If you invested in an investment, fund, or promissory note offered, recommended, or sold by Complete Business Solutions Group Inc. d/b/a/ Par Funding et al, please contact Levin Law, P.A. (“Levin Law”) for a free case evaluation.
Levin Law, P.A. (“Levin Law”) is investigating Complete Business Solutions Group Inc. d/b/a/ Par Funding (“Par Funding”) following the Securities and Exchange Commission’s (“SEC”) action against Par Funding and related companies and individuals.
As reported on the SEC’s website, https://www.sec.gov/litigation/litreleases/2020/lr24860.htm, on July 31, 2020, the Securities and Exchange Commission (“SEC”) announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged fraudulent scheme that has raised nearly half a billion dollars from an estimated 1,200 investors nationwide.
According to the SEC’s complaint, Lisa McElhone and Joseph W. LaForte orchestrated a scheme to raise investor funds through unregistered securities offerings for the cash advance company they control, Complete Business Solutions Group Inc., doing business as Par Funding. According to the complaint, McElhone and LaForte made opportunistic loans, some of which charged more than 400% interest, to small businesses across America. The complaint alleges that, to fuel the loans, McElhone and LaForte, with the assistance of other Par Funding personnel, allegedly used a network of unregistered sales agents and affiliated entities to sell promissory notes to the public while lying to or misleading investors about Par Funding’s business, how investor funds would be used, and LaForte’s role and criminal history.
The SEC further reported that on July 28, 2020 the U.S. District Court for the Southern District of Florida granted the SEC’s request for emergency relief and ordered a temporary asset freeze against Par Funding, McElhone, and LaForte; a related company McElhone and LaForte control, Full Spectrum Processing Inc.; and others, including various companies affiliated with certain unregistered sales agents who participated in the scheme. The court granted the SEC’s request to appoint a receiver for the 11 entity defendants and scheduled a hearing for August 4 to determine whether a preliminary injunction should be granted against the defendants for the pendency of the litigation.
The SEC’s complaint, filed on July 24 and unsealed on July 31, 2020, charged the defendants with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act. The SEC seeks disgorgement of ill-gotten gains, prejudgment interest, and civil penalties.
Contact Levin Law at (305) 402-9050 or firstname.lastname@example.org today if you were an investor in any Complete Business Solutions Group Inc. (d/b/a Par Funding) investment, fund or note. Levin Law represents investors throughout the United States and the rest of the world. Levin Law’s founding attorney has recovered nearly $100 million in assets for investors.
The defendants and possible wrongdoers identified in the SEC’s complaint include, but are not limited to:
Contact Levin Law to see if you may be able to pursue individual litigation, arbitration, or a class action to recover your Par Funding losses. Contact Levin Law at (305) 402-9050 or via email at email@example.com for a free consultation. Most cases are accepted on a contingency fee basis. This means that you are not responsible for attorneys’ fees unless we recover money on your behalf.
Levin Law is a premier national class action, securities, commodities, and futures dispute resolution law firm. Brian Levin, Levin Law’s managing attorney, has obtained settlements and recoveries in excess of $100,000,000 in assets through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.
Levin Law’s founding attorney has extensive experience litigating Ponzi scheme and other investment-fraud matters and is based in Miami, Florida, with a satellite office in Bloomfield Hills, Michigan. Levin Law represents both domestic and international clients.