The hope was to turn their money into at least $70,000, as the old people died on schedule. The agency this year reached a deal with Vagnozzi under which he and his business paid a $600,000 penalty in connection to his fundraising for Ford. can i cancel boxycharm and keep premium; azure devops dashboard api; new nfl playoff format bracket 0. Their relationship seemed to hold up even after the feds moved in. how long can a dog live with parathyroid disease. In the last 10 months, investors have sued Pauciulo and his firm in Delaware, Florida, and Philadelphia. However, Pauciulos pleading does not mention that LaForte pleaded guilty again, on Dec. 30, 2009, to a new crime, his role with illegal internet gambling. Angelo Michael Vagnozzi PENNINGTON - Angelo Michael Vagnozzi, 81, of Pennington entered into God's loving care on Tuesday, Aug. 26, 2014, at Capital Health Hopewell, surrounded by his loving family, after a courageous 18-year battle against Alzheimer's disease. Vagnozzi and his lawyers didnt respond to questions for this article. Now lives at 3872 Jane Ct, Collegeville, PA 19426. They often sell the policies to middlemen, who in turn sell them to investment funds, like those run by Vagnozzi. He offers investment opportunities that sidestep the volatility and intangibility of Wall Street, and he . His was the first state funeral in the United Kingdom for a non-member of the Royal Family since Edward Carson's in 1935. Ads by BeenVerified. The phony adviser in question is Dean Vagnozzi, whose firm is called A Better Financial Plan. To potential investors dining free at Ruths Chris steak houses and the like, Vagnozzi would explain how they could avoid the markets up and downs. baldwin county board of education jobs / north korea and norway are separated by one country / north korea and norway are separated by one country In the 2020 emails obtained by The Inquirer, Vagnozzi acknowledged a simple problem with funds containing those early policies: Sellers hadnt died fast enough. published on this website are not to be considered endorsements. Drug coverage, telehealth, physician-assisted death. On July 24, 2020, the Securities and Exchange Commission ("SEC"), brought an emergency action against a number of individuals and entities, including but not limited to Dean J. Vagnozzi and his Pennsylvania-based company, A Better Financial Plan, for their roles in an alleged half billion dollar fraud scheme. Vagnozzi, Michael C. Furman, and John Gissa s each operate Agent Funds that raise money for Par Funding through unregistered securities offerings. But Vagnozzis latest bet was on Par Funding, the Old City firm at the center of the SEC fraud suit. Date Filed Document Text; December 22, 2020: Filing 32 MOTION to Dismiss filed by COVENTRY FIRST LLC.Coventry First LLC's Motion to Dismiss Class Action Complaint. The judge overseeing the case also warned that investors may not have all of their money returned, if any, depending on the outcome of the case and the future of Par Funding. In his lawsuit against his former lawyer, Vagnozzi told a different story. The suit alleges that Par Funding's owners, Vagnozzi and the other defendants defrauded 1,200 investors, hiding from them Par's shaky finances, reckless lending, and the criminal past of a Par founder. It later collapsed into bankruptcy amid SEC charges of fraud. There was enough to pay his friend $990,000/month to "manage" the fund while they investigated. As this process broke down, Par Funding and A Better Financial Plan renegotiated their notes and created a new bank account which, Par Funding funneled more than $4 million into to pay off investors who refused to sign the new extended notes of which there were several, including the client who settled with Vagnozzi for $550,000. In all, Vagnozzi raised over $50 million from more than 300 investors in life settlements between 2010 and 2019, according to SEC documents. (Tucker, Scott) August 7, 2020: Filing 5 MOTION for Pro Hac Vice Appearance of Attorney Marc H. Edelson - filed by Joan Caputo, Joseph Caputo. Vagnozzi manages the Agent Funds through his company ABFP Management Company, LLC, and Abbonizio oversees and coordinates the Agent Funds. 819, 849]. why does loki have a green cape? The settlement concluded in principle with the client receiving a check for $550,000; however, the actual payment did not transact until after Vagnozzi had been placed under receivership. Vagnozzi sold investors additional shares in funds bearing the Pillar name and based on life insurance policies. His natural enthusiasm and magnetic energy eventually led Vagnozzi to a successful sales career at SAP, Deloitte Consulting and Anderson. But speculation is continuing about . Two other investors, Scott Bennett and his wife, Juli, invested in 2013, after the SEC suit, but before the bankruptcy. 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Dean received a Bachelor of Science degree from Albright College. Vagnozzi kept selling investments in policies purchased from Life Partners despite that firms troubles. In April, Vagnozzi sued his longtime lawyer, John Pauciulo, of the Philadelphia firm of Eckert Seamans, blaming him for bad advice. When you're looking for a financial advisor who will turn your usual standards on their head, Dean Vagnozzi is the perfect way to fit those needs. $0.00. Wollyung said he has lots of questions for the next Vagnozzi free dinner. Over the years, he has refined his unconventional investing approach in ways that extend well beyond the "cookie cutter" strategies employed at many firms. On page 2 of DE-227, the SEC wrote, We have already identified two significant transfers he [Vagnozzi] made to himself after the Courts entry of the Orders in this case, and we should not have to investigate to discover additional ones he might have made. They continued stating, This was the purpose of the sworn accounting, with which he [Vagnozzi] utterly failed to comply in full. Despite already receiving orders and being placed under receivership, Vagnozzi attempted to maneuver funds without disclosing them, which placed the safety of investors funds in jeopardy according to the SEC. A Better Financial Plan, LLC. In addition, he put investors into new ventures that combined life insurance buys with Par Funding. As the SEC points out in DE-227, investors were not told about the more than $4 million that was put into a new account for investors who did not want to sign the renegotiated note. Pars business model was to take in money from investors, pay them up to a generous 14% a year in interest, and to loan the money via cash advances to small merchants, charging them whopping rates of 50% or more. Separately, in a last bit of litigation in the overall Life Partners scandal, a trustee for its creditors is suing Vagnozzi and scores of other Life Partners salespeople to claw back their commissions. Vagnozzi has lived well as his business grew. And the agencys order said his heavy media buys and the dinners violated its rules limiting sales to the public when a security is not registered. Fund documents show that he was among 99 investors who put up about $12 million and were told they could reap $21 million. On July 24, 2020 the Securities and Exchange Commission (SEC) filed a lawsuit in United States District Court of the Southern District of Florida against defendants Par Funding, A Better Financial Plan and owner Dean Vagnozzi, along with several other individuals and entities. It goes without saying, Vagnozzi wrote, I apologize for how poorly this fund has performed.. Life Partners founder Brian Pardo lived well in Waco, Texas, for a time. Some investors in Vagnozzis more recent life settlement funds say their returns have also been slower and less than expected. In a recent letter to investors about all this, Vagnozzi said the SEC case had no merit. Automated page speed optimizations for fast site performance. I need a person like John, he told viewers, to show we are not a bunch of gunslingers.. But the firm cut back returns to just 4% in early 2020. Vagnozzi made his next significant move in 2010, creating the company in King of Prussia he named A Better Financial Plan, or ABFP. Vagnozzi and Par say those allegations are false. In this 2013 photo, Montgomery County financial adviser Dean Vagnozzi stands in a room at Ruth Chris Steakhouse in King of Prussia, where he has pitched potential investors about putting their money into life settlements. That is not what the order says, the agency said. Hes also developed a taste for luxury cars, such as a $230,000 Aston Martin Vanquish and a Maserati Levante SUV, which starts at about $70,000. Earlier in June, the market lost more History was made on the tenth of June when the United States crossed the gas price rubicon. Last year, Vagnozzi and his wife gave $27,000 to St. Josephs University for a covered bench for the soccer team, which included their daughter, Gabrielle. A few days after I had talked with the prenovices about the . The main event the federal civil fraud trial led by SEC lawyer Amie Riggle Berlin is scheduled for December. There are several reports in the media about the iconic actor's health in relation to his current condition. Many home shopping fans (including me) were shocked to hear the news that two long time, and popular QVC on-air hosts, Dan Hughes and Carolyn Gracie, had been let go. After a 16-year business relationship, Montgomery County financial pitchman Dean Vagnozzi has turned on his lawyer. All the non-investors, look at this," he directed. We get a few checks periodically, he said, but Id have been better holding on to my company stock.. With his heavy radio advertising and free steak sales dinners, Vagnozzi, 51, whose offices are in King of Prussia, has touted alternatives to Wall Street for more than 15 years. In its more recent lawsuit, the SEC cited that as an example of his repeated misrepresentations. Dean Vagnozzi, a Philadelphia-based financial adviser, sued Eckert Seamans Cherin & Mellott LLC after being targeted by the SEC (Securities Exchange Commission) for investments associated with fraud.. Eric Lechtzin, a Bucks County lawyer who brought one of the first investor suits against Vagnozzi and Pauciulo, said Vagnozzi was trying to avoid responsibility for his own role. Vagnozzi's agreement earlier this year to pay the $5 million was the third time since 2019 that he has agreed to pay large sums to resolve complaints from regulators. According to government records, one of his firms this year received federal payroll aid, called a Paycheck Protection Program loan, of between $150,000 and $350,000. The SEC considers the issuer who sells the securities to have primary liability.. The Texas firm declared bankruptcy in January 2015, a month after a judge fined it $38 million in the SEC case. Now lives at 3872 Jane Ct, Collegeville, PA 19426. As for Vagnozzi, he was once a ubiquitous presence on Philadelphia media, spending heavily on ads to urge people to put money into his alternatives to the stock markets. He referred questions to a lawyer who did not immediately call back. Categories . Don't forget to download Amino and search my profile name, *GLOBAL PROFILE NAME*, to check out my Stories: https://aminoapps.onelink.me/4eRt/InternetsnathanF. In recent weeks Vagnozzi said he would take steps to overhaul his businesses. This information became public when the plaintiff filed a praecipe an order requesting a writ or legal document in late August, which showed that the settlement was backdated to July 29, 2020 despite no written agreement being concluded until August 12, 2020. When two more policyholders died this year, he says, the Vagnozzi rep who sold him the fund told him there wasnt enough money to pay him. When Par Funding and A Better Financial Plan could no longer keep up scheduled payments to investors due to the coronavirus shutting down businesses across the country, Vagnozzi and Par Funding executives renegotiated their promissory notes to offer a reduced return for an extended period of several years. The trial in Miami is to start Dec. 3. On the video, in which Par executives also appear, Vagnozzi promises investors returns of between 10 percent and 14 percent, saying that the outsized returns were possible . I am arranging to pay you 17% !, he said. He found few leads but is still puzzled by the lack of payments. But investors have. He urged those who had invested in Par to stand up. After seven years, he said, investors have yet to get back what they put in. The Commission has approved the Consent Agreement and Order entered into by Dean J. Vagnozzi d/b/a A Better Financial Plan, LLC, in which they are ordered to pay an administrative assessment for violations of the Pennsylvania Securities Act of 1972. Now, Vagnozzi has brought his suit against Pauciulo and his firm. But medical technology is keeping them living.. Gerald J Nave. In July, the SEC named him as a defendant in the civil suit about Par Funding. LaForte and McElhone founded Par Funding in Philadelphia in 2011, shortly after LaForte's release from prison. I was selling life insurance.". As a group, about 1,500 merchants owe Par Funding about $350 million, but much of that appears to be non-collectible. One is John Lindtner, 49, a Chester County contractor. NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. Dean Vagnozzi, the 46-year-old financial entrepreneur and President of A Better Financial Plan, LLC, believes in making your money work hard for you. His trial is pending. Edit Details The lawyer representing the receiver, Gaetan Alfano, requested that the client return the money that he had been paid in the settlement from Vagnozzi to the receiver as reported by the Philadelphia Inquirer in late August, but no known payment has been returned to date. Vagnozzi also came under scrutiny when the receiver uncovered a legal settlement payment made from a bank account to a client who had refused to sign a new deal with Par Funding. His criminal history includes a fraud conviction in which he and other family members set up a phony law firm to steal $14 million in home escrow money and a subsequent conviction involving an offshore gambling operation. Tom, 77, walks with a slight limp, which has led to rumors that he may have arthritis. The agency says Ford was identified as Cleothus Lefty Jackson when he was previously arrested in Arizona for mortgage fraud. I was holding my breath that it wouldnt come to that, but it did," Vagnozzi would say later in a deposition. One Dean! They deny the accusations. Vagnozzi kept selling investments in policies purchased from Life Partners despite that firm's troubles. rory gilmore 21st birthday; fetal heart rate 180 at 10 weeks; lakers future draft picks; Hello world! Age 54 (610) 763-4868. Vagnozzi has fought back against the SEC, rejecting its complaint as groundless. Dean Vagnozzi, the owner of A Better Financial Plan, helps his clients find ways to build wealth without gambling on the stock market.Outside of his work, Dean Vagnozzi enjoys playing golf. His appeal was to an aging middle-class who had done well during the 1980s and 1990s stock booms, only to be burned by the 2001 tech collapse and the deeper financial crisis of 2008. A decade later, Sullivan says, the fund has paid back less than half the original investment. If he gets a significant judgment from Eckert, well go after that, Lechtzin said. In a new lawsuit, Vagnozzi blames Pauciulo for bad legal advice. Receiver Stumphauzer is still seeking to collect some of that from Par Funding's borrowers. Judge Rodolfo A. Ruiz II overseeing the case gave authority to Stumphauzer to remove Par Funding employees access while also ordering that any copies that were made by Par Funding staffers be sent to the receiver for review. (He asked not to be named, saying he was embarrassed about his investment.). His payback: $31,000. John Pauciulo (left), a partner at the Eckert Seamans law firm, and financial salesman Dean Vagnozzi appeared together in a a 2017 video in which Vagnozzi said his funds have all "complied with state and federal securities laws" and Pauciulo agrees. 7. The headline read: Montgomery County investors double their money sooner than expected. The photo showed the smiling couple and Vagnozzi holding a giant mock check. Vagnozzi has fought back against the SEC, rejecting its complaint as groundless. Of the 8 cases of fraud outlined against the defendants, 7 of them included Vagnozzi and a Better Financial Plan. Of the more than $4 million that was paid by Par Funding into the MK Corporate Debt account, more than $500,000 remained after settling with several investors. Par Funding blamed the reductions on the onset of COVID-19, but court data showed that the firm had filed nearly 1,500 lawsuits against defaulting borrowers in 2019, before the virus surfaced. Published by at 16 de junio de 2022. He has pleaded not guilty. Who wants more than 4 percent? Vagnozzi asked. Jim Wollyung, 64, a retired Philadelphia trucking company employee, has invested $900,000 in Vagnozzi ventures since 2018. Dean Vagnozzi made a generous donation to the Saint Joseph's University soccer program in the amount of $27,000. The court never contacted me or informed me about the fund that they froze and ultimately plundered. (As for the Par-related funds, a court-imposed receiver took charge of them earlier this year.). Vagnozzi has spent heavily on advertising in the Philadelphia market; he told the SEC that he was spending up to $20,000 a week. In happier times, Vagnozzi, a King of Prussia financial salesman well-known through his once-ubiquitous radio ads, raised more than $200 million from investors seeking alternatives to the stock market. In his recent email exchange with The Inquirer, Vagnozzi said he did what he had reason to believe was right for investors. While four defendants in the case have now dropped their opposition, two others have chosen to go to trial. Dean Vagnozzi is on Facebook. The stock market is brutalizing Wall Street investors, falling more than 17% year-to-date in August. Pauciulo, in his rebuttal pleading this year, holds firm to that argument, saying, LaFortes criminal conviction for mortgage fraud did not need to be disclosed because it was more than 10 years old.. It was one of the most troubling days Ive had in a long, long time . If they are victims, he says, hes one, too. shauna froydenlund instagram. Vagnozzi is in no way off the hook here, Lechtzin said. A fourth defendant, Perry Abbonizio, 63, has also settled. Now they are adversaries, heading for court. Its the largest firm in the industry, according to annual data compiled by the Life Settlement Report, the industry newsletter. Previously, Dean was the Vice President, Business Development at NTT Data and also held positions at Ernst & Young ShinNihon LLC, Deloitte, EY. He talked with pride about his unconventional investment strategies and bridled at any suggestion that he sought to solicit business a word he said he found sleazy. In his language, his dinner meetings with investors were client appreciation events., In email responses to questions for this article, Vagnozzi wrote: my staff and I are good, hard-working, ethical people.. Stumphauzer also took control of art worth $2 million and a stable of luxury cars and boats from LaForte and McElhone. He claimed, The issues with Life Partners werent disclosed to me.. My impeccable credit score was destroyed. His million-dollar-plus yearly income fell to zero.. Vagnozzi began recommending Par Funding to investors in 2016. and Retirement Media, Inc . is panama city beach a good place to live; Dean Vagnozzi is not your average financial advisor, but he does make the average investor wealthier than anyone imagined possible. Any company or individual found violating these federal trademarks will be vigorously pursued through all available legal avenues and penalized to the fullest extent of the law. Vagnozzi empowers middle class investors to generate returns typically reserved for the uber rich. Among the exciting additions the donation will cover are two elite shelters with. Of that, according to documents in the case, Par Funding paid them back about $230 million over the years. Nobody has missed a payment," he said. Pardo quit. Working with fragmentary information from fund papers, partially redacted names, ages, and the like, he searched on Google to see whether the insured had died. In total, Par Funding took in about $480 million from investors. Many investors, weary of slow returns, agreed to the switch. By April he was writing that Par Funding appears to be insolvent.. Precisely how much they will all pay is still to be determined. The name makes it sound like a spooky force, but, in fact, it's the cosmological constant, , that Einstein added to his theory of gravity back in 1917. In depositions with the SEC, Vagnozzi argued that his radio ads and the rest didn't run afoul of SEC restrictions on the hawking of unregistered securities though "general solicitation" because his pitches were at a "high level" and avoided the nitty-gritty of the financial instruments he was recommending. Montgomery County financial pitchman Dean Vagnozzi, once well-known through his ubiquitous radio ads and free dinner seminars, has agreed to pay $5 million to resolve a complaint from the U.S.. The aging sellers had an average life expectancy of 34 months, dating from 2017, investors were told. He expected a quicker payout. ], Find out how you can submit Investors have the ability to move certain assets in order to create a financially beneficial environment for their retirement. We didnt have sales meetings, Amie, he told SEC trial counsel Amie Riggle Berlin earlier this year. Under such a forecast, investors should have received about half their payout by now. March 2, 2023. The U.S. Securities and Exchange Commission says Vagnozzi and Par Funding misled investors about Par's financial soundness and the criminal past of a founder. Hes still confident his investment will pay off eventually. In SEC fraud lawsuit, Par Fundings receiver squares off with adviser Dean Vagnozzi over money freeze, California residents do not sell my data request. Laforte, a convicted felon, was indicted on illegal gambling charges in 2009 and therefore was not allowed to own or possess firearms. Investors were happy to collect returns of 14% for a time. But for his fund, Bennett said, that was the last big payout. He told many of his investors in life-settlements that the elderly whose policies they had invested in werent dying as fast as predicted, which means investors' payments werent arriving as forecast. According to Mr. Vagnozzi, Eckert Seaman's attorney John Pauciulo's "amateurish" due diligence exposed him to claims from securities regulators and investors after partnering with a cash . He is, however, a licensed insurance salesman. Par Funding suspended payments to investors for two months this spring, then cut their returns by more than half. Original review: March 7, 2022. According to Bochetto, that kind of coverage could be enough not only to pay Vagnozzi but also investors. No other way to say it., READ MORE: Par Funding owner seeks release from prison, agrees to SEC control until civil fraud trial. The funds that remained were then transferred into Vagnozzis personal account. Chris Rollins Published: March 2, 2023. As outlined in DE-227, this new bank account, MK Corporate Debt at Citizens Bank, was set up for the purpose of paying off investors who rejected the renegotiated 4% note that was released in the late Spring of 2020 amid the COVID-19 pandemic. Though an unusual business one Vagnozzi investor calls it creepy the field is thriving. A third, filed by Philadelphia lawyer Clifford Haines on behalf of 17 people who set up pools that pumped nearly $50 million into Par, names just Pauciulo and his firm. Most of the people have reached their expected maturity. Homeowners like Dean Vagnozzi Sharpen Their Short Gam Key to Par's approach was that it required borrowers to sign what are known as "confessions of judgment" legal documents that compel the debtors to forfeit up front any right to defend themselves in court when accused of missing loan payments. He also said he had "weighed the cost of a lengthy legal battle vs. settling without admitting or denying any wrongdoing.. Vagnozzi, 52, may know little about cars he likes them, though, driving a Porsche and an Aston Martin in his video spots that showcased his success. Comments. Dean Vagnozzi and John Pauciulo were genial partners in a growing financial business, for 16 years. baby monkey beaten to death; cheap bus tickets from binghamton to nyc; bentley lease specials; frederick county, va breaking news; An . As of July 27, the SEC put in place a receiver, Ryan M. Stumphauzer who is currently running Par Funding and A Better Financial Plan. NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. In total, Vagnozzi raised $32 million from 339. By August 7, 2020, Laforte was arrested by authorities on illegal firearm possession in his Haverford, Pennsylvania home. In an interview, he said was disappointed in the returns from a Vagnozzi fund but hoped at least to get his money back. For Vagnozzi and his clients, life settlements have been a bumpy road. The judge had no contract with me or any right to freeze my investment, much less confiscate it. The life expectancies were terrible, he wrote investors. For more information about the SEC case against Vagnozzi and Par Funding, SEC Receiver Ryan Stumphauzer set up a website where concerned citizens, investors, and others can access key documents to stay up-to-date as the case unfolds. This website is strictly for educational purposes and is not intended to provide specific legal, financial, or tax advice. June 1, 2022 1:43 PM PT. Whats at stake for Florida healthcare in next weeks legislative session? A few years ago, when I was director of the prenovitiate program in Miami, I shared with the prenovices some of my personal recollections about the Second Vatican Council. Ordinary investors could be like the big boys by pooling their money to back entrepreneurs whose products werent traded on the stock market. Earlier this year, shortly before the SEC sued Vagnozzi over Par Funding, the agency filed another civil action about his work lining up $33 million in investments in buying life-insurance policies from the elderly. Pauciulo, 55, is a Temple law grad who has been with the Pittsburgh-based Eckert Seamans firm for more than a decade, leading its financial transaction group out of its Philadelphia office. James Allen, OMI. Search More About This Property. Another investor a suburban statistician who put $75,000 in one of the life settlement funds did some ghoulish fact-checking. content for publishing on our website. Montgomery County financial pitchman Dean Vagnozzi, once well-known through his ubiquitous radio ads and free dinner seminars, has agreed to pay $5 million to resolve a complaint from the U.S . This week's guest. The court filings include hours of transcripts of sworn depositions he gave to SEC lawyers, as well as reports from Vagnozzi on his income and spending. "Im going to keep pushing back on that. The SEC didnt name Pauciulo as a defendant in its lawsuit. As SEC crackdown loomed and business fell, Par Funding's founders bought watches for $154,000. He said Pauciulo had informed him about LaForte's criminal record in 2017, but advised him he didn't have to tell investors. In contrast, the receiver in the Par funding case says LaForte; his wife, Lisa McElhone; and other Par insiders kept for themselves more than $140 million out of the total of nearly $500 million put in by investors. "He never told me to change my message. Duke Energy Corporation. One early investor was Robert Sullivan, 60, manager of a Philadelphia transportation company. Leading a large group focused on driving growth for Duke Energy Sustainable Solutions. Silver Law Group continues to investigate Dean Vagnozzi, Par Funding, A Better Financial Plan, and others on behalf of investors in what the Securities and Exchange Commission (SEC) says was a $500 million "web of unregistered, fraudulent securities offerings.". In a court response this month to Vagnozzis suit, Pauciulo hit back at his former client. Previously, Montgomery County financial adviser Dean Vagnozzi agreed to pay $5 million and Florida salesman John Gissas $1.3 million. The lawsuit by the U.S. Securities and Exchange Commission names Par Funding, its owners, Vagnozzi, and others as defendants, saying that they misled investors about Pars high default rate and an owners criminal past as a grifter.