If you have a loan with Complete Business Solutions Group, Inc., d/b/a Par Funding (“Par Funding”), you should hire an attorney ASAP because they have just been placed into a receivership and you should know your rights. In the past, if you default on the loan, Par Funding will often file a confession of judgment against you in Philadelphia County, Pennsylvania, and I have defended many of these. In addition to many of Par Funding’s loans charging exorbitant interest rates, they often confess judgment against not only the entity borrowing the money but the individual guarantor even though we have argued that the loan documents my clients have been given by Par Funding do not authorize a confession against the guarantor. If you are having trouble paying back the high interest rates on the hard money loan, a receiver has just been appointed for Par Funding and it will probably be easier to negotiate a settlement with the receiver than it would have been with Par Funding. An article in the Sunday Philadelphia Inquirer on July 31, 2020 stated some of the loans charged more than 400% interest and a sample of the loans found more than half carried interest rates of more than 95%. Protect your rights and hire an attorney.
It has recently come to light that, in addition to having problems with their borrowers, Par Funding is now being investigated by the Securities and Exchange Commission as an investment scam. The Securities and Exchange Commission (“SEC”) filed a complaint in the Southern District of Florida against Complete Business Solutions Group, d/b/a Par Funding and other entities including Lisa McElhone and Joe Barletta a/k/a Joe Cole a/k/a Joe LaForte, Perry Abbonizio and Dean Vagnozzi, who advertises aggressively as “A Better Financial Plan”.
If you are an investor in Par Funding, you also need to hire an attorney ASAP as the SEC is asking a Federal Judge to freeze the assets of LaForte and McElhone, Vagnozzi and Abbonizio, and a receiver has been appointed for Par Funding to protect any remaining investor assets.
Michael G. Louis, Esquire
MacElree Harvey, Ltd.
17 West Miner Street
P.O. Box 660
West Chester, PA 19381-0660
(610) 840-0228
e-mail: [email protected]
