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 

____________________________________________/ 

JOINT STATUS REPORT REGARDING CLAIMS CALCULATION 

Pursuant to the Court’s Orders [ECF Nos. 1822 and 1829], Plaintiff Securities and 

Exchange Commission and the Court-Appointed Receiver, Ryan Stumphauzer, hereby file a Joint 

Status Report regarding the Receiver’s claim calculation. 

Investors submitted claims for their investment losses on twelve-month promissory notes 

that had not yet matured by February 2020 or by the date the Commission filed this case (the 

“Open Notes”), and thus where the investors have not received the return of their principal. These 

investors’ claims seek amounts under the following formula: principal amount the investor 

invested in an Open Note, minus the interest that investor previously received on that same Open 

Note prior to the Commission filing this case. 

The Receiver has calculated these investor claims using the above formula, and then further 

subtracting the amount of interest the investor previously received from that same Note Issuer on 

prior promissory notes that matured and closed at any time from 2016 through the date the 

Commission filed this case (“Closed Notes”). 

The Commission and Receiver have conferred about the appropriate method for calculating 

these investors’ claims and agree as follows. The Commission’s position is that for the Receiver’s 

claim calculation to apply, the Court would have to first determine that the Note Issuer operated a 

Ponzi scheme such that the interest payments to investors on Closed Notes were comprised of later 

investors’ funds in that same offering, and that the equities, based on the facts of this case and the 

investor claims at issue, support the Receiver’s calculation formula. The burden would be on the 

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Receiver to demonstrate these matters by filing a motion with supporting evidence and legal 

support. 

Without taking a position on whether a Ponzi scheme determination is necessary for the 

Receiver’s claim calculation, the Receiver intends to proceed in that manner and to file an 

appropriate motion. The Receiver will confer with the Commission about that motion and provide 

the information the Commission has requested, and the Commission will provide its position on 

the motion at that time. The Receiver will file a status update with the Court by Friday, April 5, 

2024. 

March 21, 2024 

Respectfully submitted, 

s/Amie Riggle Berlin 

Amie Riggle Berlin, Esq. 

Senior Trial Counsel 

Fla. Bar No. 630020 

Telephone: (305) 982-6322 

Facsimile: (305) 536-4154 

E-mail:berlina@sec.gov

ATTORNEY FOR PLAINTIFF

SECURITIES AND EXCHANGE 

COMMISSION

801 Brickell Avenue, Suite 1950 

Miami, Florida 33131 

Telephone: (305) 982-6300 

STUMPHAUZER KOLAYA 

NADLER & SLOMAN, PLLC 

Two South Biscayne Blvd., Suite 1600 

Miami, FL 33131 

Telephone: (305) 614-1400 

Facsimile: (305) 614-1425 

By: /s/ Timothy A. Kolaya 

 TIMOTHY A. KOLAYA 

 Florida Bar No. 056140 

tkolaya@sknlaw.com

Counsel for Receiver

Case 9:20-cv-81205-RAR Document 1833 Entered on FLSD Docket 03/21/2024 Page 2 of 2