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© 2025 Business Trial Group

515 North Flagler Drive., Suite 2125, West Palm Beach, Florida 33401

877 667 4265 Call us 24/7
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Business Trial Group Investigates Par Funding’s Fraudulent Scheme

Investor Alerts
August 24, 2020

Morgan & Morgan’s securities attorneys are investigating an alleged fraudulent scheme perpetrated by Complete Business Solutions Group Inc. (d/b/a Par Funding) that raised about $500 million from over 1,000 investors.

The SEC recently filed an emergency action in federal court in Florida, and obtained a temporary restraining order and asset freeze to shut down Par Funding’s alleged scheme.  The SEC alleges that spouses Joseph LaForte and Lisa McElhone masterminded the scheme, which raised investment funds via unregistered securities offerings for their cash advance company, Par Funding.

The SEC alleges that Par Funding loaned moneys to many small business, and sometimes charged more than 400% interest. The SEC asserts that Par Funding used unregistered sales agents to sell promissory notes while deceiving investors about Par Funding’s business, how investor funds would be used, and LaForte’s criminal history.

The U.S. District Court for the Southern District of Florida recently granted the SEC’s request for emergency relief and ordered a temporary asset freeze against Par Funding, McElhone, LaForte, and several companies whose unregistered sales agents participated in the scheme.

The court also has approved appointment of a receiver over the company defendants, which include the following companies in addition to Par Funding:  Full Spectrum Processing; ABetterFinancialPna.Com (d/b/a A Better Financial Plan); ABFP Management Company (f/k/a Pillar Life Settlement Management Company); ABFP Income Fund; United Fidelis Group; Fidelis Financial Planning; Retirement Evolution Group; and Retirement Evolution Income Fund.

The SEC charges the defendants with violating the antifraud and registration provisions of federal securities laws.  The SEC seeks disgorgement, prejudgment interest, and civil penalties.

If you have suffered losses relating to Par Funding’s promissory notes or loans, we are here to help.  Contact us at 888-874-9075 today to speak with an experienced securities attorney at Morgan & Morgan’s Business Trial Group.

The Business Trial Group at Morgan & Morgan helps investors recover their losses on a contingency basis.  We are only paid if we successfully recover money for you.  We have helped investors recover tens of millions of dollars of investment losses.

The Business Trial Group is part of the largest contingency law firm in the nation, with over 700 lawyers and offices across the country. 

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