{"id":9233,"date":"2020-08-04T09:53:33","date_gmt":"2020-08-04T13:53:33","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=9233"},"modified":"2022-01-04T08:57:25","modified_gmt":"2022-01-04T13:57:25","slug":"securities-and-exchange-commission-charges-par-funding-united-fidelis-group-and-others-in-half-billion-dollar-fraud-scheme","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/securities-and-exchange-commission-charges-par-funding-united-fidelis-group-and-others-in-half-billion-dollar-fraud-scheme\/","title":{"rendered":"Securities And Exchange Commission Charges Par Funding, United Fidelis Group And Others In Half-Billion Dollar Fraud Scheme"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-8546 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/10\/Fraud-300x200.jpg\" alt=\"On July 24, 2020, the Securities and Exchange Commission (\u201cSEC\u201d), brought an emergency action against Par Funding and others, to obtain a temporary restraining order and freeze assets in order to halt a nearly half-billion dollar fraud scheme, harming over 1,200 across the U.S. A link to the charges can be found here, which was unsealed on Friday, July 31, 2020. In the Complaint, the SEC alleged that Joseph W. LaForte (a convicted felon) and his wife, Lisa McElhone orchestrated a scheme to defraud investors, using unregistered securities offerings for Complete Business Solutions Group (CBSG). CBSG was a cash advance company they controlled, that did business under the name \u201cPar Funding.\u201d\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/10\/Fraud.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/10\/Fraud-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>On July 24, 2020, the Securities and Exchange Commission (\u201cSEC\u201d), brought an emergency action against Par Funding and others, to obtain a temporary restraining order and freeze assets in order to halt a nearly half-billion dollar fraud scheme, harming over 1,200 across the U.S. A link to the charges can be found <a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2020\/comp24860.pdf\" target=\"_blank\">here<\/a>, which was unsealed on Friday, July 31, 2020.<\/p>\n<p>In the Complaint, the SEC alleged that Joseph W. LaForte (a convicted felon) and his wife, Lisa McElhone orchestrated a scheme to defraud investors, using unregistered securities offerings for Complete Business Solutions Group (CBSG). CBSG was a cash advance company they controlled, that did business under the name \u201cPar Funding.\u201d <a href=\"https:\/\/www.silverlaw.com\/blog\/securities-and-exchange-commission-charges-par-funding-united-fidelis-group-and-others-in-half-billion-dollar-fraud-scheme\/#more-9233\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 24, 2020, the Securities and Exchange Commission (\u201cSEC\u201d), brought an emergency action against Par Funding and others, to obtain a temporary restraining order and freeze assets in order to halt a nearly half-billion dollar fraud scheme, harming over 1,200 across the U.S. A link to the charges can be found here, which was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[595,583],"tags":[],"class_list":["post-9233","post","type-post","status-publish","format-standard","hentry","category-investment-fraud","category-sec-actions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Charges Par Funding, United Fidelis Group In $500M Fraud Scheme<\/title>\n<meta name=\"description\" content=\"The SEC brought an emergency action against Par Funding and others, to obtain a restraining order and freeze assets to halt a half-billion dollar fraud.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/securities-and-exchange-commission-charges-par-funding-united-fidelis-group-and-others-in-half-billion-dollar-fraud-scheme\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Charges Par Funding, United Fidelis Group In $500M Fraud Scheme\" \/>\n<meta name=\"twitter:description\" content=\"The SEC brought an emergency action against Par Funding and others, to obtain a restraining order and freeze assets to halt a half-billion dollar fraud.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/10\/Fraud-300x200.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC 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by":"Silver Law Group","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/securities-and-exchange-commission-charges-par-funding-united-fidelis-group-and-others-in-half-billion-dollar-fraud-scheme\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/securities-and-exchange-commission-charges-par-funding-united-fidelis-group-and-others-in-half-billion-dollar-fraud-scheme\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"Securities And Exchange Commission Charges Par Funding, United Fidelis Group And Others In Half-Billion Dollar Fraud 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