UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF FLORIDA

CASE NO. 20-CV-81205-RAR

SECURITIES AND EXCHANGE 

COMMISSION, 

Plaintiff,

v. 

COMPLETE BUSINESS SOLUTIONS 

GROUP, INC. d/b/a PAR FUNDING, et al.,

Defendants.

______________________________________/ 

FINAL JUDGMENT AGAINST DEFENDANT MICHAEL FURMAN

THIS CAUSE comes before the Court upon the Order Granting in Part Plaintiff’s 

Amended Omnibus Motion for Final Judgment [ECF No. 1432] (“Order”). For the reasons set 

forth in the Order, it is hereby ORDERED AND ADJUDGED as follows: 

PERMANENT INJUNCTIVE RELIEF

A. Section 17(a) of the Securities Act of 1933 (“Securities Act”)

IT IS ORDERED AND ADJUDGED that Michael Furman is permanently restrained and 

enjoined from violating Section 17(a) of the Securities Act [(15 U.S.C. § 77q(a)] in the offer or 

sale of any security by the use of any means or instruments of transportation or communication in 

interstate commerce or by use of the mails, directly or indirectly:

(a) to employ any device, scheme, or artifice to defraud; 

(b) to obtain money or property by means of any untrue statement of a material fact or 

any omission of a material fact necessary in order to make the statements made, in 

light of the circumstances under which they were made, not misleading; or 

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(c) to engage in any transaction, practice, or course of business which operates or 

would operate as a fraud or deceit upon the purchaser

by, directly or indirectly (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally or 

in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about: (A) any investment in securities; (B) the prospects for success of any 

product or company; (C) the use of investor funds; (D) the safety of any securities investment; (E) 

the use of investor funds or investment proceeds; (F) orders issued by state or federal enforcement 

agencies; (G) the financial status of an issuer; or (H) the management of an issuer. 

IT IS FURTHER ORDERED AND ADJUDGED that, as provided in Federal Rule of 

Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

notice of this Final Judgment: (a) Furman’s officers, agents, servants, employees, and attorneys; 

and (b) other persons in active concert or participation with Furman or with anyone described in 

(a).

B. Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5

IT IS FURTHER ORDERED AND ADJUDGED that Furman is permanently restrained 

and enjoined from violating, directly or indirectly, Section 10(b) of the Exchange Act [15 U.S.C. 

§ 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or 

instrumentality of interstate commerce, or of the mails, or of any facility of any national securities 

exchange, in connection with the purchase or sale of any security:

(a) to employ any device, scheme, or artifice to defraud;

(b) to make any untrue statement of a material fact or to omit to state a material fact 

necessary in order to make the statements made, in the light of the circumstances 

under which they were made, not misleading; or

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(c) to engage in any act, practice, or course of business which operates or would 

operate as a fraud or deceit upon any person,

by, directly or indirectly (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally or 

in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about: (A) any investment in securities; (B) the prospects for success of any 

product or company; (C) the use of investor funds; (D) the safety of any securities investment; (E) 

the use of investor funds or investment proceeds; (F) orders issued by state or federal enforcement 

agencies; (G) the financial status of an issuer; or (H) the management of an issuer.

IT IS FURTHER ORDERED AND ADJUDGED that, as provided in Federal Rule of 

Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

notice of this Final Judgment by personal service or otherwise: (a) Furman’s officers, agents, 

servants, employees, and attorneys; and (b) other persons in active concert or participation with 

Furman or with anyone described in (a).

C. Section 5 of the Securities Act

IT IS FURTHER ORDERED AND ADJUDGED that Furman is permanently restrained 

and enjoined from violating Sections 5(a) and (c) of the Securities Act [15 U.S.C. § 77e] by, 

directly or indirectly, in the absence of any applicable exemption:

(a) Unless a registration statement is in effect as to a security, making use of any means 

or instruments of transportation or communication in interstate commerce or of the 

mails to sell such security through the use or medium of any prospectus or 

otherwise; or

(b) Making use of any means or instruments of transportation or communication in 

interstate commerce or of the mails to offer to sell or offer to buy through the use 

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or medium of any prospectus or otherwise any security, unless a registration 

statement has been filed with the Commission as to such security, or while the 

registration statement is the subject of a refusal order or stop order or (prior to the 

effective date of the registration statement) any public proceeding or examination 

under Section 8 of the Securities Act [15 U.S.C. § 77h]. 

IT IS FURTHER ORDERED AND ADJUDGED that, as provided in Federal Rule of 

Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

notice of this Final Judgment by personal service or otherwise: (a) Furman’s officers, agents, 

servants, employees, and attorneys; and (b) other persons in active concert or participation with 

Furman or with anyone described in (a). 

DISGORGEMENT, PREJUDGMENT INTEREST, AND CIVILPENALTY

IT IS FURTHER ORDERED AND ADJUDGED that Furman is liable to the 

Commission for $1,834,000 in disgorgement, representing his ill-gotten gains as a result of the 

conduct alleged in the Amended Complaint [ECF No. 119] and as found by the Jury [ECF No. 

1101]; prejudgment interest on disgorgement of $137,614.46; and a civil penalty of $190,000 

pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the 

Exchange Act [15 U.S.C. § 78u(d)(3)]. 

Furman shall pay the total of $2,161,614.46 to the Court-appointed Receiver within thirty 

(30) days of entry of this Final Judgment. 

Furman shall simultaneously transmit photocopies of evidence of payment and case 

identifying information to the Commission’s counsel in this action. By making this payment, 

Furman relinquishes all legal and equitable right, title, and interest in such funds and no part of the 

funds shall be returned to Furman. 

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The Commission may enforce the Court’s judgment for disgorgement and prejudgment 

interest by using all collection procedures authorized by law, including, but not limited to, moving 

for civil contempt at any time after thirty (30) days following entry of this Final Judgment. The 

Commission may enforce the Court’s judgment for penalties by the use of all collection procedures 

authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. § 3001 et seq.,

and moving for civil contempt for the violation of any Court orders issued in this action. Furman

shall pay post-judgment interest on any amounts due after thirty (30) days of the entry of this Final 

Judgment pursuant to 28 U.S.C. § 1961. 

The Commission or the Receiver may propose a plan to distribute the funds subject to the 

Court’s approval. Such a plan may provide that the Fund shall be distributed pursuant to the Fair 

Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002. The Court shall retain 

jurisdiction over the administration of any distribution of the Fair Fund and the Fund may only be 

disbursed pursuant to an order of the Court. 

Regardless of whether any such Fair Fund distribution is made, amounts ordered to be paid 

as civil penalties pursuant to this Final Judgment shall be treated as penalties paid to the 

government for all purposes, including all tax purposes. To preserve the deterrent effect of the 

civil penalty, Furman shall not, after offset or reduction of any award of compensatory damages 

in any Related Investor Action based on Furman’s payment of disgorgement in this action, argue 

that he is entitled to, nor shall he further benefit by, offset or reduction of such compensatory 

damages award by the amount of any part of Furman’s payment of a civil penalty in this action 

(“Penalty Offset”). If the court in any Related Investor Action grants such a Penalty Offset, 

Furman shall, within thirty (30) days after entry of a final order granting the Penalty Offset, notify 

the Commission’s counsel in this action and pay the amount of the Penalty Offset to the United 

States Treasury or to a Fair Fund, as the Commission directs. Such a payment shall not be deemed 

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an additional civil penalty and shall not be deemed to change the amount of the civil penalty 

imposed in this Final Judgment. For purposes of this paragraph, a “Related Investor Action” 

means a private damages action brought against Furman by or on behalf of one or more investors 

based on substantially the same facts as alleged in the Complaint in this action.

RETENTION OF JURISDICTION

This Court shall retain jurisdiction over this matter and Furman in order to implement and 

carry out the terms of all Orders and Decrees that may be entered and/or to entertain any suitable

application or motion for additional relief within the jurisdiction of this Court, and will order other 

relief that this Court deems appropriate under the circumstances. 

RULE 54(b) CERTIFICATION

 There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil 

Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice. 

DONE AND ORDERED in Fort Lauderdale, Florida, this 24th day of October, 2022. 

 ________________________________ 

RODOLFO A. RUIZ II

UNITED STATES DISTRICT JUDGE

cc: Counsel of Record 

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