[pcfunder]

Par was in more than half of the deals I saw

[Akanner]

Par was in more than half of the deals I saw

Agreed. I saw them in the majority of deals during/after covid

[Steven_O]

Is it just me... or is everyone they lent money to, "connected" in some way to fraud. Looks to me, like the scam was: 1. Raise money from investors using fake default numbers. 2. Funnel a huge portion of the money to "shell corporations" that they probably had a hand in (which ultimately don't pay). 3. Water it down by funding almost anything that comes in the door (thousands of customers and only 10 held 228M in outstanding receivables).

It looks like it had many moving parts (fraud within fraud)...

Some of these guys have serious talent when it comes to critical thinking. Imagine if they used it for good.

I've said it many times... this is a movie.

[WCC_NYC]

We never had a chance to work with them, ever since I heard they backdoor deals we stayed clear.

What we noticed from merchant statements is that they would get into the deal with PAR and really over lever the merchant to the point that Complete Business Funding came in and did a reverse-consolidation. Did anyone else notice that?

[TruCapNews]

Anyone else have clients who got this email??

September 9, 2020
Dear Par Funding Merchant:
We appreciate your patience as of late. Please be advised, that Ryan K. Stumphauzer,
Esq., was appointed Receiver ("Receiver") of Complete Business Solutions Group, Inc.
d/b/a Par Funding and other entities pursuant to a Court order entered in the United
States District Court in the Southern District of Florida on July 27, 2020 and amended
on August 13, 2020. Attached please find correspondence from the Receiver dated,
August 22, 2020.
You have been identified as having a merchant cash advance/factoring agreement
("MCA") with Par Funding. While the court was transferring business duties to the
Receiver, ACH drafts may not have been occurring. Effective Tuesday, September 8,
2020, operations have resumed and the Receiver, along with the assistance of
consultants from Development Specialists, Inc. and employees of the Receivership
Entities, has re-commenced ACH and debit activity in accordance with the MCA and
other collection efforts to enforce the terms of the MCA.
All payments should be directed to the Receiver and the Receivership Entities as the
owners of the rights title and interest in the MCA. Only the Receiver (and his designees)
are authorized to collect on the MCA. If any third party has made any attempts to collect
on the MCA owned by the Receivership Entities, please advise us immediately

So basically par will be pulling again. Making sure lenders know about this because it is going to seriously effect withhold.

[BB_Cooper]

Anyone else have clients who got this email??

September 9, 2020
Dear Par Funding Merchant:
We appreciate your patience as of late. Please be advised, that Ryan K. Stumphauzer,
Esq., was appointed Receiver ("Receiver") of Complete Business Solutions Group, Inc.
d/b/a Par Funding and other entities pursuant to a Court order entered in the United
States District Court in the Southern District of Florida on July 27, 2020 and amended
on August 13, 2020. Attached please find correspondence from the Receiver dated,
August 22, 2020.
You have been identified as having a merchant cash advance/factoring agreement
("MCA") with Par Funding. While the court was transferring business duties to the
Receiver, ACH drafts may not have been occurring. Effective Tuesday, September 8,
2020, operations have resumed and the Receiver, along with the assistance of
consultants from Development Specialists, Inc. and employees of the Receivership
Entities, has re-commenced ACH and debit activity in accordance with the MCA and
other collection efforts to enforce the terms of the MCA.
All payments should be directed to the Receiver and the Receivership Entities as the
owners of the rights title and interest in the MCA. Only the Receiver (and his designees)
are authorized to collect on the MCA. If any third party has made any attempts to collect
on the MCA owned by the Receivership Entities, please advise us immediately

So basically par will be pulling again. Making sure lenders know about this because it is going to seriously effect withhold.

Any word on what the Receiver plans to do with the Par merchants who were mid-stream into a Reverse Consolidation?

[pcfunder]

Is it just me... or is everyone they lent money to, "connected" in some way to fraud. Looks to me, like the scam was: 1. Raise money from investors using fake default numbers. 2. Funnel a huge portion of the money to "shell corporations" that they probably had a hand in (which ultimately don't pay). 3. Water it down by funding almost anything that comes in the door (thousands of customers and only 10 held 228M in outstanding receivables).

It looks like it had many moving parts (fraud within fraud)...

Some of these guys have serious talent when it comes to critical thinking. Imagine if they used it for good.

I've said it many times... this is a movie.

That doesn't really seem too talented to me. They had connections and knew how to swindle people with lies. How hard is that?

[Steven_O]

That doesn't really seem too talented to me. They had connections and knew how to swindle people with lies. How hard is that?

Sorry... talent shouldve been replaced with Cojones.

[pcfunder]

Sorry... talent shouldve been replaced with Cojones.

Even still? It takes more cojones to not give into temptation and to build a business up the right way. Maybe he has a small package of "cojones" and wanted to over compensate as fast as possible with as little effort as possible. That seems like a more realistic scenario.

[Steven_O]

It takes more cojones to not give into temptation and to build a business up the right way.

You're stating the obvious...

The point is, what they are accused of doing - is the kind of stuff that movies are made from.

[Shorebird]

Where are all the Par defenders that were active on here recently?

Crazy that half of the investors monies went to 10 merchants.

[Sachip24]

they did put out a 90 million mca and their second largest client was 35 million mca lol

[Shorebird]

And they wonder why PAR busted out along with all the senior citizens money they allegedly scammed.

I guess there really is no such thing as a free steak dinner.

I wonder if the Gray Bar Motel reservation is coming up.

[abfunders]

I just realized the irony here.... Par over-leveraged themselves.

[SmartAdvanced]

I just realized the irony here.... Par over-leveraged themselves.

Micah is this your own vort?

[abfunders]

Micah is this your own vort?

Stayim she'asu.
Inspired by Shorebird and Sachip24

[Shorebird]

Sure, there was so much money coming in from the Senior Citizens that they had to throw it against the wall to see what sticks, now it appears hardly any of it stuck to the walls.

[happyman]

cbsg.PNG

PAR is back to debiting

[Sachip24]

Does anyone know what is happening with merchants that were in reverses with them? few of my merchants they started debiting again but they were reverses im assuming there will be no weekly deposit which would put them in breach of contract wouldn't it?

[Jess]

Did the FBI raid yieldstreet as well? Or just investigating?

[Franklin]

Did the FBI raid yieldstreet as well? Or just investigating?

Yield street is the one that alerted the FBI and the SEC in the first place.

The Dubai trading association, operated by Mr. Lakhani and the Lakhani family, is currently being investigated for defrauding Yieldstreet and at least 5 other private equity and financial institutions, in multiple countries.













Www.B2BRecon.com - Never have a deal held hostage by a weak agent again.

[Shorebird]

Isn't that where Quicksilver gets their funding from?