[sed] sed fails with "unknown option to `s'" error

I'm trying to use

sed -i -e "s/.*seb.*/    \"$ftp_login_template\"/" $ftp_dir

however I get this error:

sed: -e expression #1, char 34: unknown option to `s'

I don't understand why since this works perfectly:

sed -i -e "s/.*wbspassword.*/    \"wbspassword\": \"$password\",/" $user_conf

Any ideas as to what I'm doing wrong?

Could this be the problem? ftp_login_template=\${user}:${password}:24:86::\/var\/lib\/clit.${user}\/downloads:\/bin\/false\"

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