In July, the U.S. Securities and Exchange Commission filed suit against LaForte, his wife, Lisa McElhone, Par Funding, and a network of associated businesses and financial advisers. The SEC alleges that Par Funding, LaForte, 49, McElhone, 41, and others defrauded investors while raising nearly $600 million to cover loans it doled out and downplayed its massive number of borrower defaults.

Source Google News