Business ProfileforComplete Business Solutions Group, Inc.

UPDATE as of 2/23/22:

This Final Judgment supersedes the Judgment of Permanent Injunction and Other Relief

Against Defendant Perry S. Abbonizio entered by the Court on November 23, 2021 [DE 999].

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is

permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the

Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5

promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of

Case 9:20-cv-81205-RAR Document 1166-1 Entered on FLSD Docket 02/24/2022 Page 1 of

interstate commerce, or of the mails, or of any facility of any national securities exchange, in

connection with the purchase or sale of any security:

(a) to employ any device, scheme, or artifice to defraud;

(b) to make any untrue statement of a material fact or to omit to state a material fact

necessary in order to make the statements made, in the light of the circumstances

under which they were made, not misleading; or

(c) to engage in any act, practice, or course of business which operates or would

operate as a fraud or deceit upon any person

by, directly or indirectly (i) creating a false appearance or otherwise deceiving any person, or (ii)

disseminating false or misleading documents, materials, or information or making, either orally

or in writing, any false or misleading statement in any communication with any investor or

prospective investor, about: (A) any investment in securities; (B) the prospects for success of any

product or company; (C) the use of investor funds; (D) the safety of any securities investment;

(E) the use of investor funds or investment proceeds; (F) Orders issued against the Defendants

by state or federal enforcement agencies; (G) the financial status of Par Funding; or (H) the

management of Par Funding.

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This Final Judgment supersedes the Judgment of Permanent Injunction and Other Relief  Against Defendant Dean J. Vagnozzi entered by the Court on November 24, 2021 [ECF No. 1006] and amends the Final Judgment as to Defendant Dean J. Vagnozzi entered February 17, 2022 [ECF  No. 1160]. 

Defendant is permanently restrained and enjoined from violating, directly or indirectly,  Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and  Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or  instrumentality of interstate commerce, or of the mails, or of any facility of any national securities  exchange, in connection with the purchase or sale of any security: 

(a) to employ any device, scheme, or artifice to defraud; 

(b) to make any untrue statement of a material fact or to omit to state a material fact  necessary in order to make the statements made, in the light of the circumstances  under which they were made, not misleading; or 

(c) to engage in any act, practice, or course of business which operates or would  operate as a fraud or deceit upon any person 

by, directly or indirectly (i) creating a false appearance or otherwise deceiving any person, or (ii)  disseminating false or misleading documents, materials, or information or making, either orally  or in writing, any false or misleading statement in any communication with any investor or  prospective investor, about: (A) any investment in securities; (B) the prospects for success of any  product or company; (C) the use of investor funds; (D) the safety of any securities investment;  (E) the use of investor funds or investment proceeds; (F) Orders issued against the Defendants  

by state or federal enforcement agencies; (G) the financial status of Par Funding; or (H) the  management of Par Funding.

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UPDATE as of 4/09/21:

This website
https://parfundingreceivership.com/contact/
will be the Receiver's main method of communicating with various investors and creditors of the Receivership Entities, other interested persons, and the general public.
The SEC strongly encourage interested persons to check the website frequently, as the Receiver will be updating it as he obtains new information.

Please direct all inquiries to the Receiver by sending an e-mail directly to the Receiver at

[email protected].

The Receiver's professional team will review your inquiries and, if appropriate, the Receiver or a member of the Receiver's team will respond to your inquiry. In circumstances when multiple persons submit similar questions, the Receiver anticipates that he will address those questions by updating the FAQ section of this website.

Although we recommend sending an e-mail with any questions or inquiries you may have, you may also contact the Receiver by telephone at:
(844) 631-7722.

You may also deliver written correspondence to the Receiver at the following address:

Ryan K. Stumphauzer, Esq.
Court-Appointed Receiver, Case No. 20-cv-81205-RAR
c/o Stumphauzer Foslid Sloman Ross & Kolaya, PLLC
Two South Biscayne Boulevard, Suite 1600
Miami, Florida 33131

The Receiver's counsel can be reached at:

Gaetan J. Alfano, Esq.
Douglas K. Rosenblum, Esq.
Pietragallo Gordon Alfano Bosick & Raspanti, LLP
1818 Market Street, Suite 3402
Philadelphia, PA 19103

and

Timothy A. Kolaya, Esq.
Stumphauzer Foslid Sloman Ross & Kolaya, PLLC
Two South Biscayne Boulevard, Suite 1600
Miami, Florida 33131

LINK: https://parfundingreceivership.com/contact/
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Securities and Exchange Commission (SEC)
vs. Complete Business Solutions Group Inc.
d/b/a/ Par Funding et al.,
No. 9:20-Cv-81205 ( S.D.Fl Filed Jul 31, 2020)
Litigation Release no. 24860 / July 31, 2020

As of July 31, 2020, The Securities and Exchange Commission announced that it has 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, spouses 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.

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, which includes United Fidelis Group 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 today, charges 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.

For further assistance contact
Securities and Exchange Commission
801 Brickell Ave., Suite 1950
Miami, FL 33131
Phone: 305-982-6300
E-mail: [email protected]

LINK: https://www.sec.gov/litigation/litreleases/2020/lr24860.htm