Now that the Par Funding scandal has just about reached its end, what’s the bottom line for more than 1,000 investors whom federal regulators say were defrauded?
seized from a key salesmen and former Par official, Perry Abbonizio. The homes, in Stone Harbor and Avalon, netted about $4 million in all, after paying off their mortgages.brought by the U.S. Securities and Exchange Commission for failing to register Par investments as securities, for falsely downplaying the risks facing investors, and for other lies and omissions. However, a parallel FBI criminal investigation into Par Funding remains active.
They did suggest, however, that Judge Ruiz approve giving the money out in stages as it comes in. The SEC says it usually waits until all the money is in hand and makes one payment to each investor. In a recent interview, Joe Brock, a former Teamsters union official who sunk $200,000 into Par and has followed the SEC lawsuit closely, questioned whether the owners still have enough money left “to make investors whole,” but added that he was glad the receiver was still collecting cash from borrowers and others.
They warned that even after discounting that foregone loans, debt collectors were still checking for “additional amounts that are not likely to be collected.”
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