids":["c-lt-rico"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On March 5, 2026 a putative class action classified as a racketeering (RICO) case was filed in the Central District of California (No. 2:26-cv-02385) against Synapse, Synapse Brokerage, Mark Elliot Paverman, Sankaet Pathak and Jeffrey Alan Stanley, and assigned to Judge Wu as related to the 2024 case against Evolve. Paverman acknowledged service on May 4, 2026; Synapse was served through California's secretary of state under an alternative-service order and the clerk entered its default on July 1, 2026; a summons to Pathak issued on April 7, and by July 29 the docket showed no proof of service on him. After an order to show cause for lack of prosecution, the court set a status conference for September 17, 2026. The docket shows no ruling on the merits, and a default entered by the clerk is not a judgment."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9928cd4f673c501f66c68477","record":{"id":"display-claim-9928cd4f673c501f66c68477","kind":"analysis","text":"On December 11, 2023 Mercury petitioned the San Francisco Superior Court for provisional relief in connection with an arbitrable controversy with Synapse. Mercury's claim that Synapse withheld $30 million in revenue and Synapse's counterclaim of more than $36 million are reported from filings that are not retained. No ruling or settlement appears in the record; in June 2025 the trustee reported having looked for financing, including contingency counsel, to pursue any claims.","source_ids":["src-017","src-023","src-021","src-042"],"entity_ids":["mercury","synapse"],"premise_claim_ids":["c-mer-litigation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On December 11, 2023 Mercury petitioned the San Francisco Superior Court for provisional relief in connection with an arbitrable controversy with Synapse. Mercury's claim that Synapse withheld $30 million in revenue and Synapse's counterclaim of more than $36 million are reported from filings that are not retained. No ruling or settlement appears in the record; in June 2025 the trustee reported having looked for financing, including contingency counsel, to pursue any claims."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-f9a68d23affcbd8086a9c125","record":{"id":"display-claim-f9a68d23affcbd8086a9c125","kind":"analysis","text":"Two older suits named Pathak personally. In April 2021 the owner of a house in San Francisco's Twin Peaks neighbourhood, leased from April 2015 and used as Synapse's office, sued Bryan Keltner, Pathak and Synapse for breach of contract, fraud and damage to the property, seeking nearly $1 million; on August 30, 2023 the court sustained Pathak's and Synapse's demurrer to the amended complaint with leave to amend, and the case was unresolved at the bankruptcy. Press reports describe a suit filed around 2019 by three former employees against Synapse and Pathak alleging harassment and gender and age discrimination, including a claim that Pathak refused to pay the former head of sales during her maternity leave; it was eventually settled on terms not in the record, and a settlement is not a finding on the allegations. Pathak dismissed the allegations, along with critical online employee reviews, as cancel culture run amok.","source_ids":["src-064","src-063","src-021"],"entity_ids":["synapse","pathak","keltner"],"premise_claim_ids":["c-lt-landlord","c-lt-employment-suit"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Two older suits named Pathak personally. In April 2021 the owner of a house in San Francisco's Twin Peaks neighbourhood, leased from April 2015 and used as Synapse's office, sued Bryan Keltner, Pathak and Synapse for breach of contract, fraud and damage to the property, seeking nearly $1 million; on August 30, 2023 the court sustained Pathak's and Synapse's demurrer to the amended complaint with leave to amend, and the case was unresolved at the bankruptcy. Press reports describe a suit filed around 2019 by three former employees against Synapse and Pathak alleging harassment and gender and age discrimination, including a claim that Pathak refused to pay the former head of sales during her maternity leave; it was eventually settled on terms not in the record, and a settlement is not a finding on the allegations. Pathak dismissed the allegations, along with critical online employee reviews, as cancel culture run amok."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-4e3d3fd5444c124a9a11e34f","record":{"id":"display-claim-4e3d3fd5444c124a9a11e34f","kind":"analysis","text":"According to a March 2025 business-press report, a court filing in late January 2025 showed that the U.S. Attorney's Office for the Southern District of New York had convened a grand jury in a criminal investigation into Synapse dating back to at least October 2024, had subpoenaed former corporate controller Victor Medeiros and was examining possible violations including accounting fraud and wire fraud; another report dated the subpoena to November 2024. The filing is not retained, Medeiros has not been accused of wrongdoing, the U.S. Attorney's Office declined to comment and no criminal charge appears in the record. Pathak said in November 2024 that he knew of no criminal investigation and had not been contacted by law enforcement, though he had spoken with FINRA, and in March 2025 that prosecutors had not contacted him; the trustee and Judge Barash said repeatedly that they could neither confirm nor deny any referral to law enforcement.","source_ids":["src-021","src-025","src-076"],"entity_ids":["synapse","medeiros","pathak"],"premise_claim_ids":["c-lt-sdny"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to a March 2025 business-press report, a court filing in late January 2025 showed that the U.S. Attorney's Office for the Southern District of New York had convened a grand jury in a criminal investigation into Synapse dating back to at least October 2024, had subpoenaed former corporate controller Victor Medeiros and was examining possible violations including accounting fraud and wire fraud; another report dated the subpoena to November 2024. The filing is not retained, Medeiros has not been accused of wrongdoing, the U.S. Attorney's Office declined to comment and no criminal charge appears in the record. Pathak said in November 2024 that he knew of no criminal investigation and had not been contacted by law enforcement, though he had spoken with FINRA, and in March 2025 that prosecutors had not contacted him; the trustee and Judge Barash said repeatedly that they could neither confirm nor deny any referral to law enforcement."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-cfcbd521cc25c889f07ec185","record":{"id":"display-claim-cfcbd521cc25c889f07ec185","kind":"analysis","text":"Separately, a trade-newsletter headline of September 7, 2025 reported, citing sources, that the FBI was probing Evolve's fintech program and that Mercury was among the programs under scrutiny for transnational money movement. Only the headline and subheading are retained; the record contains no confirmation from the FBI, Evolve or Mercury and no charge against either company.","source_ids":["src-084"],"entity_ids":["evolve","mercury"],"premise_claim_ids":["c-mer-fbi-report"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Separately, a trade-newsletter headline of September 7, 2025 reported, citing sources, that the FBI was probing Evolve's fintech program and that Mercury was among the programs under scrutiny for transnational money movement. Only the headline and subheading are retained; the record contains no confirmation from the FBI, Evolve or Mercury and no charge against either company."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-71a4df1334fca17a2aaa719c","record":{"id":"display-claim-71a4df1334fca17a2aaa719c","kind":"analysis","text":"Sankaet Pathak founded Synapse in 2014 and was its chief executive until May 2024; he signed the bankruptcy petition in that capacity and was described as the former chief executive in the senators' letter of June 28, 2024 and by the trustee. Bryan Keltner is described as his co-founder: a business-press report calls him a fellow University of Memphis alumnus, a trade-press report says the two met at the university, and a corporate-data profile dates his role to April 2014. Hillary Quirk joined as head of operations in October 2014 after working as a program director at Start Co. in Memphis and, according to a trade newsletter citing her professional profile, stayed until August 2022; she too was described as a co-founder.","source_ids":["src-008","src-022","src-007","src-012","src-021","src-063","src-047","src-043","src-025"],"entity_ids":["pathak","synapse","keltner","quirk"],"premise_claim_ids":["c-pp-pathak-ceo","c-pp-keltner-cofounder","c-pp-quirk"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Sankaet Pathak founded Synapse in 2014 and was its chief executive until May 2024; he signed the bankruptcy petition in that capacity and was described as the former chief executive in the senators' letter of June 28, 2024 and by the trustee. Bryan Keltner is described as his co-founder: a business-press report calls him a fellow University of Memphis alumnus, a trade-press report says the two met at the university, and a corporate-data profile dates his role to April 2014. Hillary Quirk joined as head of operations in October 2014 after working as a program director at Start Co. in Memphis and, according to a trade newsletter citing her professional profile, stayed until August 2022; she too was described as a co-founder."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-32b3cca07188ee32d3fcaae3","record":{"id":"display-claim-32b3cca07188ee32d3fcaae3","kind":"analysis","text":"A 2024 trade-press report based on unnamed sources and internal records, which are not retained, says Keltner led compliance, at times as chief compliance officer, and sat on the early board; that he was removed from the board before the Series A while Quirk joined it with the title of co-founder; that he stepped back from day-to-day work in late 2017 or early 2018 and the company bought back his shares for a sum in the millions of dollars; and that Synapse later engaged him as a contractor, reporting to Pathak from November 2018 to July 2021 and to chief financial officer Mike Rasic from January to April 2023. Keltner confirmed the approximate timing of when he stopped regular work. The report dates the Series A to late 2017, while the company's announcement is dated September 6, 2018.","source_ids":["src-063","src-071"],"entity_ids":["keltner","synapse","quirk","pathak","rasic"],"premise_claim_ids":["c-pp-keltner-role"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A 2024 trade-press report based on unnamed sources and internal records, which are not retained, says Keltner led compliance, at times as chief compliance officer, and sat on the early board; that he was removed from the board before the Series A while Quirk joined it with the title of co-founder; that he stepped back from day-to-day work in late 2017 or early 2018 and the company bought back his shares for a sum in the millions of dollars; and that Synapse later engaged him as a contractor, reporting to Pathak from November 2018 to July 2021 and to chief financial officer Mike Rasic from January to April 2023. Keltner confirmed the approximate timing of when he stopped regular work. The report dates the Series A to late 2017, while the company's announcement is dated September 6, 2018."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b8ab4c842be42ad750e05270","record":{"id":"display-claim-b8ab4c842be42ad750e05270","kind":"analysis","text":"In August 2024 a trade newsletter reported, citing multiple unnamed sources, that Evolve had engaged Keltner in some capacity to help with its Synapse reconciliation. Keltner neither confirmed nor denied working for Evolve, saying only that he was working on his own trading business, and Evolve did not respond to repeated requests for comment.","source_ids":["src-063"],"entity_ids":["keltner","evolve"],"premise_claim_ids":["c-pp-keltner-evolve"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In August 2024 a trade newsletter reported, citing multiple unnamed sources, that Evolve had engaged Keltner in some capacity to help with its Synapse reconciliation. Keltner neither confirmed nor denied working for Evolve, saying only that he was working on his own trading business, and Evolve did not respond to repeated requests for comment."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-2b4a5f0efa6bc7f60f22426c","record":{"id":"display-claim-2b4a5f0efa6bc7f60f22426c","kind":"analysis","text":"The 2015 Form D of Synapse Payments lists Jeffrey Webb and Douglas Marchant as directors and members and reports $700,000 of equity sold to ten investors. A trade-press report names Jeff Webb, founder of Varsity Brands, as one of the two sources of that initial investment, and the Form D director gave the Memphis address that Varsity Spirit gives as its corporate office; the identification rests on the shared name, city and address and on that report, and Varsity's contact page giving the address is a current record, not a 2015 one. Webb, who founded Varsity Spirit in 1974, died in March 2026, according to a business-press report. The trade press describes Marchant, who remained a director in April 2024, as a seed investor and a founder of the payments company Concord EFS, later acquired by First Data; a Memphis business-network profile of a Douglas J. Marchant names him as a founder of Concord EFS and Unified Health Services but does not mention Synapse, so that identification rests on the name, the city and the Concord EFS background.","source_ids":["src-041","src-096","src-097","src-063","src-025","src-022","src-045"],"entity_ids":["synapse-payments","pathak","keltner","webb","marchant","synapse"],"premise_claim_ids":["c-id-payments-formd","c-pp-webb","c-pp-marchant"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The 2015 Form D of Synapse Payments lists Jeffrey Webb and Douglas Marchant as directors and members and reports $700,000 of equity sold to ten investors. A trade-press report names Jeff Webb, founder of Varsity Brands, as one of the two sources of that initial investment, and the Form D director gave the Memphis address that Varsity Spirit gives as its corporate office; the identification rests on the shared name, city and address and on that report, and Varsity's contact page giving the address is a current record, not a 2015 one. Webb, who founded Varsity Spirit in 1974, died in March 2026, according to a business-press report. The trade press describes Marchant, who remained a director in April 2024, as a seed investor and a founder of the payments company Concord EFS, later acquired by First Data; a Memphis business-network profile of a Douglas J. Marchant names him as a founder of Concord EFS and Unified Health Services but does not mention Synapse, so that identification rests on the name, the city and the Concord EFS background."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-025be6b4098e68d02c172e1e","record":{"id":"display-claim-025be6b4098e68d02c172e1e","kind":"analysis","text":"On September 6, 2018 Synapse announced a $17 million Series A led by Trinity Ventures and Core Innovation Capital, whose partners Schwark Satyavolu and Arjan Schütte joined its board. In June 2019 Andreessen Horowitz led a $33 million Series B with both existing investors, bringing total funding to $50 million, and general partner Angela Strange joined the board; a corporate-data aggregator counts $50.7 million over three rounds. Strange has been a general partner at Andreessen Horowitz since 2018, Satyavolu is a venture partner at Trinity Ventures and a co-founder of Yodlee and Truaxis, and Schütte is founder and managing partner of Core Innovation Capital; none of their current profile pages lists Synapse.","source_ids":["src-071","src-008","src-012","src-026","src-014","src-044","src-048","src-074"],"entity_ids":["synapse","trinity","core","satyavolu","schutte","a16z","strange"],"premise_claim_ids":["c-pp-series-a","c-pp-series-b","c-pp-investor-affiliations"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On September 6, 2018 Synapse announced a $17 million Series A led by Trinity Ventures and Core Innovation Capital, whose partners Schwark Satyavolu and Arjan Schütte joined its board. In June 2019 Andreessen Horowitz led a $33 million Series B with both existing investors, bringing total funding to $50 million, and general partner Angela Strange joined the board; a corporate-data aggregator counts $50.7 million over three rounds. Strange has been a general partner at Andreessen Horowitz since 2018, Satyavolu is a venture partner at Trinity Ventures and a co-founder of Yodlee and Truaxis, and Schütte is founder and managing partner of Core Innovation Capital; none of their current profile pages lists Synapse."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-6a63bace0c7d4d435aad08ae","record":{"id":"display-claim-6a63bace0c7d4d435aad08ae","kind":"analysis","text":"According to Pathak, the board at various times included Strange, Satyavolu and Schütte. He says Synapse had lined up a Series C of about $100 million in November 2022 and was pursuing a bank charter of its own, and stated in court filings that certain investor directors vetoed the round; Andreessen Horowitz, Trinity Ventures and Core Innovation Capital declined to comment or did not respond to a 2025 press request, so only his account is on the record. By April 2024 the board consisted of Pathak, Marchant and Quirk. Pathak acknowledged in November 2024 that this board approved two loans to him from Synapse, in late 2023 and early 2024, totalling $320,000; he declined to explain their purpose beyond saying he had good reasons that would become obvious relatively soon, and the loan documents and board approval are not retained.","source_ids":["src-025","src-022","src-021"],"entity_ids":["synapse","strange","satyavolu","schutte","pathak","marchant","quirk","a16z","trinity","core"],"premise_claim_ids":["c-pp-board-members","c-pp-series-c","c-pp-pathak-loans"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to Pathak, the board at various times included Strange, Satyavolu and Schütte. He says Synapse had lined up a Series C of about $100 million in November 2022 and was pursuing a bank charter of its own, and stated in court filings that certain investor directors vetoed the round; Andreessen Horowitz, Trinity Ventures and Core Innovation Capital declined to comment or did not respond to a 2025 press request, so only his account is on the record. By April 2024 the board consisted of Pathak, Marchant and Quirk. Pathak acknowledged in November 2024 that this board approved two loans to him from Synapse, in late 2023 and early 2024, totalling $320,000; he declined to explain their purpose beyond saying he had good reasons that would become obvious relatively soon, and the loan documents and board approval are not retained."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-6e117a3f6d39aadf5658b7e8","record":{"id":"display-claim-6e117a3f6d39aadf5658b7e8","kind":"analysis","text":"Tracey Guerin stated in a sworn declaration that she had been associate general counsel from June 14, 2018 and general counsel since June 2022. Michael Rasic was listed as an officer of Synapse and of Synapse Credit in Washington's registry; Connecticut addressed Synapse Credit's licence notice to him in September 2022 as chief financial officer and chief business officer, and a trade newsletter calls him Synapse's chief financial officer in early 2023. Victor Medeiros is described in press reports as Synapse's former corporate controller and a former senior director in its finance department. All remaining employees were terminated as of May 24, 2024, after which the Chapter 11 trustee ran the company.","source_ids":["src-034","src-005","src-015","src-021","src-009"],"entity_ids":["guerin","synapse","rasic","synapse-credit","medeiros","mcwilliams"],"premise_claim_ids":["c-pp-guerin","c-pp-rasic","c-pp-medeiros","c-pp-staff-end"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Tracey Guerin stated in a sworn declaration that she had been associate general counsel from June 14, 2018 and general counsel since June 2022. Michael Rasic was listed as an officer of Synapse and of Synapse Credit in Washington's registry; Connecticut addressed Synapse Credit's licence notice to him in September 2022 as chief financial officer and chief business officer, and a trade newsletter calls him Synapse's chief financial officer in early 2023. Victor Medeiros is described in press reports as Synapse's former corporate controller and a former senior director in its finance department. All remaining employees were terminated as of May 24, 2024, after which the Chapter 11 trustee ran the company."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5dcf16740af8fa29c61007f2","record":{"id":"display-claim-5dcf16740af8fa29c61007f2","kind":"analysis","text":"Jelena McWilliams, the Chapter 11 trustee, was sworn in as the 21st chair of the FDIC on June 5, 2018 and led the agency until 2021. She had earlier been chief legal officer of Fifth Third Bank, chief counsel of the Senate Banking Committee and an attorney at the Federal Reserve Board, and practised corporate and securities law at Morrison & Foerster and Hogan & Hartson. During the trusteeship she was a partner at Cravath, Swaine & Moore, which represented her as trustee; in January 2026 the fintech Plaid hired her as president of corporate and external affairs.","source_ids":["src-024","src-057","src-067","src-001"],"entity_ids":["mcwilliams","fdic","cravath","synapse"],"premise_claim_ids":["c-pp-mcwilliams"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Jelena McWilliams, the Chapter 11 trustee, was sworn in as the 21st chair of the FDIC on June 5, 2018 and led the agency until 2021. She had earlier been chief legal officer of Fifth Third Bank, chief counsel of the Senate Banking Committee and an attorney at the Federal Reserve Board, and practised corporate and securities law at Morrison & Foerster and Hogan & Hartson. During the trusteeship she was a partner at Cravath, Swaine & Moore, which represented her as trustee; in January 2026 the fintech Plaid hired her as president of corporate and external affairs."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-a05be02a2abd290c38e79fbf","record":{"id":"display-claim-a05be02a2abd290c38e79fbf","kind":"analysis","text":"Pathak founded the business in 2014 as Synapse Payments LLC and was chief executive of Synapse until May 2024, signing its bankruptcy petition in that capacity. The brokerage's Form BD schedules list him as an indirect owner, through Synapse, in the band of 25% to less than 50%, giving his relationship to Synapse as chief executive since December 2019; the schedules show ownership bands rather than exact percentages and do not otherwise date his holding. California's DFPI names him as a control person of Synapse Brokerage from June 2020; the end date is cut off in the retained copy of its accusation.","source_ids":["src-023","src-038","src-008","src-022","src-007","src-012","src-002","src-053"],"entity_ids":["synapse","pathak","synapse-payments","synapse-brokerage","dfpi"],"premise_claim_ids":["c-id-founding","c-pp-pathak-ceo","c-st-brokerage-ownership","c-br-pathak-control"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Pathak founded the business in 2014 as Synapse Payments LLC and was chief executive of Synapse until May 2024, signing its bankruptcy petition in that capacity. The brokerage's Form BD schedules list him as an indirect owner, through Synapse, in the band of 25% to less than 50%, giving his relationship to Synapse as chief executive since December 2019; the schedules show ownership bands rather than exact percentages and do not otherwise date his holding. California's DFPI names him as a control person of Synapse Brokerage from June 2020; the end date is cut off in the retained copy of its accusation."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-03ba363ce6a11aab5cd92f34","record":{"id":"display-claim-03ba363ce6a11aab5cd92f34","kind":"analysis","text":"Pathak's public account is that the shortfall stems from discrepancies between Synapse's and Evolve's records and from fees Evolve debited from customer accounts, and in an August 20, 2024 post he wrote that Evolve needed to pay out customers and cover the deficit it had created. An Evolve spokesperson called his version simply not true, said Synapse had full visibility into its accounts at Evolve and that Pathak and Synapse failed at keeping accurate ledgers of each end user's funds, which only Synapse was in a position to do; Evolve has also said his claims rest on demonstrably inaccurate ledgers his company prepared. According to Pathak, Evolve sent him a cease-and-desist letter after he posted what he described as an anonymised trial balance. These are competing statements: no court or regulator has decided between them, the CFPB recorded that the dispute was unresolved when the sale failed, and the trustee expressed no opinion on whether any bank's liability was limited to the funds it held.","source_ids":["src-025","src-012","src-021","src-073","src-065"],"entity_ids":["pathak","evolve","synapse"],"premise_claim_ids":["c-ev-blame"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Pathak's public account is that the shortfall stems from discrepancies between Synapse's and Evolve's records and from fees Evolve debited from customer accounts, and in an August 20, 2024 post he wrote that Evolve needed to pay out customers and cover the deficit it had created. An Evolve spokesperson called his version simply not true, said Synapse had full visibility into its accounts at Evolve and that Pathak and Synapse failed at keeping accurate ledgers of each end user's funds, which only Synapse was in a position to do; Evolve has also said his claims rest on demonstrably inaccurate ledgers his company prepared. According to Pathak, Evolve sent him a cease-and-desist letter after he posted what he described as an anonymised trial balance. These are competing statements: no court or regulator has decided between them, the CFPB recorded that the dispute was unresolved when the sale failed, and the trustee expressed no opinion on whether any bank's liability was limited to the funds it held."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-b8b6b6f2ea11f6d2b4d0907c","record":{"id":"display-claim-b8b6b6f2ea11f6d2b4d0907c","kind":"analysis","text":"He also says that certain investor directors vetoed a Series C of about $100 million lined up in November 2022, and that the board, which at times included partners of Andreessen Horowitz, Trinity Ventures and Core Innovation Capital, was broadly aware of the company's problems, was trying to do the right thing and asked him not to shut down and escalate. The investors declined to comment or did not respond, and no statement by the directors is retained.","source_ids":["src-021","src-025"],"entity_ids":["pathak","synapse","a16z","trinity","core","strange","satyavolu","schutte"],"premise_claim_ids":["c-pp-series-c","c-sf-board-awareness"],"qualification":"","response":"","outcome":""},"reading":"Analysis: He also says that certain investor directors vetoed a Series C of about $100 million lined up in November 2022, and that the board, which at times included partners of Andreessen Horowitz, Trinity Ventures and Core Innovation Capital, was broadly aware of the company's problems, was trying to do the right thing and asked him not to shut down and escalate. The investors declined to comment or did not respond, and no statement by the directors is retained."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-bad754407e0bddf0a163b4f4","record":{"id":"display-claim-bad754407e0bddf0a163b4f4","kind":"analysis","text":"In November 2024 Pathak acknowledged taking two loans from Synapse in late 2023 and early 2024, totalling $320,000, approved by a board that he described as himself, a seed investor and a co-founder, identified from bankruptcy filings as Doug Marchant and Hillary Quirk; he declined to explain their purpose beyond saying he had good reasons that would become obvious relatively soon, and the loan documents and board approval are not retained. In the same month he said he knew of no criminal investigation and had not been contacted by law enforcement, though he had spoken with FINRA. A March 2025 business-press report, based on a late-January 2025 court filing that is not retained, said federal prosecutors in the Southern District of New York had convened a grand jury in an investigation into Synapse; Pathak said that month that prosecutors had not contacted him. The U.S. Attorney's Office there declined to comment, the trustee and Judge Barash said they could neither confirm nor deny any referral to law enforcement, and no criminal charge appears in the record.","source_ids":["src-025","src-021","src-076"],"entity_ids":["pathak","synapse","marchant","quirk","medeiros"],"premise_claim_ids":["c-pp-pathak-loans","c-lt-sdny"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In November 2024 Pathak acknowledged taking two loans from Synapse in late 2023 and early 2024, totalling $320,000, approved by a board that he described as himself, a seed investor and a co-founder, identified from bankruptcy filings as Doug Marchant and Hillary Quirk; he declined to explain their purpose beyond saying he had good reasons that would become obvious relatively soon, and the loan documents and board approval are not retained. In the same month he said he knew of no criminal investigation and had not been contacted by law enforcement, though he had spoken with FINRA. A March 2025 business-press report, based on a late-January 2025 court filing that is not retained, said federal prosecutors in the Southern District of New York had convened a grand jury in an investigation into Synapse; Pathak said that month that prosecutors had not contacted him. The U.S. Attorney's Office there declined to comment, the trustee and Judge Barash said they could neither confirm nor deny any referral to law enforcement, and no criminal charge appears in the record."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-16b21ccfd539dc93fac2a654","record":{"id":"display-claim-16b21ccfd539dc93fac2a654","kind":"analysis","text":"Pathak is one of five defendants, with Synapse, Synapse Brokerage, Mark Paverman and Jeffrey Stanley, in a putative class action classified as a racketeering (RICO) case, filed in the Central District of California in March 2026; by July 29, 2026 the docket showed no proof of service on him, and it shows no ruling on the merits. Earlier, the owner of a San Francisco house used as Synapse's office sued him, Bryan Keltner and Synapse in 2021; the court sustained his and Synapse's demurrer with leave to amend in 2023, and the case was unresolved at the bankruptcy. According to press reports, three former employees sued Synapse and Pathak around 2019 alleging harassment and gender and age discrimination; the complaint is not retained, the suit was settled on terms not in the record, a settlement is not a finding, and Pathak called the allegations cancel culture run amok.","source_ids":["src-072","src-064","src-063","src-021"],"entity_ids":["synapse","synapse-brokerage","paverman","pathak","stanley","keltner"],"premise_claim_ids":["c-lt-rico","c-lt-landlord","c-lt-employment-suit"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Pathak is one of five defendants, with Synapse, Synapse Brokerage, Mark Paverman and Jeffrey Stanley, in a putative class action classified as a racketeering (RICO) case, filed in the Central District of California in March 2026; by July 29, 2026 the docket showed no proof of service on him, and it shows no ruling on the merits. Earlier, the owner of a San Francisco house used as Synapse's office sued him, Bryan Keltner and Synapse in 2021; the court sustained his and Synapse's demurrer with leave to amend in 2023, and the case was unresolved at the bankruptcy. According to press reports, three former employees sued Synapse and Pathak around 2019 alleging harassment and gender and age discrimination; the complaint is not retained, the suit was settled on terms not in the record, a settlement is not a finding, and Pathak called the allegations cancel culture run amok."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5900a1bc098919e71a22022b","record":{"id":"display-claim-5900a1bc098919e71a22022b","kind":"analysis","text":"In April 2024, while still Synapse's chief executive, Pathak co-founded the humanoid robotics company Foundation with Arjun Sethi, chief executive of the venture firm Tribe Capital, and Mike LeBlanc, a co-founder of Cobalt Robotics, according to the company's fundraising pitch as reported by the business press. A private-market data provider lists Foundation Robotics Labs of San Francisco with an $11 million Series A-1 round in August 2024 at a $73.33 million valuation and a $187 million Series A in August 2025 at a $1.32 billion valuation. Florida's registry lists Foundation Future Industries, Inc., a Delaware corporation registered there in April 2025, with Pathak as president. In January 2026 a technology newsletter reported, citing two sources, that Foundation Future was seeking up to $500 million at a valuation of more than $3 billion, and in March 2026 a news magazine described Pathak as co-founder and chief executive of a company developing humanoid robots, including for military use. The record does not establish whether the two Foundation companies are the same legal entity, and the funding figures do not come from company filings.","source_ids":["src-027","src-090","src-056","src-078","src-085"],"entity_ids":["pathak","foundation","sethi","leblanc","synapse"],"premise_claim_ids":["c-pf-foundation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In April 2024, while still Synapse's chief executive, Pathak co-founded the humanoid robotics company Foundation with Arjun Sethi, chief executive of the venture firm Tribe Capital, and Mike LeBlanc, a co-founder of Cobalt Robotics, according to the company's fundraising pitch as reported by the business press. A private-market data provider lists Foundation Robotics Labs of San Francisco with an $11 million Series A-1 round in August 2024 at a $73.33 million valuation and a $187 million Series A in August 2025 at a $1.32 billion valuation. Florida's registry lists Foundation Future Industries, Inc., a Delaware corporation registered there in April 2025, with Pathak as president. In January 2026 a technology newsletter reported, citing two sources, that Foundation Future was seeking up to $500 million at a valuation of more than $3 billion, and in March 2026 a news magazine described Pathak as co-founder and chief executive of a company developing humanoid robots, including for military use. The record does not establish whether the two Foundation companies are the same legal entity, and the funding figures do not come from company filings."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-ef953fbed425d58e9367456e","record":{"id":"display-claim-ef953fbed425d58e9367456e","kind":"analysis","text":"In June 2024 a business-press report based on fundraising documents, which are not retained, said Foundation's pitch for the last $1 million of an $11 million seed round claimed that General Motors had committed to invest, was set to become its first customer with a targeted $300 million purchase order and had given it access to its factories, including a plant in Mexico. GM said it had never invested in Foundation, had no plans to and had never had any agreement with it, calling contrary claims fabricated; LeBlanc confirmed GM's points and said he was embarrassed that marketing materials overstating the relationship existed. Tribe Capital and Sethi declined to comment and Pathak did not respond at the time; in November 2024 he called the reporter highly unethical and alleged that the reporter had contacted an auto-industry union leader rather than GM, leading the union leader to threaten a strike if GM did not pull out. The data provider names Tribe Capital as investor in the August 22, 2024 round; no General Motors investment appears in the record.","source_ids":["src-027","src-025","src-078"],"entity_ids":["foundation","pathak","leblanc","sethi"],"premise_claim_ids":["c-pf-foundation-gm"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In June 2024 a business-press report based on fundraising documents, which are not retained, said Foundation's pitch for the last $1 million of an $11 million seed round claimed that General Motors had committed to invest, was set to become its first customer with a targeted $300 million purchase order and had given it access to its factories, including a plant in Mexico. GM said it had never invested in Foundation, had no plans to and had never had any agreement with it, calling contrary claims fabricated; LeBlanc confirmed GM's points and said he was embarrassed that marketing materials overstating the relationship existed. Tribe Capital and Sethi declined to comment and Pathak did not respond at the time; in November 2024 he called the reporter highly unethical and alleged that the reporter had contacted an auto-industry union leader rather than GM, leading the union leader to threaten a strike if GM did not pull out. The data provider names Tribe Capital as investor in the August 22, 2024 round; no General Motors investment appears in the record."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9fd2c36c3f3f08fa32fe6fc5","record":{"id":"display-claim-9fd2c36c3f3f08fa32fe6fc5","kind":"analysis","text":"Evolve Bank & Trust of West Memphis, Arkansas, is a state-chartered member bank of the Federal Reserve System, owned and controlled by the registered bank holding company Evolve Bancorp, Inc.; both are supervised by the Federal Reserve Board and the Arkansas State Bank Department. The FFIEC's National Information Center lists the bank under RSSD ID 592448 and FDIC certificate 1299 and the holding company under RSSD ID 1142411, both at 301 Shoppingway Boulevard. Through its Open Banking Division the bank offered deposit accounts and payment processing to fintech partners, which in turn offered financial products to end users.","source_ids":["src-020","src-089","src-086"],"entity_ids":["evolve","evolve-bancorp","federal-reserve"],"premise_claim_ids":["c-pf-evolve-ownership"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Evolve Bank & Trust of West Memphis, Arkansas, is a state-chartered member bank of the Federal Reserve System, owned and controlled by the registered bank holding company Evolve Bancorp, Inc.; both are supervised by the Federal Reserve Board and the Arkansas State Bank Department. The FFIEC's National Information Center lists the bank under RSSD ID 592448 and FDIC certificate 1299 and the holding company under RSSD ID 1142411, both at 301 Shoppingway Boulevard. Through its Open Banking Division the bank offered deposit accounts and payment processing to fintech partners, which in turn offered financial products to end users."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-2520b7c3fceef1c3b1f10143","record":{"id":"display-claim-2520b7c3fceef1c3b1f10143","kind":"analysis","text":"The Federal Reserve's order of June 11, 2024 was addressed to Scott Stafford as the bank's president and chief executive and to B. Scot Lenoir as chairman of Evolve Bancorp and of the bank. Evolve's 2023 investor kit describes Lenoir as founder and chief executive of Evolve Bancorp, who founded the bank in 2004 after running First Mercantile Trust Company, sold in 2000, and Stafford as a former senior vice president of National Bank of Commerce and investment banker with Duncan-Williams; a financial-data profile lists Lenoir as chairman, president and chief executive of Evolve Bancorp and Evolve Financial Group and as a former chairman of the bank. These titles are as stated at each source's date; the record gives no complete management history.","source_ids":["src-020","src-046","src-075"],"entity_ids":["evolve","evolve-bancorp","stafford","lenoir"],"premise_claim_ids":["c-pf-evolve-management"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Federal Reserve's order of June 11, 2024 was addressed to Scott Stafford as the bank's president and chief executive and to B. Scot Lenoir as chairman of Evolve Bancorp and of the bank. Evolve's 2023 investor kit describes Lenoir as founder and chief executive of Evolve Bancorp, who founded the bank in 2004 after running First Mercantile Trust Company, sold in 2000, and Stafford as a former senior vice president of National Bank of Commerce and investment banker with Duncan-Williams; a financial-data profile lists Lenoir as chairman, president and chief executive of Evolve Bancorp and Evolve Financial Group and as a former chairman of the bank. These titles are as stated at each source's date; the record gives no complete management history."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-24d0b57652b36232f4de3f97","record":{"id":"display-claim-24d0b57652b36232f4de3f97","kind":"analysis","text":"According to the CFPB, Evolve signed a Bank Services Agreement with Synapse on or about April 18, 2017, when it was Synapse's only partner bank, and a Master Bank Services Agreement on or about September 23, 2022. Evolve says that, as part of a revised cash management program begun in the fall of 2023, Synapse created Synapse Brokerage and hastily migrated funds away from Evolve to AMG, Lineage and American Bank, which Evolve calls the Synapse ecosystem banks; Pathak says the program was a response to Evolve raising its reserve requirement and withholding interest payments.","source_ids":["src-073","src-050","src-025"],"entity_ids":["synapse","evolve","synapse-brokerage","amg","lineage","american-bank"],"premise_claim_ids":["c-md-evolve-agreements","c-ev-migration-view"],"qualification":"","response":"","outcome":""},"reading":"Analysis: According to the CFPB, Evolve signed a Bank Services Agreement with Synapse on or about April 18, 2017, when it was Synapse's only partner bank, and a Master Bank Services Agreement on or about September 23, 2022. Evolve says that, as part of a revised cash management program begun in the fall of 2023, Synapse created Synapse Brokerage and hastily migrated funds away from Evolve to AMG, Lineage and American Bank, which Evolve calls the Synapse ecosystem banks; Pathak says the program was a response to Evolve raising its reserve requirement and withholding interest payments."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-6bf44d28a805424c5203eb89","record":{"id":"display-claim-6bf44d28a805424c5203eb89","kind":"analysis","text":"Evolve's position on the shortfall is that only Synapse could keep accurate ledgers of each end user's funds and that Pathak's claims rest on demonstrably inaccurate ledgers his company prepared; Pathak blames discrepancies between the two companies' records and Evolve's fee debits. These are competing statements that no court or regulator has decided. Evolve completed its own reconciliation as of October 18, 2024 and began paying end users on November 4, 2024; it declined, citing litigation, to give the trustee reconciled balances, and the trustee wrote that she was disappointed in results that notified some end users of amounts considerably less than the Synapse ledger showed.","source_ids":["src-025","src-012","src-021","src-073","src-065"],"entity_ids":["pathak","evolve","synapse","juno","yieldstreet","yotta"],"premise_claim_ids":["c-ev-blame","c-sf-evolve-payouts"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Evolve's position on the shortfall is that only Synapse could keep accurate ledgers of each end user's funds and that Pathak's claims rest on demonstrably inaccurate ledgers his company prepared; Pathak blames discrepancies between the two companies' records and Evolve's fee debits. These are competing statements that no court or regulator has decided. Evolve completed its own reconciliation as of October 18, 2024 and began paying end users on November 4, 2024; it declined, citing litigation, to give the trustee reconciled balances, and the trustee wrote that she was disappointed in results that notified some end users of amounts considerably less than the Synapse ledger showed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-0c016919b2cbcb34966626e7","record":{"id":"display-claim-0c016919b2cbcb34966626e7","kind":"analysis","text":"On June 11, 2024 Evolve Bancorp and the bank consented, without a formal proceeding or adjudication, to a cease-and-desist order of the Federal Reserve Board and the Arkansas State Bank Department, based on examinations in 2023 and 2024 that found deficiencies in risk management and consumer compliance in fintech banking and in anti-money-laundering and sanctions compliance. It requires clearly defined ledger responsibilities between the bank and its fintech partners and bars new fintech partners, products or programs without prior approval. The Federal Reserve said the action was separate from the Synapse bankruptcy; in July 2024 its general counsel told the trustee that it expected supervised banks to return customer funds consistent with applicable law and would continue to monitor Evolve's progress.","source_ids":["src-020","src-087","src-033"],"entity_ids":["federal-reserve","evolve","evolve-bancorp","synapse","mcwilliams"],"premise_claim_ids":["c-rg-fed-evolve","c-sf-fed-letter"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On June 11, 2024 Evolve Bancorp and the bank consented, without a formal proceeding or adjudication, to a cease-and-desist order of the Federal Reserve Board and the Arkansas State Bank Department, based on examinations in 2023 and 2024 that found deficiencies in risk management and consumer compliance in fintech banking and in anti-money-laundering and sanctions compliance. It requires clearly defined ledger responsibilities between the bank and its fintech partners and bars new fintech partners, products or programs without prior approval. The Federal Reserve said the action was separate from the Synapse bankruptcy; in July 2024 its general counsel told the trustee that it expected supervised banks to return customer funds consistent with applicable law and would continue to monitor Evolve's progress."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-453fc3ab61780444e932191d","record":{"id":"display-claim-453fc3ab61780444e932191d","kind":"analysis","text":"In its parent-only reports to the Federal Reserve, Evolve Bancorp reported net income of about $7.87 million for 2024, including $8.72 million of income from the bank, and a net loss of about $7.39 million for 2025, including a $3.02 million loss attributed to the bank. Over 2025 the parent's equity capital fell from $114.1 million to $107.3 million, its long-term borrowings stood at $51.1 million at year-end, and the group's consolidated assets fell from about $1.81 billion to about $1.29 billion. Both reports name KPMG of Atlanta as external auditor. A business-press report said the bank lost $8.76 million in the first six months of 2025 while keeping its focus on banking-as-a-service. The amounts are rounded from figures reported in thousands, and the parent-only schedule does not show the bank's own statements.","source_ids":["src-088","src-095","src-083"],"entity_ids":["evolve-bancorp","evolve","federal-reserve"],"premise_claim_ids":["c-pf-evolve-financials"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In its parent-only reports to the Federal Reserve, Evolve Bancorp reported net income of about $7.87 million for 2024, including $8.72 million of income from the bank, and a net loss of about $7.39 million for 2025, including a $3.02 million loss attributed to the bank. Over 2025 the parent's equity capital fell from $114.1 million to $107.3 million, its long-term borrowings stood at $51.1 million at year-end, and the group's consolidated assets fell from about $1.81 billion to about $1.29 billion. Both reports name KPMG of Atlanta as external auditor. A business-press report said the bank lost $8.76 million in the first six months of 2025 while keeping its focus on banking-as-a-service. The amounts are rounded from figures reported in thousands, and the parent-only schedule does not show the bank's own statements."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-14ed7dd2bc37e093c5c16a86","record":{"id":"display-claim-14ed7dd2bc37e093c5c16a86","kind":"analysis","text":"Yotta's federal suit accusing Evolve of fraud and negligence was dismissed on February 18, 2026 because Synapse was a necessary party, without reaching the allegations' merits; Evolve had argued that it was entitled to the fees it took. Yotta appealed, and the Ninth Circuit's mandate was entered on the district-court docket on October 6, 2026; the appeal's outcome is not visible in the retained docket. In March 2026 Yotta sued again in California state court, alleging, as reported by the trade press, that Evolve stole millions of dollars from Yotta's customers in a Ponzi or Ponzi-like scheme; no ruling in that case is in the record. Evolve and Evolve Bancorp are also defendants, with AMG and Lineage, in consolidated putative consumer class actions in Colorado, pending at the cutoff with no finding of liability.","source_ids":["src-061","src-021","src-069","src-062","src-070"],"entity_ids":["yotta","evolve","evolve-bancorp","synapse","amg","lineage"],"premise_claim_ids":["c-lt-yotta-federal","c-lt-yotta-appeal","c-lt-yotta-state","c-lt-colorado"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Yotta's federal suit accusing Evolve of fraud and negligence was dismissed on February 18, 2026 because Synapse was a necessary party, without reaching the allegations' merits; Evolve had argued that it was entitled to the fees it took. Yotta appealed, and the Ninth Circuit's mandate was entered on the district-court docket on October 6, 2026; the appeal's outcome is not visible in the retained docket. In March 2026 Yotta sued again in California state court, alleging, as reported by the trade press, that Evolve stole millions of dollars from Yotta's customers in a Ponzi or Ponzi-like scheme; no ruling in that case is in the record. Evolve and Evolve Bancorp are also defendants, with AMG and Lineage, in consolidated putative consumer class actions in Colorado, pending at the cutoff with no finding of liability."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-dc9f16e9375d04e6f4ad382c","record":{"id":"display-claim-dc9f16e9375d04e6f4ad382c","kind":"analysis","text":"A trade-newsletter headline of September 7, 2025 reported, citing sources, an FBI inquiry into Evolve's fintech program in which Mercury was among the programs under scrutiny for transnational money movement; only the headline and subheading are retained, and the record contains no confirmation from the FBI, Evolve or Mercury and no charge against either company.","source_ids":["src-084"],"entity_ids":["evolve","mercury"],"premise_claim_ids":["c-mer-fbi-report"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A trade-newsletter headline of September 7, 2025 reported, citing sources, an FBI inquiry into Evolve's fintech program in which Mercury was among the programs under scrutiny for transnational money movement; only the headline and subheading are retained, and the record contains no confirmation from the FBI, Evolve or Mercury and no charge against either company."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-52a8cbeb843375214763fc8e","record":{"id":"display-claim-52a8cbeb843375214763fc8e","kind":"analysis","text":"Yotta Technologies, Inc. is a Delaware corporation. California's DFPI gives its business address as San Francisco and its website as withyotta.com, and describes Adam Moelis as its co-founder, former chief executive and a board member; a copy of New York's registry shows it registered there as a foreign business corporation from March 10, 2020 (DOS ID 5724855), and a filing of March 1, 2026 names Ben Doyle as chief executive. The DFPI says Yotta offered high-interest savings accounts to California consumers without registering with the California Secretary of State.","source_ids":["src-082","src-037"],"entity_ids":["yotta","moelis","ben-doyle"],"premise_claim_ids":["c-yt-identity"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Yotta Technologies, Inc. is a Delaware corporation. California's DFPI gives its business address as San Francisco and its website as withyotta.com, and describes Adam Moelis as its co-founder, former chief executive and a board member; a copy of New York's registry shows it registered there as a foreign business corporation from March 10, 2020 (DOS ID 5724855), and a filing of March 1, 2026 names Ben Doyle as chief executive. The DFPI says Yotta offered high-interest savings accounts to California consumers without registering with the California Secretary of State."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e15829ed3309e0f99649c619","record":{"id":"display-claim-e15829ed3309e0f99649c619","kind":"analysis","text":"Yotta offered sweepstakes games and prizes to people who opened savings accounts with it. Its contract with Synapse of February 13, 2020 let it use Synapse's software to interface with Evolve. The federal court recorded that Evolve and Synapse worked together to service Yotta's customers, Evolve's systems processing certain transactions and Synapse others involving funds held with Evolve, and that Yotta and Evolve had no contract with each other. Yotta's disclosures named Evolve and Synapse Brokerage's program banks as providers of its banking services, Evolve as issuer of its debit card and Synapse Credit as the provider of its lending services.","source_ids":["src-068","src-051","src-079"],"entity_ids":["yotta","synapse","evolve","synapse-brokerage","synapse-credit"],"premise_claim_ids":["c-yt-synapse-model"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Yotta offered sweepstakes games and prizes to people who opened savings accounts with it. Its contract with Synapse of February 13, 2020 let it use Synapse's software to interface with Evolve. The federal court recorded that Evolve and Synapse worked together to service Yotta's customers, Evolve's systems processing certain transactions and Synapse others involving funds held with Evolve, and that Yotta and Evolve had no contract with each other. Yotta's disclosures named Evolve and Synapse Brokerage's program banks as providers of its banking services, Evolve as issuer of its debit card and Synapse Credit as the provider of its lending services."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-8e8d53142fb2132114f322b0","record":{"id":"display-claim-8e8d53142fb2132114f322b0","kind":"analysis","text":"As the federal court summarised Yotta's complaint, Evolve suspended interest payments to Yotta in September 2023 and, in reply to its inquiries, said it was addressing contractual issues with Synapse while assuring Yotta that customers would be protected: Hank Word, Evolve's president of open banking, wrote on September 25, 2023, Scot Lenoir on October 3, adding that Yotta could move to another bank, and Evolve's outside counsel on November 2, describing a disagreement that could plausibly be resolved within weeks. The complaint alleges that Evolve suspended customers' access to all funds on May 11, 2024 and later acknowledged a shortfall of tens of millions of dollars. These are the plaintiff's allegations as recited by the court, and the case was dismissed without a ruling on them.","source_ids":["src-068"],"entity_ids":["yotta","evolve","synapse","hank-word","lenoir"],"premise_claim_ids":["c-yt-evolve-assurances"],"qualification":"","response":"","outcome":""},"reading":"Analysis: As the federal court summarised Yotta's complaint, Evolve suspended interest payments to Yotta in September 2023 and, in reply to its inquiries, said it was addressing contractual issues with Synapse while assuring Yotta that customers would be protected: Hank Word, Evolve's president of open banking, wrote on September 25, 2023, Scot Lenoir on October 3, adding that Yotta could move to another bank, and Evolve's outside counsel on November 2, describing a disagreement that could plausibly be resolved within weeks. The complaint alleges that Evolve suspended customers' access to all funds on May 11, 2024 and later acknowledged a shortfall of tens of millions of dollars. These are the plaintiff's allegations as recited by the court, and the case was dismissed without a ruling on them."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-932830c4c8a9b44ed0cf0eff","record":{"id":"display-claim-932830c4c8a9b44ed0cf0eff","kind":"analysis","text":"On its customer status page Yotta said it learned on May 7, 2024 that Lineage Bank had halted ACH processing for all Synapse Brokerage accounts and that Evolve would take it over, and that on the evening of May 11 Evolve said it had never agreed to do so and halted all payment processing it was involved in, leaving the brokerage without an ACH processor and making card transactions fail. Evolve told the bankruptcy court on May 13 that it had been denied access to Synapse's computer systems and forced to freeze end-user accounts. According to FINRA, brokerage customers could not withdraw any money from May 11, after the first deposit bank refused to process payments for the brokerage.","source_ids":["src-051","src-017","src-009"],"entity_ids":["yotta","lineage","evolve","synapse-brokerage"],"premise_claim_ids":["c-yt-ach-halt"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On its customer status page Yotta said it learned on May 7, 2024 that Lineage Bank had halted ACH processing for all Synapse Brokerage accounts and that Evolve would take it over, and that on the evening of May 11 Evolve said it had never agreed to do so and halted all payment processing it was involved in, leaving the brokerage without an ACH processor and making card transactions fail. Evolve told the bankruptcy court on May 13 that it had been denied access to Synapse's computer systems and forced to freeze end-user accounts. According to FINRA, brokerage customers could not withdraw any money from May 11, after the first deposit bank refused to process payments for the brokerage."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9493307ab6e3c4af00bd913b","record":{"id":"display-claim-9493307ab6e3c4af00bd913b","kind":"analysis","text":"Synapse's schedule of May 14, 2024 attributed $111,743,905.77 of the $150.4 million it said Evolve owed depositors to Yotta's end users; Evolve disputes the balances it shows. At the hearing of May 24, 2024 an attorney for Yotta called the ledger discrepancies substantial: according to a press report, Synapse put Yotta funds held at Evolve at $111 million and Evolve put them at $80 million; the figures were later the subject of the banks' reconciliations. Evolve, for its part, told the trustee that a Synapse ledger of April 11, 2024 showed $109 million for Yotta's end users at American Bank, AMG and six program banks and the ledger of May 17 only $1.4 million, with no funds sent to Evolve in between; that is Evolve's reading of Synapse's ledgers. AMG paid $1,289,619 for Yotta's end users by November 12, 2024.","source_ids":["src-034","src-093","src-032","src-065"],"entity_ids":["synapse","evolve","yotta","juno","yieldstreet","american-bank","amg","admc"],"premise_claim_ids":["c-ev-fbo-schedule","c-yt-ledger-gap","c-ev-yotta-ledger-example","c-sf-amg-payouts"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Synapse's schedule of May 14, 2024 attributed $111,743,905.77 of the $150.4 million it said Evolve owed depositors to Yotta's end users; Evolve disputes the balances it shows. At the hearing of May 24, 2024 an attorney for Yotta called the ledger discrepancies substantial: according to a press report, Synapse put Yotta funds held at Evolve at $111 million and Evolve put them at $80 million; the figures were later the subject of the banks' reconciliations. Evolve, for its part, told the trustee that a Synapse ledger of April 11, 2024 showed $109 million for Yotta's end users at American Bank, AMG and six program banks and the ledger of May 17 only $1.4 million, with no funds sent to Evolve in between; that is Evolve's reading of Synapse's ledgers. AMG paid $1,289,619 for Yotta's end users by November 12, 2024."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-4317cb00b046e186fe2e6421","record":{"id":"display-claim-4317cb00b046e186fe2e6421","kind":"analysis","text":"After Evolve's payouts of November 2024, customers reported receiving small fractions of their balances, such as $0.84 on $10,328, in screenshots seen by the trade press. Yotta, which is in litigation with Evolve, said a survey of more than 8,700 users with deposits of over $46.7 million showed Evolve payments of $7.7 million, a 16.5% ratio, while the Synapse trial balance showed Evolve owing about $158 million, and a Yotta spokesperson said Evolve had acknowledged knowing of the shortfall since at least September 2023 without telling Yotta. Evolve declined to comment further and maintains that the shortfall arose from inaccuracies in Synapse's ledger. It let end users choose a payment method until December 4, 2024, after which it would send checks; the trustee's November 2024 report showed 44% of the FBO funds Evolve held distributed.","source_ids":["src-030","src-051","src-065"],"entity_ids":["evolve","yotta","juno","synapse"],"premise_claim_ids":["c-sf-evolve-payout-dispute"],"qualification":"","response":"","outcome":""},"reading":"Analysis: After Evolve's payouts of November 2024, customers reported receiving small fractions of their balances, such as $0.84 on $10,328, in screenshots seen by the trade press. Yotta, which is in litigation with Evolve, said a survey of more than 8,700 users with deposits of over $46.7 million showed Evolve payments of $7.7 million, a 16.5% ratio, while the Synapse trial balance showed Evolve owing about $158 million, and a Yotta spokesperson said Evolve had acknowledged knowing of the shortfall since at least September 2023 without telling Yotta. Evolve declined to comment further and maintains that the shortfall arose from inaccuracies in Synapse's ledger. It let end users choose a payment method until December 4, 2024, after which it would send checks; the trustee's November 2024 report showed 44% of the FBO funds Evolve held distributed."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-e03969084a1bc0f2b5a0e979","record":{"id":"display-claim-e03969084a1bc0f2b5a0e979","kind":"analysis","text":"California's DFPI found that from May 2020 Yotta told about 18,000 California customers that their deposits were safe and FDIC insured and that they could not lose their money, and that around October 11, 2023 it migrated savings accounts to Synapse Brokerage, which did not provide FDIC protection, while account holders kept their Evolve routing and account numbers. It did so, the DFPI found, despite serious internal concerns about Synapse: on the day of the migration chief executive Adam Moelis wrote that he did not trust Sankaet Pathak, and management believed that Synapse constantly lied and overpromised. According to the DFPI, after the bankruptcy filing at least 18,155 California consumers with Yotta accounts lost access to at least $28 million, and those who sought FDIC insurance found that it did not cover their losses. Yotta waived its rights to a hearing and to any appeal and stipulated to a consent order dated May 15, 2026, which provides that the findings are deemed admitted only for a future licence application or for enforcing the order; it must desist and refrain from deceptive acts or practices under the California Consumer Financial Protection Law, including representing that cash deposits in Yotta accounts are protected against all risks, and pay a $1,000,000 penalty.","source_ids":["src-079","src-082"],"entity_ids":["dfpi","yotta","synapse-brokerage","synapse","moelis","pathak","evolve"],"premise_claim_ids":["c-yt-dfpi-findings","c-yt-dfpi-order"],"qualification":"","response":"","outcome":""},"reading":"Analysis: California's DFPI found that from May 2020 Yotta told about 18,000 California customers that their deposits were safe and FDIC insured and that they could not lose their money, and that around October 11, 2023 it migrated savings accounts to Synapse Brokerage, which did not provide FDIC protection, while account holders kept their Evolve routing and account numbers. It did so, the DFPI found, despite serious internal concerns about Synapse: on the day of the migration chief executive Adam Moelis wrote that he did not trust Sankaet Pathak, and management believed that Synapse constantly lied and overpromised. According to the DFPI, after the bankruptcy filing at least 18,155 California consumers with Yotta accounts lost access to at least $28 million, and those who sought FDIC insurance found that it did not cover their losses. Yotta waived its rights to a hearing and to any appeal and stipulated to a consent order dated May 15, 2026, which provides that the findings are deemed admitted only for a future licence application or for enforcing the order; it must desist and refrain from deceptive acts or practices under the California Consumer Financial Protection Law, including representing that cash deposits in Yotta accounts are protected against all risks, and pay a $1,000,000 penalty."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-9b7c0bb9ea0ad42f5ea19604","record":{"id":"display-claim-9b7c0bb9ea0ad42f5ea19604","kind":"analysis","text":"The order was signed for Yotta by Moelis on May 8, 2026 and dated by Commissioner Khalil Mohseni. The penalty is payable as $275,000 within 14 days, $19,565.22 a month for 23 months and $275,000 after 24 months; a missed payment would entitle the Commissioner to impose the full $48,000,000 penalty less any amount paid. Yotta also had to send its California customers with positive balances on May 17, 2024 a notice and their May 2024 account information.","source_ids":["src-082"],"entity_ids":["dfpi","yotta","moelis"],"premise_claim_ids":["c-yt-dfpi-order"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The order was signed for Yotta by Moelis on May 8, 2026 and dated by Commissioner Khalil Mohseni. The penalty is payable as $275,000 within 14 days, $19,565.22 a month for 23 months and $275,000 after 24 months; a missed payment would entitle the Commissioner to impose the full $48,000,000 penalty less any amount paid. Yotta also had to send its California customers with positive balances on May 17, 2024 a notice and their May 2024 account information."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"claims","id":"display-claim-5319f9121a20ea766d4f58c8","record":{"id":"display-claim-5319f9121a20ea766d4f58c8","kind":"analysis","text":"Yotta sued Evolve in federal court in September 2024 alleging fraud and negligence; Evolve argued that it was entitled to the fees it took, and the case was dismissed on February 18, 2026 because Synapse was a necessary party, without a ruling on the merits. Yotta appealed, and the Ninth Circuit's mandate was entered on the district-court docket on October 6, 2026; the appeal's outcome is not visible in the retained docket. In March 2026 Yotta sued Evolve in California state court, alleging, as reported by the trade press, a Ponzi or Ponzi-like scheme and $80 million still owed to its users; no ruling in that case is in the record. The federal court also referred to two cases in the Southern District of New York, one against Yotta and Evolve (No. 24-cv-5535) and one against Yotta (No. 22-cv-8569), whose claims and outcomes are not in the record.","source_ids":["src-061","src-021","src-069","src-062","src-068"],"entity_ids":["yotta","evolve","evolve-bancorp","synapse"],"premise_claim_ids":["c-lt-yotta-federal","c-lt-yotta-appeal","c-lt-yotta-state","c-yt-other-suits"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Yotta sued Evolve in federal court in September 2024 alleging fraud and negligence; Evolve argued that it was entitled to the fees it took, and the case was dismissed on February 18, 2026 because Synapse was a necessary party, without a ruling on the merits. Yotta appealed, and the Ninth Circuit's mandate was entered on the district-court docket on October 6, 2026; the appeal's outcome is not visible in the retained docket. In March 2026 Yotta sued Evolve in California state court, alleging, as reported by the trade press, a Ponzi or Ponzi-like scheme and $80 million still owed to its users; no ruling in that case is in the record. The federal court also referred to two cases in the Southern District of New York, one against Yotta and Evolve (No. 24-cv-5535) and one against Yotta (No. 22-cv-8569), whose claims and outcomes are not in the record."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"synapse","record":{"id":"synapse","name":"Synapse Financial Technologies, Inc.","type":"organization","group":"subject","claim_ids":["c-id-company","c-id-trade-names","c-id-founding","c-id-self-description","c-id-scale-2024","c-id-scale-2018","c-id-washington","c-id-delaware","c-id-tennessee","c-st-subsidiaries","c-st-brokerage-history","c-st-brokerage-ownership","c-st-brokerage-office","c-st-credit-business","c-st-programs","c-st-brokerage-sweep","c-st-money","c-md-bridge","c-md-omnibus-ledgers","c-md-multiple-banks","c-md-msa-2018","c-md-evolve-agreements","c-md-evolve-start","c-md-early-banks","c-md-no-interest-clauses","c-md-four-banks","c-md-american-bank","c-md-amg","c-md-evolve-services","c-md-lineage","c-md-fbo-holders","c-md-cash-program","c-md-tracking-duty","c-md-regulators","c-md-senate-recipients","c-md-trustee-fintechs","c-md-copper-terms","c-md-copper-closure","c-md-dave","c-ev-lenoir-ties","c-ev-exit-accounts","c-ev-agreement-expiry","c-ev-sep2023-synapse","c-ev-breach-notice","c-ev-pathak-letter","c-ev-oct2023-letter","c-ev-sweeps-halt","c-ev-tabapay-fees","c-ev-cfpb-deficit","c-ev-finra-gap","c-ev-dda-bank-1","c-ev-fbo-deficit","c-ev-fbo-schedule","c-ev-settlement","c-ev-settlement-collapse","c-ev-cfpb-sale","c-ev-tabapay-view","c-ev-freeze","c-ev-ledger-irregularities","c-ev-yotta-ledger-example","c-ev-statements","c-ev-ankura","c-ev-blame","c-mer-client","c-mer-departure","c-mer-layoffs","c-mer-overmigration","c-mer-litigation","c-mer-trustee-link","c-sf-on-appointment","c-sf-ledger-system","c-sf-initial-estimate","c-sf-revised-estimate","c-sf-dda-funds","c-sf-fbo-held","c-sf-nov2024-total","c-sf-june2025","c-sf-cfpb-account","c-sf-affected","c-sf-lineage-reserve","c-sf-bank2-minimum","c-sf-lineage-view","c-sf-bank-flows","c-sf-kroll-audit","c-sf-medeiros-warning","c-sf-board-awareness","c-sf-senators","c-sf-fed-letter","c-sf-mongodb","c-sf-evolve-payout-dispute","c-sf-cfpb-redress","c-ch-advisers","c-ch-board-resolution","c-ch-tabapay-apa","c-ch-petition","c-ch-scale","c-ch-ip","c-ch-svb-loan","c-ch-svb-successor","c-ch-triplepoint","c-ch-tpvg","c-ch-secured-2025","c-ch-sale-collapse","c-ch-ust-motion","c-ch-may24","c-ch-trustee-order","c-ch-mismanagement-report","c-ch-hearing-may24","c-ch-former-officers","c-ch-system-access","c-ch-b-riley","c-ch-no-liquidity","c-ch-asset-sale","c-ch-causes-of-action","c-ch-dismissal","c-br-launch","c-br-structure","c-br-synapse-name","c-br-staffing","c-br-parent-functions","c-br-reallocation","c-br-freeze","c-br-pathak-control","c-br-paverman-order","c-br-stanley-order","c-br-dfpi-revocation","c-rg-cfpb-action","c-rg-cfpb-judgment","c-rg-cfpb-harm","c-rg-nh-2020","c-rg-fdic-rule","c-lt-yotta-federal-course","c-lt-yotta-state","c-lt-colorado","c-lt-colorado-positions","c-lt-felton-2024","c-lt-rico","c-lt-landlord","c-lt-employment-suit","c-lt-sdny","c-pp-pathak-ceo","c-pp-keltner-cofounder","c-pp-keltner-role","c-pp-quirk","c-pp-webb","c-pp-marchant","c-pp-series-a","c-pp-series-b","c-pp-board-members","c-pp-series-c","c-pp-pathak-loans","c-pp-guerin","c-pp-rasic","c-pp-medeiros","c-pp-staff-end","c-pp-mcwilliams","c-pf-foundation","c-ev-migration-view","c-yt-synapse-model","c-yt-dfpi-findings","c-yt-evolve-assurances","c-yt-ledger-gap"],"badges":[{"label":"Chapter 11 filing (April 2024); case dismissed November 2025","claim_ids":["c-ch-petition","c-ch-dismissal"],"code":"A1","category":"FINANCIAL_DISTRESS","subject_id":"synapse"},{"label":"End-user funds shortfall of $65-95 million against its ledger (trustee estimate; cause not established)","claim_ids":["c-sf-june2025"],"code":"A2","category":"FINANCIAL_DISTRESS","subject_id":"synapse"},{"label":"CFPB complaint and stipulated judgment (2025): allegations neither admitted nor denied; $1 penalty and industry ban","claim_ids":["c-rg-cfpb-action","c-rg-cfpb-judgment"],"code":"A3","category":"ENFORCEMENT","subject_id":"synapse"},{"label":"New Hampshire consent order on unlicensed money transmission (2020)","claim_ids":["c-rg-nh-2020"],"code":"A4","category":"REGULATORY_ACTION","subject_id":"synapse"},{"label":"Named defendant in a putative RICO class action (2026); no ruling on the merits","claim_ids":["c-lt-rico"],"code":"A5","category":"CIVIL_LITIGATION","subject_id":"synapse"},{"label":"Mercury petition and Synapse counterclaims over withheld revenue (from December 2023)","claim_ids":["c-mer-litigation"],"code":"A6","category":"CIVIL_LITIGATION","subject_id":"synapse"},{"label":"Reported federal grand-jury investigation (2025); no charge in the record","claim_ids":["c-lt-sdny"],"code":"A7","category":"ADVERSE_MEDIA","subject_id":"synapse"},{"label":"Partner banks' and a former employee's accounts of inaccurate ledgers and statements (disputed by Pathak)","claim_ids":["c-ev-ledger-irregularities","c-ev-statements","c-ev-ankura","c-sf-lineage-view","c-sf-lineage-reserve","c-sf-medeiros-warning"],"code":"A8","category":"ADVERSE_MEDIA","subject_id":"synapse"},{"label":"Former employees' discrimination suit reported by the press (around 2019), settled without a finding","claim_ids":["c-lt-employment-suit"],"code":"A9","category":"CIVIL_LITIGATION","subject_id":"synapse"}],"subtype":"company","jurisdiction":"us","aliases":["SynapseFi","Synapse"],"identifiers":[{"scheme":"other","value":"46-5396710","issuer":"U.S. Internal Revenue Service (employer identification number)"},{"scheme":"company_register","value":"6083706","issuer":"Delaware Division of Corporations (file number)"},{"scheme":"company_register","value":"604698641","issuer":"Washington Secretary of State (UBI, foreign registration)"},{"scheme":"company_register","value":"000858713","issuer":"Tennessee Secretary of State (foreign registration)"}],"role":"","period":""},"reading":"Synapse Financial Technologies, Inc. (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"synapse-payments","record":{"id":"synapse-payments","name":"Synapse Payments, LLC","type":"organization","group":"historical","claim_ids":["c-id-founding","c-id-payments-edgar","c-id-payments-formd","c-rg-nh-2020","c-pp-webb","c-pp-marchant"],"subtype":"company","jurisdiction":"us","identifiers":[{"scheme":"other","value":"0001638446","issuer":"U.S. Securities and Exchange Commission (Central Index Key)"}],"role":"","period":""},"reading":"Synapse Payments, LLC (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"synapse-brokerage","record":{"id":"synapse-brokerage","name":"Synapse Brokerage LLC","type":"organization","group":"group_companies","claim_ids":["c-st-subsidiaries","c-st-brokerage-history","c-st-brokerage-2017","c-st-brokerage-ownership","c-st-brokerage-office","c-st-programs","c-st-brokerage-sweep","c-md-american-bank","c-md-amg","c-md-evolve-services","c-md-lineage","c-md-fbo-holders","c-md-cash-program","c-md-tracking-duty","c-md-regulators","c-md-no-fdic","c-ev-agreement-expiry","c-ev-sweeps-halt","c-ev-ledger-irregularities","c-ev-statements","c-ev-ankura","c-sf-ledger-system","c-sf-fbo-held","c-ch-tabapay-apa","c-ch-trustee-order","c-br-launch","c-br-structure","c-br-synapse-name","c-br-staffing","c-br-parent-functions","c-br-opt-out","c-br-reallocation","c-br-freeze","c-br-stanley","c-br-paverman","c-br-pathak-control","c-br-finra-complaint","c-br-paverman-order","c-br-stanley-order","c-br-expulsion","c-br-dfpi-accusation","c-br-dfpi-revocation","c-lt-colorado-positions","c-lt-felton-2024","c-lt-rico","c-ev-migration-view","c-yt-synapse-model","c-yt-dfpi-findings","c-yt-ach-halt"],"badges":[{"label":"Named defendant in a putative RICO class action (2026); no ruling on the merits","claim_ids":["c-lt-rico"],"code":"A5","category":"CIVIL_LITIGATION","subject_id":"synapse-brokerage"},{"label":"FINRA suspension (March 2025) and expulsion (June 2025)","claim_ids":["c-br-expulsion"],"code":"A10","category":"REGULATORY_ACTION","subject_id":"synapse-brokerage"},{"label":"DFPI accusation (2024) and revocation of broker-dealer certificate (2025)","claim_ids":["c-br-dfpi-accusation","c-br-dfpi-revocation"],"code":"A11","category":"REGULATORY_ACTION","subject_id":"synapse-brokerage"}],"subtype":"company","jurisdiction":"us","aliases":["MVP Global Trading, LLC","MVP Financial, LLC"],"identifiers":[{"scheme":"other","value":"137662","issuer":"FINRA Central Registration Depository (firm CRD number)"},{"scheme":"other","value":"8-67105","issuer":"U.S. Securities and Exchange Commission (broker-dealer file number)"}],"same_as":["https://files.brokercheck.finra.org/firm/firm_137662.pdf"],"role":"","period":""},"reading":"Synapse Brokerage LLC (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"synapse-credit","record":{"id":"synapse-credit","name":"Synapse Credit LLC","type":"organization","group":"group_companies","claim_ids":["c-st-subsidiaries","c-st-credit-identity","c-st-credit-business","c-st-programs","c-st-money","c-ch-tabapay-apa","c-ch-svb-loan","c-ch-trustee-order","c-br-credit-revocation","c-rg-ct-2022","c-pp-rasic","c-yt-synapse-model"],"badges":[{"label":"DFPI revocation of California lending licence (2024)","claim_ids":["c-br-credit-revocation"],"code":"A12","category":"REGULATORY_ACTION","subject_id":"synapse-credit"},{"label":"Connecticut notice of intent to refuse small loan licence renewal (2022)","claim_ids":["c-rg-ct-2022"],"code":"A13","category":"REGULATORY_ACTION","subject_id":"synapse-credit"}],"subtype":"company","jurisdiction":"us","identifiers":[{"scheme":"other","value":"1971454","issuer":"Nationwide Multistate Licensing System (NMLS ID)"},{"scheme":"company_register","value":"604595480","issuer":"Washington Secretary of State (UBI, foreign registration)"},{"scheme":"other","value":"60DBO-113301","issuer":"California Department of Financial Protection and Innovation (financing law licence)"}],"role":"","period":""},"reading":"Synapse Credit LLC (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"synapse-money","record":{"id":"synapse-money","name":"Synapse Money LLC","type":"organization","group":"other","claim_ids":["c-st-money"],"subtype":"company","jurisdiction":"us","identifiers":[{"scheme":"company_register","value":"604516460","issuer":"Washington Secretary of State (UBI, foreign registration)"}],"role":"","period":""},"reading":"Synapse Money LLC (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"pathak","record":{"id":"pathak","name":"Sankaet Pathak","type":"person","group":"leadership","claim_ids":["c-id-founding","c-id-payments-formd","c-id-washington","c-st-brokerage-ownership","c-st-credit-identity","c-md-msa-2018","c-md-no-interest-clauses","c-md-senate-recipients","c-ev-lenoir-ties","c-ev-exit-accounts","c-ev-sep2023-synapse","c-ev-pathak-letter","c-ev-sweeps-halt","c-ev-tabapay-fees","c-ev-fbo-deficit","c-ev-blame","c-mer-client","c-mer-trustee-link","c-sf-lineage-reserve","c-sf-board-awareness","c-sf-senators","c-ch-board-resolution","c-ch-petition","c-ch-former-officers","c-ch-asset-sale","c-br-pathak-control","c-rg-nh-2020","c-lt-rico","c-lt-landlord","c-lt-employment-suit","c-lt-sdny","c-pp-pathak-ceo","c-pp-keltner-cofounder","c-pp-keltner-role","c-pp-board-members","c-pp-series-c","c-pp-pathak-loans","c-pf-foundation","c-pf-foundation-gm","c-yt-dfpi-findings"],"badges":[{"label":"Named defendant in a putative RICO class action (2026); no ruling on the merits","claim_ids":["c-lt-rico"],"code":"A5","category":"CIVIL_LITIGATION","subject_id":"pathak"},{"label":"Former employees' discrimination suit reported by the press (around 2019), settled without a finding","claim_ids":["c-lt-employment-suit"],"code":"A9","category":"CIVIL_LITIGATION","subject_id":"pathak"}],"subtype":"person","role":"","period":""},"reading":"Sankaet Pathak (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"keltner","record":{"id":"keltner","name":"Bryan Keltner","type":"person","group":"leadership","claim_ids":["c-id-payments-formd","c-lt-landlord","c-pp-keltner-cofounder","c-pp-keltner-role","c-pp-keltner-evolve"],"subtype":"person","role":"","period":""},"reading":"Bryan Keltner (person)"}
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{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"stafford","record":{"id":"stafford","name":"Scott Stafford","type":"person","group":"other","claim_ids":["c-sf-senators","c-pf-evolve-management"],"subtype":"person","aliases":["W. Scott Stafford"],"role":"","period":""},"reading":"Scott Stafford (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"hank-word","record":{"id":"hank-word","name":"Hank Word","type":"person","group":"other","claim_ids":["c-yt-evolve-assurances"],"subtype":"person","role":"","period":""},"reading":"Hank Word (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"moelis","record":{"id":"moelis","name":"Adam Moelis","type":"person","group":"other","claim_ids":["c-yt-identity","c-yt-dfpi-findings","c-yt-dfpi-order"],"subtype":"person","role":"","period":""},"reading":"Adam Moelis (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"ben-doyle","record":{"id":"ben-doyle","name":"Ben Doyle","type":"person","group":"other","claim_ids":["c-yt-identity"],"subtype":"person","role":"","period":""},"reading":"Ben Doyle (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"akhund","record":{"id":"akhund","name":"Immad Akhund","type":"person","group":"other","claim_ids":["c-mer-dfpi-2022"],"subtype":"person","role":"","period":""},"reading":"Immad Akhund (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"foundation","record":{"id":"foundation","name":"Foundation Robotics Labs","type":"organization","group":"projects","claim_ids":["c-pf-foundation","c-pf-foundation-gm"],"badges":[{"label":"Reported exaggerated General Motors claims in a 2024 fundraising pitch (GM: fabricated; co-founder confirmed)","claim_ids":["c-pf-foundation-gm"],"code":"A24","category":"ADVERSE_MEDIA","subject_id":"foundation"}],"subtype":"company","jurisdiction":"us","aliases":["Foundation","Foundation Future"],"role":"","period":""},"reading":"Foundation Robotics Labs (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"sethi","record":{"id":"sethi","name":"Arjun Sethi","type":"person","group":"other","claim_ids":["c-pf-foundation","c-pf-foundation-gm"],"subtype":"person","role":"","period":""},"reading":"Arjun Sethi (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"leblanc","record":{"id":"leblanc","name":"Mike LeBlanc","type":"person","group":"other","claim_ids":["c-pf-foundation","c-pf-foundation-gm"],"subtype":"person","role":"","period":""},"reading":"Mike LeBlanc (person)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"cfpb","record":{"id":"cfpb","name":"Consumer Financial Protection Bureau","type":"organization","group":"other","claim_ids":["c-sf-cfpb-redress","c-rg-cfpb-action","c-rg-cfpb-judgment","c-rg-cfpb-harm"],"subtype":"other","jurisdiction":"us","role":"","period":""},"reading":"Consumer Financial Protection Bureau (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"finra","record":{"id":"finra","name":"Financial Industry Regulatory Authority","type":"organization","group":"other","claim_ids":["c-md-regulators","c-br-finra-complaint","c-br-paverman-order","c-br-stanley-order","c-br-expulsion"],"subtype":"other","jurisdiction":"us","aliases":["FINRA"],"role":"","period":""},"reading":"Financial Industry Regulatory Authority (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"dfpi","record":{"id":"dfpi","name":"California Department of Financial Protection and Innovation","type":"organization","group":"other","claim_ids":["c-mer-dfpi-2022","c-br-pathak-control","c-br-dfpi-accusation","c-br-dfpi-revocation","c-br-credit-revocation","c-yt-dfpi-findings","c-yt-dfpi-order"],"subtype":"other","jurisdiction":"us","aliases":["DFPI"],"role":"","period":""},"reading":"California Department of Financial Protection and Innovation (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"fdic","record":{"id":"fdic","name":"Federal Deposit Insurance Corporation","type":"organization","group":"other","claim_ids":["c-md-regulators","c-rg-fdic-lineage","c-rg-fdic-rule","c-pp-mcwilliams"],"subtype":"other","jurisdiction":"us","aliases":["FDIC"],"role":"","period":""},"reading":"Federal Deposit Insurance Corporation (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"federal-reserve","record":{"id":"federal-reserve","name":"Board of Governors of the Federal Reserve System","type":"organization","group":"other","claim_ids":["c-md-regulators","c-sf-fed-letter","c-rg-fed-evolve","c-pf-evolve-ownership","c-pf-evolve-financials"],"subtype":"other","jurisdiction":"us","aliases":["Federal Reserve Board","Federal Reserve"],"role":"","period":""},"reading":"Board of Governors of the Federal Reserve System (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"nh-banking","record":{"id":"nh-banking","name":"New Hampshire Banking Department","type":"organization","group":"other","claim_ids":["c-rg-nh-2020"],"subtype":"other","jurisdiction":"us","role":"","period":""},"reading":"New Hampshire Banking Department (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"entities","id":"ct-banking","record":{"id":"ct-banking","name":"Connecticut Department of Banking","type":"organization","group":"other","claim_ids":["c-rg-ct-2022"],"subtype":"other","jurisdiction":"us","role":"","period":""},"reading":"Connecticut Department of Banking (organization)"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-syn-brokerage","record":{"id":"r-syn-brokerage","from":"synapse","to":"synapse-brokerage","status":"documented","role":"Parent company (sole owner)","period":"Acquired July 2020 (75% or more from June 2020 per Form BD); described as a wholly owned subsidiary in April 2024","claim_ids":["c-st-subsidiaries","c-st-brokerage-history","c-st-brokerage-ownership","c-st-brokerage-office","c-st-programs","c-st-brokerage-sweep","c-ch-tabapay-apa","c-br-parent-functions","c-br-staffing","c-sf-ledger-system","c-br-structure","c-br-synapse-name","c-br-reallocation"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"synapse → synapse-brokerage: Parent company (sole owner) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-syn-credit","record":{"id":"r-syn-credit","from":"synapse","to":"synapse-credit","status":"documented","role":"Parent company (sole owner)","period":"Established around 2019; described as a wholly owned subsidiary in April 2024","claim_ids":["c-st-subsidiaries","c-st-credit-business","c-st-programs","c-ch-tabapay-apa"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"synapse → synapse-credit: Parent company (sole owner) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-syn-payments","record":{"id":"r-syn-payments","from":"synapse","to":"synapse-payments","status":"documented","role":"Successor company (Synapse Payments, LLC renamed on conversion to a corporation)","period":"2014 – 2016","claim_ids":["c-id-founding","c-rg-nh-2020"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"synapse → synapse-payments: Successor company (Synapse Payments, LLC renamed on conversion to a corporation) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-syn-money-address","record":{"id":"r-syn-money-address","from":"synapse","to":"synapse-money","status":"documented","role":"Same registered address (101 2nd St, Suite 1500, San Francisco)","period":"Washington records of 2019 – 2021","claim_ids":["c-st-money"],"kind":"other","direction":"undirected","role_group":"associations","temporal_status":"historical"},"reading":"synapse → synapse-money: Same registered address (101 2nd St, Suite 1500, San Francisco) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-money-credit-address","record":{"id":"r-money-credit-address","from":"synapse-money","to":"synapse-credit","status":"documented","role":"Same registered address (101 2nd St, Suite 1500, San Francisco)","period":"Washington records of 2019 – 2021","claim_ids":["c-st-money"],"kind":"other","direction":"undirected","role_group":"associations","temporal_status":"historical"},"reading":"synapse-money → synapse-credit: Same registered address (101 2nd St, Suite 1500, San Francisco) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-syn-ceo","record":{"id":"r-pathak-syn-ceo","from":"pathak","to":"synapse","status":"documented","role":"Founder and chief executive officer","period":"2014 – May 2024 (recorded as chief executive in June and December 2019)","claim_ids":["c-pp-pathak-ceo","c-id-founding","c-id-washington","c-md-msa-2018","c-ch-petition","c-ch-former-officers","c-st-brokerage-ownership","c-br-pathak-control","c-rg-nh-2020","c-sf-senators","c-md-senate-recipients"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"pathak → synapse: Founder and chief executive officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-syn-owner","record":{"id":"r-pathak-syn-owner","from":"pathak","to":"synapse","status":"documented","role":"Shareholder (25% to less than 50%, as an indirect owner of Synapse Brokerage through Synapse)","period":"Form BD schedule; relationship dated December 2019","claim_ids":["c-st-brokerage-ownership"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"pathak → synapse: Shareholder (25% to less than 50%, as an indirect owner of Synapse Brokerage through Synapse) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-syn-board","record":{"id":"r-pathak-syn-board","from":"pathak","to":"synapse","status":"documented","role":"Director","period":"As of the April 10–11, 2024 board resolution","claim_ids":["c-ch-board-resolution","c-pp-board-members","c-pp-pathak-loans"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"pathak → synapse: Director [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-syn-pathak-loans","record":{"id":"r-syn-pathak-loans","from":"synapse","to":"pathak","status":"reported","role":"Lender of two loans to Pathak totalling $320,000","period":"Late 2023 and early 2024","claim_ids":["c-pp-pathak-loans"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"synapse → pathak: Lender of two loans to Pathak totalling $320,000 [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-brokerage","record":{"id":"r-pathak-brokerage","from":"pathak","to":"synapse-brokerage","status":"documented","role":"Control person (also its indirect owner through Synapse)","period":"From June 2020","claim_ids":["c-br-pathak-control","c-st-brokerage-ownership"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"pathak → synapse-brokerage: Control person (also its indirect owner through Synapse) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-credit","record":{"id":"r-pathak-credit","from":"pathak","to":"synapse-credit","status":"documented","role":"Officer","period":"Washington registration of 2020 – 2024","claim_ids":["c-st-credit-identity"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"pathak → synapse-credit: Officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-payments","record":{"id":"r-pathak-payments","from":"pathak","to":"synapse-payments","status":"documented","role":"President and member of the member-managed LLC","period":"Form D of April 1, 2015","claim_ids":["c-id-payments-formd","c-id-founding"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"pathak → synapse-payments: President and member of the member-managed LLC [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-keltner-syn","record":{"id":"r-keltner-syn","from":"keltner","to":"synapse","status":"reported","role":"Co-founder; led compliance and sat on the board in the early years","period":"From 2014 until late 2017 or early 2018","claim_ids":["c-pp-keltner-cofounder","c-pp-keltner-role","c-lt-landlord"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"keltner → synapse: Co-founder; led compliance and sat on the board in the early years [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-keltner-syn-contractor","record":{"id":"r-keltner-syn-contractor","from":"keltner","to":"synapse","status":"reported","role":"Contractor","period":"November 2018 – July 2021 and January – April 2023","claim_ids":["c-pp-keltner-role"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"keltner → synapse: Contractor [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-keltner-payments","record":{"id":"r-keltner-payments","from":"keltner","to":"synapse-payments","status":"documented","role":"Director and member of the member-managed LLC","period":"Form D of April 1, 2015","claim_ids":["c-id-payments-formd"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"keltner → synapse-payments: Director and member of the member-managed LLC [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-webb-payments","record":{"id":"r-webb-payments","from":"webb","to":"synapse-payments","status":"documented","role":"Director and member of the member-managed LLC","period":"Form D of April 1, 2015","claim_ids":["c-id-payments-formd","c-pp-webb"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"webb → synapse-payments: Director and member of the member-managed LLC [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-webb-syn","record":{"id":"r-webb-syn","from":"webb","to":"synapse","status":"reported","role":"Initial investor (with Doug Marchant, $700,000 in total)","period":"2015 offering","claim_ids":["c-pp-webb","c-md-early-banks"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"webb → synapse: Initial investor (with Doug Marchant, $700,000 in total) [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-marchant-payments","record":{"id":"r-marchant-payments","from":"marchant","to":"synapse-payments","status":"documented","role":"Director and member of the member-managed LLC","period":"Form D of April 1, 2015","claim_ids":["c-id-payments-formd","c-pp-marchant"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"marchant → synapse-payments: Director and member of the member-managed LLC [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-marchant-syn-board","record":{"id":"r-marchant-syn-board","from":"marchant","to":"synapse","status":"documented","role":"Director","period":"As of the April 10–11, 2024 board resolution","claim_ids":["c-ch-board-resolution","c-pp-board-members","c-pp-marchant","c-pp-pathak-loans"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"marchant → synapse: Director [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-marchant-syn-investor","record":{"id":"r-marchant-syn-investor","from":"marchant","to":"synapse","status":"reported","role":"Seed investor","period":"2015 offering","claim_ids":["c-pp-marchant","c-md-early-banks"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"marchant → synapse: Seed investor [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-quirk-syn","record":{"id":"r-quirk-syn","from":"quirk","to":"synapse","status":"documented","role":"Head of operations, later titled co-founder","period":"October 2014 – August 2022","claim_ids":["c-pp-quirk","c-pp-keltner-role"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"quirk → synapse: Head of operations, later titled co-founder [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-quirk-syn-board","record":{"id":"r-quirk-syn-board","from":"quirk","to":"synapse","status":"documented","role":"Director","period":"Joined before the Series A (reported); on the board at the April 10–11, 2024 resolution","claim_ids":["c-ch-board-resolution","c-pp-board-members","c-pp-quirk","c-pp-pathak-loans","c-pp-keltner-role"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"quirk → synapse: Director [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-strange-syn","record":{"id":"r-strange-syn","from":"strange","to":"synapse","status":"documented","role":"Director (Andreessen Horowitz)","period":"Joined with the June 2019 Series B","claim_ids":["c-pp-series-b","c-pp-board-members","c-sf-board-awareness"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"strange → synapse: Director (Andreessen Horowitz) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-satyavolu-syn","record":{"id":"r-satyavolu-syn","from":"satyavolu","to":"synapse","status":"documented","role":"Director (Trinity Ventures)","period":"Joined with the September 2018 Series A","claim_ids":["c-pp-series-a","c-pp-board-members","c-sf-board-awareness"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"satyavolu → synapse: Director (Trinity Ventures) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-schutte-syn","record":{"id":"r-schutte-syn","from":"schutte","to":"synapse","status":"documented","role":"Director (Core Innovation Capital)","period":"Joined with the September 2018 Series A","claim_ids":["c-pp-series-a","c-pp-board-members","c-sf-board-awareness"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"schutte → synapse: Director (Core Innovation Capital) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-strange-a16z","record":{"id":"r-strange-a16z","from":"strange","to":"a16z","status":"documented","role":"General partner (earlier partner)","period":"Partner from November 2014; general partner since 2018","claim_ids":["c-pp-series-b","c-pp-investor-affiliations","c-sf-board-awareness"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"strange → a16z: General partner (earlier partner) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-satyavolu-trinity","record":{"id":"r-satyavolu-trinity","from":"satyavolu","to":"trinity","status":"documented","role":"Venture partner","period":"As of the Series A and his current profile","claim_ids":["c-pp-series-a","c-pp-investor-affiliations","c-sf-board-awareness"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"satyavolu → trinity: Venture partner [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-schutte-core","record":{"id":"r-schutte-core","from":"schutte","to":"core","status":"documented","role":"Founder and managing partner (managing member of the general partner of Core Innovation Capital III, L.P.)","period":"As of the Series A and his current profile","claim_ids":["c-pp-series-a","c-pp-investor-affiliations","c-sf-board-awareness"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"schutte → core: Founder and managing partner (managing member of the general partner of Core Innovation Capital III, L.P.) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-a16z-syn","record":{"id":"r-a16z-syn","from":"a16z","to":"synapse","status":"documented","role":"Lead investor, Series B","period":"June 2019","claim_ids":["c-pp-series-b","c-pp-series-c","c-sf-board-awareness","c-md-senate-recipients"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"a16z → synapse: Lead investor, Series B [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-trinity-syn","record":{"id":"r-trinity-syn","from":"trinity","to":"synapse","status":"documented","role":"Co-lead investor, Series A; investor in the Series B","period":"From September 2018","claim_ids":["c-pp-series-a","c-pp-series-b","c-pp-series-c","c-sf-board-awareness","c-md-senate-recipients"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"trinity → synapse: Co-lead investor, Series A; investor in the Series B [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-core-syn","record":{"id":"r-core-syn","from":"core","to":"synapse","status":"documented","role":"Co-lead investor, Series A; investor in the Series B","period":"From September 2018","claim_ids":["c-pp-series-a","c-pp-series-b","c-pp-series-c","c-sf-board-awareness","c-md-senate-recipients"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"core → synapse: Co-lead investor, Series A; investor in the Series B [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-rasic-syn","record":{"id":"r-rasic-syn","from":"rasic","to":"synapse","status":"documented","role":"Officer; chief financial officer","period":"Washington records; chief financial officer in early 2023","claim_ids":["c-pp-rasic","c-id-washington","c-pp-keltner-role"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"rasic → synapse: Officer; chief financial officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-rasic-credit","record":{"id":"r-rasic-credit","from":"rasic","to":"synapse-credit","status":"documented","role":"Officer; chief financial officer and chief business officer","period":"Washington records; Connecticut notice of September 2022","claim_ids":["c-pp-rasic","c-st-credit-identity","c-rg-ct-2022"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"rasic → synapse-credit: Officer; chief financial officer and chief business officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-guerin-syn","record":{"id":"r-guerin-syn","from":"guerin","to":"synapse","status":"documented","role":"General counsel (earlier associate general counsel)","period":"Associate general counsel from June 14, 2018; general counsel June 2022 – May 2024","claim_ids":["c-pp-guerin","c-ch-former-officers","c-md-no-interest-clauses"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"guerin → synapse: General counsel (earlier associate general counsel) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-wismer-syn","record":{"id":"r-wismer-syn","from":"wismer","to":"synapse","status":"documented","role":"Part-time chief financial officer services (independent contractor, Ascent CFO Solutions)","period":"Before the trustee appointment","claim_ids":["c-ch-former-officers"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"wismer → synapse: Part-time chief financial officer services (independent contractor, Ascent CFO Solutions) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-doan-syn","record":{"id":"r-doan-syn","from":"doan","to":"synapse","status":"documented","role":"Chief human resources officer","period":"Before the trustee appointment","claim_ids":["c-ch-former-officers"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"doan → synapse: Chief human resources officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-medeiros-syn","record":{"id":"r-medeiros-syn","from":"medeiros","to":"synapse","status":"reported","role":"Corporate controller; senior director in the finance department","period":"Including 2023","claim_ids":["c-pp-medeiros","c-sf-medeiros-warning","c-lt-sdny"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"medeiros → synapse: Corporate controller; senior director in the finance department [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-stanley-brokerage","record":{"id":"r-stanley-brokerage","from":"stanley","to":"synapse-brokerage","status":"documented","role":"General securities principal; chief executive and president (functionally chief executive before December 2023)","period":"February 2023 – June 2024","claim_ids":["c-br-stanley","c-br-launch","c-br-staffing","c-br-opt-out","c-br-freeze","c-br-finra-complaint","c-br-stanley-order"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"stanley → synapse-brokerage: General securities principal; chief executive and president (functionally chief executive before December 2023) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-stanley-syn","record":{"id":"r-stanley-syn","from":"stanley","to":"synapse","status":"documented","role":"Employee","period":"January 2023 – May 2024","claim_ids":["c-br-staffing"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"stanley → synapse: Employee [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-paverman-brokerage","record":{"id":"r-paverman-brokerage","from":"paverman","to":"synapse-brokerage","status":"documented","role":"President and chief executive on the firm's records, then chief compliance officer (outside part-time consultant)","period":"January 2021 – January 2025 (chief compliance officer from December 2023)","claim_ids":["c-br-paverman","c-br-staffing","c-br-finra-complaint","c-br-paverman-order"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"paverman → synapse-brokerage: President and chief executive on the firm's records, then chief compliance officer (outside part-time consultant) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-foundation","record":{"id":"r-pathak-foundation","from":"pathak","to":"foundation","status":"documented","role":"Co-founder and chief executive (president in the Florida registration)","period":"From April 2024","claim_ids":["c-pf-foundation","c-pf-foundation-gm"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"pathak → foundation: Co-founder and chief executive (president in the Florida registration) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-sethi-foundation","record":{"id":"r-sethi-foundation","from":"sethi","to":"foundation","status":"documented","role":"Co-founder","period":"From April 2024","claim_ids":["c-pf-foundation","c-pf-foundation-gm"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"sethi → foundation: Co-founder [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-leblanc-foundation","record":{"id":"r-leblanc-foundation","from":"leblanc","to":"foundation","status":"documented","role":"Co-founder","period":"From April 2024","claim_ids":["c-pf-foundation","c-pf-foundation-gm"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"leblanc → foundation: Co-founder [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-evolve-syn","record":{"id":"r-evolve-syn","from":"evolve","to":"synapse","status":"documented","role":"Partner bank: program deposit accounts and FBO accounts, debit cards and payment processing","period":"Bank Services Agreement of April 18, 2017; Master Bank Services Agreement of September 23, 2022; expired September 2023, wound down until May 2024","claim_ids":["c-md-msa-2018","c-md-evolve-agreements","c-md-evolve-start","c-md-no-interest-clauses","c-md-four-banks","c-md-evolve-services","c-md-fbo-holders","c-md-cash-program","c-md-tracking-duty","c-md-senate-recipients","c-md-copper-terms","c-md-dave","c-ev-lenoir-ties","c-ev-exit-accounts","c-ev-agreement-expiry","c-ev-oct2023-letter","c-ev-dda-bank-1","c-sf-dda-funds","c-sf-nov2024-total","c-rg-cfpb-action","c-yt-synapse-model","c-ch-triplepoint"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"evolve → synapse: Partner bank: program deposit accounts and FBO accounts, debit cards and payment processing [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-syn-evolve-dispute","record":{"id":"r-syn-evolve-dispute","from":"synapse","to":"evolve","status":"documented","role":"Opposing party in the dispute over FBO funds, fees and reserves, the failed settlement and the bankruptcy motions","period":"From September 2023 (including Evolve's bankruptcy-court motion of May 13, 2024)","claim_ids":["c-ev-sep2023-synapse","c-ev-breach-notice","c-ev-pathak-letter","c-ev-sweeps-halt","c-ev-tabapay-fees","c-ev-cfpb-deficit","c-ev-fbo-deficit","c-ev-fbo-schedule","c-ev-settlement","c-ev-settlement-collapse","c-ev-cfpb-sale","c-ev-tabapay-view","c-ev-freeze","c-ev-ledger-irregularities","c-ev-yotta-ledger-example","c-ev-statements","c-ev-ankura","c-ev-blame","c-ev-migration-view","c-mer-overmigration","c-ch-sale-collapse"],"kind":"legal","direction":"bidirectional","role_group":"legal","temporal_status":"unknown"},"reading":"synapse → evolve: Opposing party in the dispute over FBO funds, fees and reserves, the failed settlement and the bankruptcy motions [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-evolve-brokerage","record":{"id":"r-evolve-brokerage","from":"evolve","to":"synapse-brokerage","status":"documented","role":"Payment processing for Synapse Brokerage; bank from which program funds were swept into the brokerage program","period":"From the autumn of 2023 to May 2024","claim_ids":["c-md-evolve-services","c-md-fbo-holders","c-ev-agreement-expiry","c-ev-ledger-irregularities","c-ev-statements","c-ev-migration-view","c-md-no-fdic"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"evolve → synapse-brokerage: Payment processing for Synapse Brokerage; bank from which program funds were swept into the brokerage program [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-amg-syn","record":{"id":"r-amg-syn","from":"amg","to":"synapse","status":"documented","role":"Program bank holding FBO accounts for Synapse Brokerage and its end users; ACH and wire processing from February 2024","period":"August 2023 – May 2024","claim_ids":["c-md-four-banks","c-md-amg","c-md-fbo-holders","c-md-cash-program","c-md-tracking-duty","c-md-senate-recipients","c-sf-fbo-held","c-sf-nov2024-total","c-ev-migration-view","c-lt-colorado-positions"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"amg → synapse: Program bank holding FBO accounts for Synapse Brokerage and its end users; ACH and wire processing from February 2024 [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-amg-brokerage","record":{"id":"r-amg-brokerage","from":"amg","to":"synapse-brokerage","status":"documented","role":"Omnibus and sweep bank of the cash management program (accounts in the brokerage's name)","period":"From August 2023","claim_ids":["c-md-amg","c-md-fbo-holders","c-md-cash-program","c-sf-fbo-held","c-lt-colorado-positions","c-ev-sweeps-halt"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"amg → synapse-brokerage: Omnibus and sweep bank of the cash management program (accounts in the brokerage's name) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-lineage-syn","record":{"id":"r-lineage-syn","from":"lineage","to":"synapse","status":"documented","role":"Partner bank: ACH and wire processing under a master services agreement, FBO and reserve accounts","period":"2022 contract; master services agreement terminated in March 2024","claim_ids":["c-md-no-interest-clauses","c-md-four-banks","c-md-lineage","c-md-fbo-holders","c-md-tracking-duty","c-md-senate-recipients","c-sf-lineage-reserve","c-sf-lineage-view","c-sf-fbo-held","c-sf-nov2024-total","c-ev-freeze","c-ev-migration-view"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"lineage → synapse: Partner bank: ACH and wire processing under a master services agreement, FBO and reserve accounts [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-lineage-brokerage","record":{"id":"r-lineage-brokerage","from":"lineage","to":"synapse-brokerage","status":"documented","role":"ACH processing for Synapse Brokerage accounts","period":"Until May 7, 2024","claim_ids":["c-yt-ach-halt","c-md-fbo-holders"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"lineage → synapse-brokerage: ACH processing for Synapse Brokerage accounts [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-american-syn","record":{"id":"r-american-syn","from":"american-bank","to":"synapse","status":"documented","role":"Partner bank (2021 contract); held sweep deposits and issued debit cards for five fintech partners","period":"2021 – May 2024","claim_ids":["c-md-no-interest-clauses","c-md-four-banks","c-md-american-bank","c-md-senate-recipients","c-sf-fbo-held","c-sf-nov2024-total","c-ev-migration-view"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"american-bank → synapse: Partner bank (2021 contract); held sweep deposits and issued debit cards for five fintech partners [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-american-brokerage","record":{"id":"r-american-brokerage","from":"american-bank","to":"synapse-brokerage","status":"documented","role":"Holder of brokered sweep deposits from Synapse Brokerage","period":"Before May 2024","claim_ids":["c-md-american-bank"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"american-bank → synapse-brokerage: Holder of brokered sweep deposits from Synapse Brokerage [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-admc-brokerage","record":{"id":"r-admc-brokerage","from":"admc","to":"synapse-brokerage","status":"documented","role":"Sweep-network operator for the brokerage's program banks","period":"From 2023","claim_ids":["c-st-brokerage-sweep"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"admc → synapse-brokerage: Sweep-network operator for the brokerage's program banks [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-independent-syn","record":{"id":"r-independent-syn","from":"independent-bank","to":"synapse","status":"documented","role":"Early partner bank; holder of a Synapse deposit account under a control agreement for TriplePoint","period":"From Synapse's first years; account control agreement of 2022","claim_ids":["c-md-early-banks","c-ch-triplepoint"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"unknown"},"reading":"independent-bank → synapse: Early partner bank; holder of a Synapse deposit account under a control agreement for TriplePoint [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-triumph-syn","record":{"id":"r-triumph-syn","from":"triumph-bank","to":"synapse","status":"reported","role":"One of Synapse's first two partner banks","period":"Synapse's first years","claim_ids":["c-md-early-banks"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"triumph-bank → synapse: One of Synapse's first two partner banks [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-svb-syn","record":{"id":"r-svb-syn","from":"svb","to":"synapse","status":"documented","role":"Senior secured lender (co-borrower Synapse Credit)","period":"Loan and Security Agreement of February 19, 2021","claim_ids":["c-ch-svb-loan","c-ch-triplepoint"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"svb → synapse: Senior secured lender (co-borrower Synapse Credit) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-svb-credit","record":{"id":"r-svb-credit","from":"svb","to":"synapse-credit","status":"documented","role":"Lender (Synapse Credit was a co-borrower)","period":"Loan and Security Agreement of February 19, 2021","claim_ids":["c-ch-svb-loan"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"svb → synapse-credit: Lender (Synapse Credit was a co-borrower) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-firstcitizens-svb","record":{"id":"r-firstcitizens-svb","from":"first-citizens","to":"svb","status":"documented","role":"Acquirer of Silicon Valley Bank after its receivership","period":"2023","claim_ids":["c-ch-svb-successor"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"first-citizens → svb: Acquirer of Silicon Valley Bank after its receivership [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-firstcitizens-syn","record":{"id":"r-firstcitizens-syn","from":"first-citizens","to":"synapse","status":"documented","role":"Senior secured lender as successor to SVB; holder of Synapse's primary operating accounts","period":"Successor to the SVB loan of February 19, 2021; creditor in 2024; about $1.5 million owed in June 2025","claim_ids":["c-ch-svb-successor","c-ch-secured-2025"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"first-citizens → synapse: Senior secured lender as successor to SVB; holder of Synapse's primary operating accounts [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-triplepoint-syn","record":{"id":"r-triplepoint-syn","from":"triplepoint","to":"synapse","status":"documented","role":"Collateral agent and secured lender","period":"Growth capital loan of July 29, 2022 (about $7.2 million owed in June 2025)","claim_ids":["c-ch-triplepoint","c-ch-secured-2025"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"triplepoint → synapse: Collateral agent and secured lender [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-tpvg-syn","record":{"id":"r-tpvg-syn","from":"tpvg","to":"synapse","status":"documented","role":"Lender under a growth capital loan","period":"Acquired July 29, 2022; maturing July 31, 2025","claim_ids":["c-ch-tpvg"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"tpvg → synapse: Lender under a growth capital loan [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-tpvg-syn-warrant","record":{"id":"r-tpvg-syn-warrant","from":"tpvg","to":"synapse","status":"documented","role":"Warrant holder (3,913 non-voting shares)","period":"From July 29, 2022","claim_ids":["c-ch-tpvg"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"tpvg → synapse: Warrant holder (3,913 non-voting shares) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-tabapay-syn","record":{"id":"r-tabapay-syn","from":"tabapay","to":"synapse","status":"documented","role":"Buyer of substantially all assets under an asset purchase agreement (sale halted)","period":"April 19, 2024 – May 9, 2024","claim_ids":["c-ch-tabapay-apa","c-ev-settlement","c-ch-sale-collapse","c-ch-system-access","c-ev-settlement-collapse","c-ev-tabapay-view"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"tabapay → synapse: Buyer of substantially all assets under an asset purchase agreement (sale halted) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-tabapay-creditor","record":{"id":"r-tabapay-creditor","from":"tabapay","to":"synapse","status":"documented","role":"Listed unsecured creditor ($67,500.02)","period":"April 2024 petition","claim_ids":["c-ch-scale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"tabapay → synapse: Listed unsecured creditor ($67,500.02) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-kroll-syn","record":{"id":"r-kroll-syn","from":"kroll","to":"synapse","status":"documented","role":"Auditor engaged by the audit committee to audit and reconcile Synapse's ledgers","period":"2023","claim_ids":["c-sf-kroll-audit","c-sf-medeiros-warning"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"kroll → synapse: Auditor engaged by the audit committee to audit and reconcile Synapse's ledgers [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-kroll-creditor","record":{"id":"r-kroll-creditor","from":"kroll","to":"synapse","status":"documented","role":"Largest listed unsecured creditor ($473,662.28, as Kroll Associates, Inc.)","period":"April 2024 petition","claim_ids":["c-ch-scale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"kroll → synapse: Largest listed unsecured creditor ($473,662.28, as Kroll Associates, Inc.) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-lineage-creditor","record":{"id":"r-lineage-creditor","from":"lineage","to":"synapse","status":"documented","role":"Listed unsecured creditor ($276,812.26, disputed)","period":"April 2024 petition","claim_ids":["c-ch-scale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"lineage → synapse: Listed unsecured creditor ($276,812.26, disputed) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-creditor","record":{"id":"r-yotta-creditor","from":"yotta","to":"synapse","status":"documented","role":"Listed unsecured creditor ($65,172.33)","period":"April 2024 petition","claim_ids":["c-ch-scale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"yotta → synapse: Listed unsecured creditor ($65,172.33) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-briley-syn","record":{"id":"r-briley-syn","from":"b-riley","to":"synapse","status":"documented","role":"Retained by the trustee for forensic accounting and management of the estate","period":"From mid-2024","claim_ids":["c-ch-b-riley"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"b-riley → synapse: Retained by the trustee for forensic accounting and management of the estate [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-mcwilliams-syn","record":{"id":"r-mcwilliams-syn","from":"mcwilliams","to":"synapse","status":"documented","role":"Chapter 11 trustee","period":"Appointed May 24, 2024; discharged June 29, 2026","claim_ids":["c-ch-trustee-order","c-ch-mismanagement-report","c-pp-staff-end","c-pp-mcwilliams","c-ch-dismissal","c-ch-asset-sale","c-ch-causes-of-action","c-sf-mongodb","c-rg-cfpb-judgment","c-ch-secured-2025","c-ch-b-riley","c-sf-fed-letter"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"mcwilliams → synapse: Chapter 11 trustee [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-mcwilliams-fdic","record":{"id":"r-mcwilliams-fdic","from":"mcwilliams","to":"fdic","status":"documented","role":"Chair (21st)","period":"June 5, 2018 – 2021","claim_ids":["c-pp-mcwilliams"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"mcwilliams → fdic: Chair (21st) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-mcwilliams-cravath","record":{"id":"r-mcwilliams-cravath","from":"mcwilliams","to":"cravath","status":"documented","role":"Partner (the firm represented her as trustee)","period":"During the trusteeship; left by January 2026","claim_ids":["c-pp-mcwilliams"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"mcwilliams → cravath: Partner (the firm represented her as trustee) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-mercury-syn","record":{"id":"r-mercury-syn","from":"mercury","to":"synapse","status":"documented","role":"Fintech platform client (Synapse's largest client)","period":"Until the autumn of 2023","claim_ids":["c-mer-client","c-mer-departure","c-mer-layoffs","c-mer-trustee-link","c-md-senate-recipients","c-md-trustee-fintechs"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"mercury → synapse: Fintech platform client (Synapse's largest client) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-mercury-syn-suit","record":{"id":"r-mercury-syn-suit","from":"mercury","to":"synapse","status":"documented","role":"Petitioner for provisional relief in an arbitrable controversy; Synapse counterclaimed","period":"From December 11, 2023","claim_ids":["c-mer-litigation","c-mer-overmigration"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"unknown"},"reading":"mercury → synapse: Petitioner for provisional relief in an arbitrable controversy; Synapse counterclaimed [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-evolve-mercury","record":{"id":"r-evolve-mercury","from":"evolve","to":"mercury","status":"documented","role":"Partner bank of Mercury's direct program (deposits moved from Synapse)","period":"From the autumn of 2023","claim_ids":["c-mer-departure","c-mer-overmigration","c-mer-layoffs"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"unknown"},"reading":"evolve → mercury: Partner bank of Mercury's direct program (deposits moved from Synapse) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-akhund-mercury","record":{"id":"r-akhund-mercury","from":"akhund","to":"mercury","status":"documented","role":"Chief executive officer","period":"As of the 2022 DFPI settlement","claim_ids":["c-mer-dfpi-2022"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"akhund → mercury: Chief executive officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-syn","record":{"id":"r-yotta-syn","from":"yotta","to":"synapse","status":"documented","role":"Fintech platform client (contract of February 13, 2020)","period":"February 2020 – May 2024","claim_ids":["c-yt-synapse-model","c-md-senate-recipients","c-md-trustee-fintechs","c-ev-fbo-schedule","c-ev-yotta-ledger-example","c-yt-ledger-gap","c-yt-dfpi-findings","c-sf-evolve-payout-dispute","c-sf-affected"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"yotta → synapse: Fintech platform client (contract of February 13, 2020) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-brokerage","record":{"id":"r-yotta-brokerage","from":"yotta","to":"synapse-brokerage","status":"documented","role":"Fintech whose customers' savings accounts were moved into the brokerage program","period":"From around October 11, 2023","claim_ids":["c-yt-dfpi-findings","c-yt-synapse-model","c-ev-statements","c-yt-ach-halt"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"yotta → synapse-brokerage: Fintech whose customers' savings accounts were moved into the brokerage program [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-credit","record":{"id":"r-yotta-credit","from":"yotta","to":"synapse-credit","status":"documented","role":"Fintech whose users were offered lending services through Synapse Credit","period":"As disclosed by Yotta","claim_ids":["c-yt-synapse-model"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"yotta → synapse-credit: Fintech whose users were offered lending services through Synapse Credit [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-evolve-yotta","record":{"id":"r-evolve-yotta","from":"evolve","to":"yotta","status":"documented","role":"Bank of Yotta's program accounts and debit-card issuer (no direct contract with Yotta)","period":"From 2020","claim_ids":["c-yt-synapse-model","c-yt-dfpi-findings"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"evolve → yotta: Bank of Yotta's program accounts and debit-card issuer (no direct contract with Yotta) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-evolve-suit","record":{"id":"r-yotta-evolve-suit","from":"yotta","to":"evolve","status":"documented","role":"Plaintiff in suits over its customers' funds","period":"Federal suit from September 13, 2024 (dismissed February 2026; appealed); state suit from March 13, 2026","claim_ids":["c-lt-yotta-federal","c-lt-yotta-federal-course","c-lt-yotta-appeal","c-lt-yotta-state","c-yt-evolve-assurances"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"yotta → evolve: Plaintiff in suits over its customers' funds [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-bancorp-suit","record":{"id":"r-yotta-bancorp-suit","from":"yotta","to":"evolve-bancorp","status":"documented","role":"Plaintiff (claims voluntarily dismissed January 23, 2025)","period":"September 13, 2024 – January 23, 2025","claim_ids":["c-lt-yotta-federal","c-lt-yotta-federal-course"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"yotta → evolve-bancorp: Plaintiff (claims voluntarily dismissed January 23, 2025) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yotta-syn-suit","record":{"id":"r-yotta-syn-suit","from":"yotta","to":"synapse","status":"documented","role":"Plaintiff naming Synapse as a second defendant out of caution in its state-court suit","period":"From March 13, 2026","claim_ids":["c-lt-yotta-state"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"unknown"},"reading":"yotta → synapse: Plaintiff naming Synapse as a second defendant out of caution in its state-court suit [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-moelis-yotta","record":{"id":"r-moelis-yotta","from":"moelis","to":"yotta","status":"documented","role":"Co-founder, former chief executive officer and director","period":"Chief executive in October 2023; director in May 2026","claim_ids":["c-yt-identity","c-yt-dfpi-findings","c-yt-dfpi-order"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"moelis → yotta: Co-founder, former chief executive officer and director [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-doyle-yotta","record":{"id":"r-doyle-yotta","from":"ben-doyle","to":"yotta","status":"documented","role":"Chief executive officer","period":"New York filing of March 1, 2026","claim_ids":["c-yt-identity"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"ben-doyle → yotta: Chief executive officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-juno-syn","record":{"id":"r-juno-syn","from":"juno","to":"synapse","status":"documented","role":"Fintech platform client","period":"Until May 2024","claim_ids":["c-md-senate-recipients","c-md-trustee-fintechs","c-ev-fbo-schedule","c-ev-yotta-ledger-example","c-sf-affected","c-sf-evolve-payout-dispute"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"juno → synapse: Fintech platform client [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-yieldstreet-syn","record":{"id":"r-yieldstreet-syn","from":"yieldstreet","to":"synapse","status":"documented","role":"Fintech platform client","period":"Until May 2024","claim_ids":["c-md-senate-recipients","c-md-trustee-fintechs","c-ev-fbo-schedule","c-ev-yotta-ledger-example"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"yieldstreet → synapse: Fintech platform client [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-copper-syn","record":{"id":"r-copper-syn","from":"copper","to":"synapse","status":"documented","role":"Fintech platform client (SynapseFi as backend software provider)","period":"Terms of January 14, 2021 – May 2024","claim_ids":["c-md-copper-terms","c-md-copper-closure","c-md-senate-recipients","c-md-trustee-fintechs","c-sf-affected"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"copper → synapse: Fintech platform client (SynapseFi as backend software provider) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-evolve-copper","record":{"id":"r-evolve-copper","from":"evolve","to":"copper","status":"documented","role":"Partner bank and issuer of Copper-branded debit cards","period":"Terms of January 14, 2021 – May 2024","claim_ids":["c-md-copper-terms"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"evolve → copper: Partner bank and issuer of Copper-branded debit cards [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-amg-copper","record":{"id":"r-amg-copper","from":"amg","to":"copper","status":"documented","role":"Bank with which Copper coordinated the return of customers' money","period":"May 2024","claim_ids":["c-md-copper-closure"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"amg → copper: Bank with which Copper coordinated the return of customers' money [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-cfpb-syn","record":{"id":"r-cfpb-syn","from":"cfpb","to":"synapse","status":"documented","role":"Plaintiff in an adversary proceeding ending in a stipulated final judgment","period":"Complaint of August 21, 2025; judgment of September 12, 2025","claim_ids":["c-rg-cfpb-action","c-rg-cfpb-judgment","c-rg-cfpb-harm","c-sf-cfpb-redress"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"cfpb → synapse: Plaintiff in an adversary proceeding ending in a stipulated final judgment [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-finra-brokerage","record":{"id":"r-finra-brokerage","from":"finra","to":"synapse-brokerage","status":"documented","role":"Self-regulatory organisation that suspended and then expelled the firm","period":"Suspended March 18, 2025; expelled June 23, 2025","claim_ids":["c-br-expulsion","c-md-regulators"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"finra → synapse-brokerage: Self-regulatory organisation that suspended and then expelled the firm [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-finra-stanley","record":{"id":"r-finra-stanley","from":"finra","to":"stanley","status":"documented","role":"Disciplinary complainant; accepted his offer of settlement","period":"Complaint of August 28, 2025; order of May 22, 2026","claim_ids":["c-br-finra-complaint","c-br-stanley-order"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"finra → stanley: Disciplinary complainant; accepted his offer of settlement [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-finra-paverman","record":{"id":"r-finra-paverman","from":"finra","to":"paverman","status":"documented","role":"Disciplinary complainant; accepted his offer of settlement","period":"Complaint of August 28, 2025; order of January 28, 2026","claim_ids":["c-br-finra-complaint","c-br-paverman-order"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"finra → paverman: Disciplinary complainant; accepted his offer of settlement [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-dfpi-brokerage","record":{"id":"r-dfpi-brokerage","from":"dfpi","to":"synapse-brokerage","status":"documented","role":"Regulator that accused the firm and revoked its broker-dealer certificate","period":"Accusation of October 11, 2024; revocation of January 22, 2025","claim_ids":["c-br-dfpi-accusation","c-br-dfpi-revocation"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"dfpi → synapse-brokerage: Regulator that accused the firm and revoked its broker-dealer certificate [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-dfpi-credit","record":{"id":"r-dfpi-credit","from":"dfpi","to":"synapse-credit","status":"documented","role":"Regulator that revoked its California Financing Law licence","period":"Order of July 10, 2024","claim_ids":["c-br-credit-revocation"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"dfpi → synapse-credit: Regulator that revoked its California Financing Law licence [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-dfpi-mercury","record":{"id":"r-dfpi-mercury","from":"dfpi","to":"mercury","status":"documented","role":"Regulator that settled with Mercury over bank-like marketing","period":"2022","claim_ids":["c-mer-dfpi-2022"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"dfpi → mercury: Regulator that settled with Mercury over bank-like marketing [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-dfpi-yotta","record":{"id":"r-dfpi-yotta","from":"dfpi","to":"yotta","status":"documented","role":"Regulator that entered a consent order with a $1,000,000 penalty","period":"Consent order dated May 15, 2026","claim_ids":["c-yt-dfpi-findings","c-yt-dfpi-order"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"dfpi → yotta: Regulator that entered a consent order with a $1,000,000 penalty [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-nh-syn","record":{"id":"r-nh-syn","from":"nh-banking","to":"synapse","status":"documented","role":"Regulator that entered a consent order on unlicensed money transmission (Case No. 16-041)","period":"Order filed June 2020","claim_ids":["c-rg-nh-2020"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"nh-banking → synapse: Regulator that entered a consent order on unlicensed money transmission (Case No. 16-041) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-ct-credit","record":{"id":"r-ct-credit","from":"ct-banking","to":"synapse-credit","status":"documented","role":"Licensing regulator that issued a notice of intent to refuse renewal of the small loan licence","period":"Licensed from September 15, 2020; notice of September 26, 2022","claim_ids":["c-rg-ct-2022"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"ct-banking → synapse-credit: Licensing regulator that issued a notice of intent to refuse renewal of the small loan licence [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-fed-evolve","record":{"id":"r-fed-evolve","from":"federal-reserve","to":"evolve","status":"documented","role":"Federal supervisor; issued a cease-and-desist order by consent","period":"Order of June 11, 2024","claim_ids":["c-rg-fed-evolve","c-pf-evolve-ownership","c-md-regulators","c-sf-fed-letter"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"unknown"},"reading":"federal-reserve → evolve: Federal supervisor; issued a cease-and-desist order by consent [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-fed-bancorp","record":{"id":"r-fed-bancorp","from":"federal-reserve","to":"evolve-bancorp","status":"documented","role":"Federal supervisor of the holding company; issued a cease-and-desist order by consent","period":"Order of June 11, 2024; FR Y-9SP reports for 2024 and 2025","claim_ids":["c-rg-fed-evolve","c-pf-evolve-ownership","c-pf-evolve-financials"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"unknown"},"reading":"federal-reserve → evolve-bancorp: Federal supervisor of the holding company; issued a cease-and-desist order by consent [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-fdic-lineage","record":{"id":"r-fdic-lineage","from":"fdic","to":"lineage","status":"documented","role":"Federal supervisor; issued a consent order","period":"Order of January 30, 2024","claim_ids":["c-rg-fdic-lineage","c-md-regulators"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"unknown"},"reading":"fdic → lineage: Federal supervisor; issued a consent order [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-bancorp-evolve","record":{"id":"r-bancorp-evolve","from":"evolve-bancorp","to":"evolve","status":"documented","role":"Registered bank holding company (owns and controls the bank)","period":"As of the June 2024 order and the 2024–2025 reports","claim_ids":["c-pf-evolve-ownership","c-rg-fed-evolve","c-pf-evolve-financials"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"evolve-bancorp → evolve: Registered bank holding company (owns and controls the bank) [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-lenoir-bancorp","record":{"id":"r-lenoir-bancorp","from":"lenoir","to":"evolve-bancorp","status":"documented","role":"Founder, chief executive and chairman of the board","period":"Chief executive from December 31, 2003; chairman as of June 2024","claim_ids":["c-pf-evolve-management"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"lenoir → evolve-bancorp: Founder, chief executive and chairman of the board [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-lenoir-evolve","record":{"id":"r-lenoir-evolve","from":"lenoir","to":"evolve","status":"documented","role":"Founder and chairman of the board","period":"Founded the bank in 2004; chairman as of 2023 – 2024","claim_ids":["c-pf-evolve-management","c-ev-lenoir-ties","c-ev-sep2023-synapse","c-yt-evolve-assurances"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"lenoir → evolve: Founder and chairman of the board [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-stafford-evolve","record":{"id":"r-stafford-evolve","from":"stafford","to":"evolve","status":"documented","role":"President and chief executive officer","period":"As of 2023 – 2024","claim_ids":["c-pf-evolve-management","c-sf-senators"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"stafford → evolve: President and chief executive officer [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-word-evolve","record":{"id":"r-word-evolve","from":"hank-word","to":"evolve","status":"documented","role":"President of open banking","period":"As of September 2023","claim_ids":["c-yt-evolve-assurances"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"hank-word → evolve: President of open banking [documented]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-keltner-evolve","record":{"id":"r-keltner-evolve","from":"keltner","to":"evolve","status":"reported","role":"Engaged to help with the Synapse reconciliation","period":"Reported in August 2024","claim_ids":["c-pp-keltner-evolve"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"keltner → evolve: Engaged to help with the Synapse reconciliation [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"relationships","id":"r-pathak-lenoir","record":{"id":"r-pathak-lenoir","from":"pathak","to":"lenoir","status":"reported","role":"Business rapport credited with building the Synapse–Evolve partnership","period":"From the start of the partnership (2017)","claim_ids":["c-ev-lenoir-ties"],"kind":"other","direction":"undirected","role_group":"associations","temporal_status":"unknown"},"reading":"pathak → lenoir: Business rapport credited with building the Synapse–Evolve partnership [reported]"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2014-founding","record":{"id":"e-2014-founding","date":"2014","title":"Sankaet Pathak founds the business as Synapse Payments LLC","claim_ids":["c-id-founding"]},"reading":"2014 Sankaet Pathak founds the business as Synapse Payments LLC"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2015-formd","record":{"id":"e-2015-formd","date":"2015-04-01","title":"Synapse Payments, LLC files a Form D reporting $700,000 of equity sold","claim_ids":["c-id-payments-formd","c-id-payments-edgar"]},"reading":"2015-04-01 Synapse Payments, LLC files a Form D reporting $700,000 of equity sold"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2016-conversion","record":{"id":"e-2016-conversion","date":"2016","title":"The company converts to a corporation as Synapse Financial Technologies, Inc.","claim_ids":["c-id-founding"]},"reading":"2016 The company converts to a corporation as Synapse Financial Technologies, Inc."}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2017-evolve","record":{"id":"e-2017-evolve","date":"2017-04-18","title":"Bank Services Agreement with Evolve Bank & Trust","claim_ids":["c-md-evolve-agreements"]},"reading":"2017-04-18 Bank Services Agreement with Evolve Bank & Trust"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2018-series-a","record":{"id":"e-2018-series-a","date":"2018-09-06","title":"$17 million Series A led by Trinity Ventures and Core Innovation Capital","claim_ids":["c-pp-series-a"]},"reading":"2018-09-06 $17 million Series A led by Trinity Ventures and Core Innovation Capital"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2019-series-b","record":{"id":"e-2019-series-b","date":"2019-06","title":"$33 million Series B led by Andreessen Horowitz","claim_ids":["c-pp-series-b"]},"reading":"2019-06 $33 million Series B led by Andreessen Horowitz"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2020-nh","record":{"id":"e-2020-nh","date":"2020-06","title":"New Hampshire Banking Department consent order on unlicensed money transmission","claim_ids":["c-rg-nh-2020"]},"reading":"2020-06 New Hampshire Banking Department consent order on unlicensed money transmission"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2020-brokerage","record":{"id":"e-2020-brokerage","date":"2020-07","title":"Synapse acquires the broker-dealer that becomes Synapse Brokerage LLC","claim_ids":["c-st-brokerage-history"]},"reading":"2020-07 Synapse acquires the broker-dealer that becomes Synapse Brokerage LLC"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2021-svb","record":{"id":"e-2021-svb","date":"2021-02-19","title":"Loan and Security Agreement with Silicon Valley Bank","claim_ids":["c-ch-svb-loan"]},"reading":"2021-02-19 Loan and Security Agreement with Silicon Valley Bank"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2022-triplepoint","record":{"id":"e-2022-triplepoint","date":"2022-07-29","title":"Growth capital loan agreement with TriplePoint lenders","claim_ids":["c-ch-triplepoint"]},"reading":"2022-07-29 Growth capital loan agreement with TriplePoint lenders"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2022-msa","record":{"id":"e-2022-msa","date":"2022-09-23","title":"Master Bank Services Agreement with Evolve","claim_ids":["c-md-evolve-agreements"]},"reading":"2022-09-23 Master Bank Services Agreement with Evolve"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2022-ct","record":{"id":"e-2022-ct","date":"2022-09-26","title":"Connecticut notice of intent to refuse renewal of Synapse Credit's licence","claim_ids":["c-rg-ct-2022"]},"reading":"2022-09-26 Connecticut notice of intent to refuse renewal of Synapse Credit's licence"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2023-launch","record":{"id":"e-2023-launch","date":"2023-09","title":"Synapse Brokerage launches the cash management program","claim_ids":["c-br-launch"]},"reading":"2023-09 Synapse Brokerage launches the cash management program"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2023-breach","record":{"id":"e-2023-breach","date":"2023-09-25","title":"Evolve sends a notice of material breach; according to Synapse, Mercury gives notice it will not renew","claim_ids":["c-ev-breach-notice","c-mer-departure"]},"reading":"2023-09-25 Evolve sends a notice of material breach; according to Synapse, Mercury gives notice it will not renew"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2023-layoffs","record":{"id":"e-2023-layoffs","date":"2023-10-06","title":"Synapse confirms layoffs of 86 people","claim_ids":["c-mer-layoffs"]},"reading":"2023-10-06 Synapse confirms layoffs of 86 people"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2023-mercury-petition","record":{"id":"e-2023-mercury-petition","date":"2023-12-11","title":"Mercury files a petition against Synapse in San Francisco Superior Court","claim_ids":["c-mer-litigation"]},"reading":"2023-12-11 Mercury files a petition against Synapse in San Francisco Superior Court"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-fdic-lineage","record":{"id":"e-2024-fdic-lineage","date":"2024-01-30","title":"FDIC consent order against Lineage Bank","claim_ids":["c-rg-fdic-lineage"]},"reading":"2024-01-30 FDIC consent order against Lineage Bank"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-apa","record":{"id":"e-2024-apa","date":"2024-04-19","title":"Asset purchase agreement with TabaPay","claim_ids":["c-ch-tabapay-apa"]},"reading":"2024-04-19 Asset purchase agreement with TabaPay"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-petition","record":{"id":"e-2024-petition","date":"2024-04-22","title":"Synapse files for Chapter 11","claim_ids":["c-ch-petition"]},"reading":"2024-04-22 Synapse files for Chapter 11"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-sale-halt","record":{"id":"e-2024-sale-halt","date":"2024-05-09","title":"Sale hearing: no settlement with Evolve, and the TabaPay sale is halted","claim_ids":["c-ch-sale-collapse"]},"reading":"2024-05-09 Sale hearing: no settlement with Evolve, and the TabaPay sale is halted"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-freeze","record":{"id":"e-2024-freeze","date":"2024-05-11","title":"According to the CFPB, Evolve and then Lineage freeze end-user activity","claim_ids":["c-ev-freeze"]},"reading":"2024-05-11 According to the CFPB, Evolve and then Lineage freeze end-user activity"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-trustee","record":{"id":"e-2024-trustee","date":"2024-05-24","title":"Court orders a Chapter 11 trustee; Jelena McWilliams is appointed","claim_ids":["c-ch-trustee-order"]},"reading":"2024-05-24 Court orders a Chapter 11 trustee; Jelena McWilliams is appointed"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-fed","record":{"id":"e-2024-fed","date":"2024-06-11","title":"Federal Reserve cease-and-desist order against Evolve","claim_ids":["c-rg-fed-evolve"]},"reading":"2024-06-11 Federal Reserve cease-and-desist order against Evolve"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-senators","record":{"id":"e-2024-senators","date":"2024-06-28","title":"Senators write to Synapse's former chief executive, investors and partners","claim_ids":["c-sf-senators"]},"reading":"2024-06-28 Senators write to Synapse's former chief executive, investors and partners"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-dfpi-credit","record":{"id":"e-2024-dfpi-credit","date":"2024-07-10","title":"DFPI revokes Synapse Credit's California lending licence","claim_ids":["c-br-credit-revocation"]},"reading":"2024-07-10 DFPI revokes Synapse Credit's California lending licence"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-yotta-suit","record":{"id":"e-2024-yotta-suit","date":"2024-09-13","title":"Yotta sues Evolve in federal court","claim_ids":["c-lt-yotta-federal"]},"reading":"2024-09-13 Yotta sues Evolve in federal court"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-fdic-rule","record":{"id":"e-2024-fdic-rule","date":"2024-09-17","title":"FDIC proposes a recordkeeping rule for custodial accounts","claim_ids":["c-rg-fdic-rule"]},"reading":"2024-09-17 FDIC proposes a recordkeeping rule for custodial accounts"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-dfpi-accusation","record":{"id":"e-2024-dfpi-accusation","date":"2024-10-11","title":"DFPI accusation against Synapse Brokerage","claim_ids":["c-br-dfpi-accusation"]},"reading":"2024-10-11 DFPI accusation against Synapse Brokerage"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2024-evolve-payouts","record":{"id":"e-2024-evolve-payouts","date":"2024-11-04","title":"Evolve begins paying end users after its reconciliation","claim_ids":["c-sf-evolve-payouts"]},"reading":"2024-11-04 Evolve begins paying end users after its reconciliation"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-dfpi-revocation","record":{"id":"e-2025-dfpi-revocation","date":"2025-01-22","title":"DFPI revokes Synapse Brokerage's broker-dealer certificate","claim_ids":["c-br-dfpi-revocation"]},"reading":"2025-01-22 DFPI revokes Synapse Brokerage's broker-dealer certificate"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-finra-expulsion","record":{"id":"e-2025-finra-expulsion","date":"2025-06-23","title":"FINRA expels Synapse Brokerage","claim_ids":["c-br-expulsion"]},"reading":"2025-06-23 FINRA expels Synapse Brokerage"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-cfpb","record":{"id":"e-2025-cfpb","date":"2025-08-21","title":"CFPB files an adversary complaint against Synapse","claim_ids":["c-rg-cfpb-action"]},"reading":"2025-08-21 CFPB files an adversary complaint against Synapse"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-finra-complaint","record":{"id":"e-2025-finra-complaint","date":"2025-08-28","title":"FINRA files a disciplinary complaint against Stanley and Paverman","claim_ids":["c-br-finra-complaint"]},"reading":"2025-08-28 FINRA files a disciplinary complaint against Stanley and Paverman"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-cfpb-judgment","record":{"id":"e-2025-cfpb-judgment","date":"2025-09-12","title":"Stipulated final judgment in the CFPB case","claim_ids":["c-rg-cfpb-judgment"]},"reading":"2025-09-12 Stipulated final judgment in the CFPB case"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-dismissal","record":{"id":"e-2025-dismissal","date":"2025-11-12","title":"Order approving dismissal of the Chapter 11 case","claim_ids":["c-ch-dismissal"]},"reading":"2025-11-12 Order approving dismissal of the Chapter 11 case"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2025-redress","record":{"id":"e-2025-redress","date":"2025-11-28","title":"CFPB Civil Penalty Fund allocation for Synapse victims","claim_ids":["c-sf-cfpb-redress"]},"reading":"2025-11-28 CFPB Civil Penalty Fund allocation for Synapse victims"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-paverman","record":{"id":"e-2026-paverman","date":"2026-01-28","title":"FINRA accepts Paverman's offer of settlement","claim_ids":["c-br-paverman-order"]},"reading":"2026-01-28 FINRA accepts Paverman's offer of settlement"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-yotta-dismissed","record":{"id":"e-2026-yotta-dismissed","date":"2026-02-18","title":"Federal court dismisses Yotta's suit against Evolve","claim_ids":["c-lt-yotta-federal-course","c-lt-yotta-federal"]},"reading":"2026-02-18 Federal court dismisses Yotta's suit against Evolve"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-rico","record":{"id":"e-2026-rico","date":"2026-03-05","title":"Putative RICO class action filed against Synapse parties","claim_ids":["c-lt-rico"]},"reading":"2026-03-05 Putative RICO class action filed against Synapse parties"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-yotta-state","record":{"id":"e-2026-yotta-state","date":"2026-03-13","title":"Yotta sues Evolve in California state court","claim_ids":["c-lt-yotta-state"]},"reading":"2026-03-13 Yotta sues Evolve in California state court"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-dfpi-yotta","record":{"id":"e-2026-dfpi-yotta","date":"2026-05-15","title":"DFPI consent order with Yotta","claim_ids":["c-yt-dfpi-order"]},"reading":"2026-05-15 DFPI consent order with Yotta"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-stanley","record":{"id":"e-2026-stanley","date":"2026-05-22","title":"FINRA accepts Stanley's offer of settlement","claim_ids":["c-br-stanley-order"]},"reading":"2026-05-22 FINRA accepts Stanley's offer of settlement"}
{"case_id":"synapse-financial-technologies","version":"1.0","as_of":"2026-10-15","record_type":"events","id":"e-2026-closed","record":{"id":"e-2026-closed","date":"2026-06-29","title":"Bankruptcy case closed and trustee discharged","claim_ids":["c-ch-dismissal"]},"reading":"2026-06-29 Bankruptcy case closed and trustee discharged"}