The 'Ponzi' designation is meant to make it easier to pay Par investors who lost it all.
A photo of Joseph LaForte hanging in his Par Funding office, entered as an exhibit by the SEC in its case against the merchant cash-advance lender.operated from 2012 to 2019 “as a Ponzi scheme,” diverting new investors’ money to fool old investors and wrongly enriching its owners, thefor the defunct Philadelphia cash-advance lender said in a court filing Monday. The motion is designed to speed partial payments to aroundDuring the four years of civil proceedings in the fraud case, the U.S.
Ruiz has said investors have waited a long time for their money. Stumphauzer’s latest motion offers a road map for paying investors and some others, while denying other claims on what’s left of Par’s assets. If the judge approves, the receiver will follow up with a plan to send investors an “initial distribution” of what they are owed.to tax fraud); and other insiders after Par defaulted on payments to investors. That’s when Ruiz agreed to put Par into receivership.
However, the receiver is also recommending partial approval of claims by two of Par’s leading financial backers. That includes $18 million in payments to members of New York’s Chehebar family, which owns Rainbow Shops stores, and $8 million to Capital Source 2000, a company set up by Par’s chief financial officer, Joseph Cole Barleta, and his business partner, former Philadelphia-area banker William Bromley. The receiver said he could still challenge final payments in those cases.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wife of Par Funding founder pleads guilty to hiding millions in tax fraud caseLisa McElhone, 44, told a federal judge she dodged taxes owed in Pennsylvania by lying on tax forms about where she and husband, Joseph LaForte, lived.
Read more »
The New Rolexes Are Almost Here: We Asked 9 Watch-World Insiders for Their PredictionsWe asked Rolex specialists to offer their boldest predictions on what new watches the brand will introduce at Watches and Wonders Geneva in April.
Read more »
Insiders: TikTok Initiative to Isolate U.S. User Data from Chinese Government ‘Largely Cosmetic’Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Are Industry Insiders Turning on Quiet on Set?In recent days, four figures with ties to the docuseries or child stardom have criticized the project, accusing the filmmakers of misleading them into participating or profiting off of “trauma porn.”
Read more »
The Pulse: Crypto airdrops going to select communities reminds us it’s an insiders gameToday’s topics include airdrops, the SEC serving Uniswap with a Wells Notice, Bitcoin ETFs in Hong Kong and the Bitcoin halving.
Read more »
‘Scranton Joe’ alienating blue-collar Dems with ritzy celeb campaign gigs: political insidersHillary Clinton held a Broadway fundraiser for President Biden Thursday night in the latest big money star-studded event for Biden while Trump courts small donors.
Read more »