UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF FLORIDA

CASE NO.: 

SECURITIES AND EXCHANGE COMMISSION,

Plaintiff,

v.

COMPLETE BUSINESS SOLUTIONS GROUP, 

 INC. d/b/a/ PAR FUNDING,

FULL SPECTRUM PROCESSING, INC.,

ABETTERFINANCIALPLAN.COM LLC 

 d/b/a/ A BETTER FINANCIAL PLAN,

ABFP MANAGEMENT COMPANY, LLC 

 f/k/a/ PILLAR LIFE SETTLEMENT 

 MANAGEMENT COMPANY, LLC,

ABFP INCOME FUND, LLC,

ABFP INCOME FUND 2, L.P.,

UNITED FIDELIS GROUP CORP.,

FIDELIS FINANCIAL PLANNING LLC,

RETIREMENT EVOLUTION GROUP, LLC,

RETIREMENT EVOLUTION INCOME

 FUND, LLC , f/k/a RE INCOME FUND, LLC,

RE INCOME FUND 2, LLC,

LISA MCELHONE,

JOSEPH COLE BARLETA a/k/a/ JOE COLE,

JOSEPH W. LAFORTE a/k/a JOE MACK 

 a/k/a/ JOE MACKI a/k/a JOE MCELHONE,

PERRY S. ABBONIZIO,

DEAN J. VAGNOZZI,

MICHAEL C. FURMAN, 

and JOHN GISSAS

Defendants, and

L.M.E. 2017 FAMILY TRUST,

Relief Defendant.

___________________________________________/

PLAINTIFF SECURITIES AND EXCHANGE COMMISSION'S 

MOTION FOR APPOINTMENT OF RECEIVER AND MEMORANDUM OF LAW

MC Jul 24, 2020 MIAMI

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Plaintiff Securities and Exchange Commission moves this Court for an Order appointing a 

Receiver over Defendants Complete Business Solutions Group, Inc. d/b/a Par Funding (“Par

Funding”), Full Spectrum Processing, Inc., ABetterFinancialPlan.com LLC d/b/a A Better 

Financial Plan (“ABFP”), ABFP Management Company, LLC f/k/a Pillar Life Settlement 

Management Company, LLC (“ABFP Management”), ABFP Income Fund, LLC, ABFP Income 

Fund 2, L.P., United Fidelis Group Corp., Fidelis Financial Planning LLC, Retirement Evolution 

Group, LLC, RE Income Fund LLC, and RE Income Fund 2 LLC (collectively, the “Companies”), 

with full and exclusive power, duty, and authority to: administer and manage their business affairs, 

funds, assets, causes of action and any other property of the Companies; marshal and safeguard all 

of the assets of the Companies; and take whatever actions are necessary for the protection of the 

investors. For the reasons set forth below, in order to protect investors, it is essential that the Court 

appoints a Receiver over the Companies. 

In connection with this request to appoint a Receiver, the Commission believes Ryan 

Stumphauzer is best-suited to handle this matter. Mr. Stumphauzer

As set forth in the Complaint and Motion for Temporary Restraining Order in this 

proceeding, the Companies are engaged in unregistered and fraudulent securities offerings.

Investor funds are funneled through the Companies to Par Funding, where Par Funding

commingles the investor funds with Par Funding’s business funds, loaned to small businesses, and 

transferred to, among other places, Defendant Lisa McElhone and companies owned or controlled 

by Defendants Perry Abbonizio and Joseph Cole. 

Par Funding has raised about $492 million from investors since 2015. The most recent Par 

Funding bank account statements available at this time show an account balance of about $82,000 

Case 9:20-cv-81205-RAR Document 4 Entered on FLSD Docket 07/24/2020 Page 2 of 6
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as of June 30, 2020 in one account and a balance of about $6.8 million as of May 29, 2020 in 

another account. 

The Commission attaches Mr. Stumphauzer’s credentials to this motion. The interests of 

investors would best be served by appointing Mr. Stumphauzer to serve as Receiver over the 

Companies. His letter and resume indicate he has extensive experience in securities and 

receivership matters. The Receivership will involve determining how to resolve or continue the 

businesses, locating assets and investor funds, and accounting and asset management, among other 

tasks, a Receiver with Mr. Stumpahauzer’s extensive experience is essential. 

Moreover, Mr. Stumpahauzer is willing to significantly discount his and his firm's current

hourly rates. He is willing to significantly discount his hourly rate to $395 an hour. Additionally, 

his counsel will also provide this same discount. These considerable rate reductions will

substantially reduce the costs of the Receivership to defrauded investors. 

Accordingly, the Commission requests that the Court appoint Mr. Stumphauzer as Receiver 

over the Companies. 

MEMORANDUM OF LAW

The Court should appoint a Receiver over the Companies with full and exclusive power, 

duty, and authority to: administer and manage their business affairs, funds, assets, causes of action 

and any other property of the Companies; marshal and safeguard all of the Companies’ assets; and 

take whatever actions are necessary for the protection of the investors.

The appointment of a Receiver is a well-established equitable remedy available to the 

Commission in civil enforcement proceedings for injunctive relief.1 The appointment of a 

 1 See, e.g., SEC v. First Financial Group of Texas, 645 F.2d 429, 438 (5th Cir. 1981); see also

Section 22(a) of the Securities Act of 1933, 15 U.S.C. § 77v(a), and Section 27 of the Securities 

Exchange Act of 1934, 15 U.S.C. § 78aa.

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Receiver is particularly appropriate in cases such as this where a corporation, through its 

management, has defrauded members of the investing public.2

 In such cases, without the 

appointment of a Receiver to maintain the status quo, the corporate assets will be subject to 

diversion and waste to the detriment of those who were induced to invest in the fraudulent scheme.3

A Receiver is appropriate to protect the public interest when it is obvious that those in control of 

an entity who have inflicted serious detriment in the past must be ousted.4

From July 2015 until June 2020, Par Funding, which is operated by Full Spectrum, has 

received about $492,398,894 of investors’ funds in connection with its unregistered securities 

offering. According to their most recent filings with the Commission, ABFP Income Fund has 

raised at least $22,309,000 from investors and ABFP Income Fund 2 has raised at least $6,322,500

from investors. According to its May 2019 filing with the Commission, Fidelis Financial Planning

had raised at least $5,838,000 from investors, though bank account records indicate it has raised 

$11.6 million as of December 2019. Retirement Evolution Group has raised about $6.5 million 

from investors; according to its June 2019 filing with the Commission RE Income Fund has raised 

about $5,450,000 from investors; and according to its August 2019 filing with the Commission,

RE Income Fund 2 had raised $150,000 from investors as of that date. As set forth in the 

Commission’s Complaint and Motion for a Temporary Restraining Order and Other Relief, these 

amounts were raised through fraudulent and unregistered securities offerings.

There have been three Cease-and-Desist Orders issued by three states concerning the Par 

Funding securities offering, spanning November 2018 through February 2020. Undeterred, Par 

 2 First Financial Group of Texas, 645 F.2d at 438.

3 Id. See also R.J. Allen & Associates, Inc., 386 F. Supp. 866, 891 (S.D. Fla. 1974).

4 SEC v. Bowler, 427 F .2d 190, 198 (4th Cir. 1970).

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Funding, through the company that operates it (Full Spectrum), its principals (McElhone, LaForte, 

Cole, and Abbonizio), and the individuals and so-called “Agent Funds” that participate in the

fraudulent scheme (all remaining Defendants) continue to raise funds from investors through 

unregistered and fraudulent securities offerings. They do not disclose the prior regulatory actions

to investors, Furman has falsely told at least one potential investor one of these Orders was 

“retracted,” and Cole has made similar misrepresentations to the IRA Administrator through which 

many of the investors contribute to Par Funding. Most recently, on July 14, 2020, the Commission 

filed a Consent Order against Vagnozzi and ABFP, which Vagnozzi has been mischaracterizing 

to investors and using to tell investors “I feel that the results of this [SEC] investigation are the 

absolute best reason someone should invest with us....” In sum, the Defendants have demonstrated 

that they have no respect for the laws governing securities offerings, and a Receiver is essential to 

protect investor funds.

The Companies have not paid investors the returns promised to investors in the initial 

securities offerings. Instead, ABFP, ABFP Income Fund, ABFP Income Fund 2, and Fidelis 

Financial Planning recently offered and sold “replacement notes” wherein investors exchanged 

their initial promissory notes for new promissory notes offering lower interest rates, after receiving

recommendations by Vagnozzi and his attorney that the investors accept these replacement notes. 

In June 2020, Par Funding transferred funds from its account to another bank account, 

called “Par Funding Pre Fund,” leaving about $82,000 in that bank account. At this juncture, the 

Companies need a Court-appointed Receiver to act in their best interests and to maximize value 

for defrauded investors.

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CONCLUSION

For the foregoing reasons, the Commission requests that the Court grant its request for the 

appointment of Mr. Stumphauzer, Esq. as Receiver over the Companies. A proposed order is 

submitted herewith.

July 24, 2020 Respectfully submitted,

 

 

 By: 

 Amie Riggle Berlin

Senior Trial Counsel

Florida Bar No. 630020

Direct Dial: (305) 982-6322

Direct email: berlina@sec.gov

 Attorney for Plaintiff

SECURITIES AND EXCHANGE COMMISSION

 801 Brickell Avenue, Suite 1800

 Miami, Florida 33131

Telephone: (305) 982-6300 

Facsimile: (305) 536-4154 

Certification of Counsel

Counsel for the Commission did not confer with Argyle Coin regarding the requested 

relief, since in order to prevent further dissipation of assets, we are seeking this relief in connection 

with an ex parte Temporary Restraining Order that we are filing under seal. 

 __________________________ 

 Amie Riggle Berlin 

s/Amie Riggle Berlin

s/Amie Riggle Berlin

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