Par Funding defendants settle with SEC, will repay money in $500 million investment fraud [The Philadelphia Inquirer]
The SEC said Par Funding, Vagnozzi, and the others raised nearly $500 million by misleading investors about the lender's reckless loan underwriting, high defaults on the money it lent, lack of business insurance, and history of regulatory trouble. The deal calls for the SEC to come up with a figure to be approved after a hearing by U.S. Though Par Funding operated...
Source: insurancenewsnet.com