We had we had meetings with customers that had money to potentially invest. Police will provide an update shortly in the ongoing investigation into the death of the baby of Constance Marten and Mark Gordon. Par Funding suspended payments to investors for two months this spring, then cut their returns by more than half. NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. Date Filed Document Text; December 22, 2020: Filing 32 MOTION to Dismiss filed by COVENTRY FIRST LLC.Coventry First LLC's Motion to Dismiss Class Action Complaint. After being put under receivership, the federal judge overseeing the case ceased electronic access to Par Fundings company records on August 15, 2020. Dean J Vagnozzi. READ MORE: Can Par Funding receiver collect enough cash from business to pay investors? Today. READ MORE: Par Funding threatened violence, trashed reputations after businesses took out loans at brutal interest rates, borrowers say. "When people want to come meet with us, her job is to make sure that its a good use of everybodys time.. Of that, according to documents in the case, Par Funding paid them back about $230 million over the years. The SEC said Par Funding, Vagnozzi, and the others raised nearly $500 million by misleading investors about the lender's reckless loan underwriting, high defaults on the money it lent, lack of business insurance, and history of regulatory trouble. Until Vagnozzi and Pauciulo turned against each other, they had been able to weather increasingly rocky weather together. An accounting major in college, he went on for a time to become a licensed securities broker. NBC News obtained a videotape of an investor pitch dinner in Nov. 2019 hosted by Dean Vagnozzi, head of an investment firm that raised money for Par and was sued by the SEC. Turning to the investors, he said, "Raise your hands who here is getting double-digit return on their money?, All of this, the dinners, and payout events, the heavy ad buys, drew the attention of the SEC, which has rules that bar financial advisers from selling unregistered securities to the public through general solicitation.. When two more policyholders died this year, he says, the Vagnozzi rep who sold him the fund told him there wasnt enough money to pay him. Posted in. In the last 10 months, investors have sued Pauciulo and his firm in Delaware, Florida, and Philadelphia. The main event the federal civil fraud trial led by SEC lawyer Amie Riggle Berlin is scheduled for December. Borrowers have also alleged they were threatened by LaForte, with one merchant asserting LaForte threatened to "blow your house up." The judge overseeing the case also warned that investors may not have all of their money returned, if any, depending on the outcome of the case and the future of Par Funding. But he is not unschooled in business. That later date means the 10-year disclosure window didnt shut until 2019, well after Vagnozzi had raised millions for Par from investors who were told nothing about LaForte. In the depositions, Vagnozzi said he believes his business didnt run afoul of SEC rules intended to bar financial advisers from selling unregistered securities to the public. I dont talk about any specifics. Vagnozzi, 52, may know little about cars he likes them, though, driving a Porsche and an Aston Martin in his video spots that showcased his success. His was the first state funeral in the United Kingdom for a non-member of the Royal Family since Edward Carson's in 1935. I write about people and money in our community and beyond. According to Mr. Vagnozzi, Eckert Seaman's attorney John Pauciulo's "amateurish" due diligence exposed him to claims from securities regulators and investors after partnering with a cash . "He never pulled me aside and told me what I was saying was wrong, or was a violation of securities law," Vagnozzi said in an email to The Inquirer. Hes also developed a taste for luxury cars, such as a $230,000 Aston Martin Vanquish and a Maserati Levante SUV, which starts at about $70,000. There was enough to pay his friend $990,000/month to "manage" the fund while they investigated. He contends that he ordered Pauciulo to do a deep-dive, due-diligence background check on Par Funding, and that the lawyer reported back, There are no red flags. Pauciulo denies saying that and says the requested dive wasnt deep, but little more than an emailed quiz. Angelo Michael Vagnozzi PENNINGTON - Angelo Michael Vagnozzi, 81, of Pennington entered into God's loving care on Tuesday, Aug. 26, 2014, at Capital Health Hopewell, surrounded by his loving family, after a courageous 18-year battle against Alzheimer's disease. He also said A Better Financial Plan would no longer manage the funds. Pauciulo and his lawyer didnt return calls seeking comment. Among other issues, the SEC claims that Par Funding hid that a founder, Joseph LaForte, was using aliases to keep secret his two prison terms for financial crimes, including a $14 million real estate fraud. TRENTON, N.J. (CBS) -- A worker died after he was electrocuted after coming into contact with high-voltage power lines in Trenton, police say. According to government records, one of his firms this year received federal payroll aid, called a Paycheck Protection Program loan, of between $150,000 and $350,000. Vagnozzi says he paid Pauciulo more than $1 million in fees. It later collapsed into bankruptcy amid SEC charges of fraud. As life-settlement payouts drag on and premium costs rise, investors have been left frustrated. READ MORE: Federal judge orders Par Funding to stay out of seized accounts after its staff accessed 100,000 records. Fund documents show that he was among 99 investors who put up about $12 million and were told they could reap $21 million. This defense goes unmentioned in the Philadelphia suit. The court never contacted me or informed me about the fund that they froze and ultimately plundered. In all, Vagnozzi raised over $50 million from more than 300 investors in life settlements between 2010 and 2019, according to SEC documents. The SEC's senior trial counsel in the case, Amie Riggle Berlin, declined to comment Wednesday as did Eric Bustillo, director of the SEC's Miami regional office. Stumphauzer blocked Par employees from their emails, as they had accessed and downloaded more than 100,000 documents pertaining to company information more than two weeks after the judge had ordered their access be taken away. READ MORE: In SEC fraud lawsuit, Par Fundings receiver squares off with adviser Dean Vagnozzi over money freeze. As SEC crackdown loomed and business fell, Par Funding's founders bought watches for $154,000. Dean Vagnozzi stands in a room at Ruth Chris Steakhouse in King of Prussia, where he has pitched people during dinners about potential "alternative" investments. He never told me to change my message. Hes still confident his investment will pay off eventually. He invested in the life settlements in 2015 after attending one of Vagnozzis free meals. Separately, in a last bit of litigation in the overall Life Partners scandal, a trustee for its creditors is suing Vagnozzi and scores of other Life Partners salespeople to claw back their commissions. can i cancel boxycharm and keep premium; azure devops dashboard api; new nfl playoff format bracket 0. Instead, it says he failed to register investments as securities and to warn buyers of the risks risks that became undeniable when Par stopped paying investors last year. In 2004, Mr. Vagnozzi took a decisive step in leaving corporate America behind and establishing his own financial planning practice. When you're looking for a financial advisor who will turn your usual standards on their head, Dean Vagnozzi is the perfect way to fit those needs. In total, Par Funding took in about $480 million from investors. LaForte and McElhone founded Par Funding in Philadelphia in 2011, shortly after LaForte's release from prison. I was holding my breath that it wouldnt come to that, but it did," Vagnozzi would say later in a deposition. After John Dean gave his historic 1973 testimony on the Watergate scandal that eventually brought down the Nixon White House, he wanted to move on with his life. Only they didnt. Vagnozzis father was a suburban police officer who became a lawyer and chair of the Upper Merion supervisors. Dean Vagnozzi is not your average financial advisor, but he does make the average investor wealthier than anyone imagined possible. Update on A Better Financial Plan. Vagnozzi is not a registered financial adviser but he sure acted like one, according to the SEC. Though an unusual business one Vagnozzi investor calls it creepy the field is thriving. In an email to an Inquirer reporter, Vagnozzi said some of the life-settlements investments have done very well recently, returning sizable gains. The funds that remained were then transferred into Vagnozzis personal account. Par Funding blamed the reductions on the onset of COVID-19, but court data showed that the firm had filed nearly 1,500 lawsuits against defaulting borrowers in 2019, before the virus surfaced. Key to Par's approach was that it required borrowers to sign what are known as "confessions of judgment" legal documents that compel the debtors to forfeit up front any right to defend themselves in court when accused of missing loan payments. Possible owners of this property per the most recent deed. Never." The order is listed as "DE 360." His court-filed financial reports list spending on trips to the Caribbean and Hawaii and outlays ranging from $18,000 at Govberg jewelry in Ardmore to $7,735 at the Coral Stone Club on Grand Cayman Island. He is Dean Vagnozzi's brother and vice chair of the township supervisors for Upper Providence in Montgomery County. There would be no 17% return. One such dinner in November 2019 was secretly filmed by a private detective. Dean Vagnozzi is the President at Better Financial Plan based in King Of Prussia, Pennsylvania. Vagnozzi is not a registered financial adviser or broker but is a licensed insurance salesman. In addition, he put investors into new ventures that combined life insurance buys with Par Funding. . Their relationship seemed to hold up even after the feds moved in. In happier times, Vagnozzi, a King of Prussia financial salesman well-known through his once-ubiquitous radio ads, raised more than $200 million from investors seeking alternatives to the stock market. (Agents also found $5 million in cash there and at his other homes, in the Poconos and Jupiter, Fla.). He and his wife, Christa, have raised four children and live in a Collegeville house he valued for the court at $800,000. Dean received a Bachelor of Science degree from Albright College. $0.00. I cover all things Wall Street, personal finance and investing, people and their money. Working with fragmentary information from fund papers, partially redacted names, ages, and the like, he searched on Google to see whether the insured had died. Now lives at 3872 Jane Ct, Collegeville, PA 19426. at 2, and Defendants Perry Abbonizio and Dean Vagnozzi filed Notices of Joinder to the Motion on October 6, 2021 and October 20, 2021, respectively, [ECF Nos. Edit Details One investor told The Inquirer he put in his $50,000 at Vagnozzi's urging in February 2015 . After a settlement with the Securities and Exchange Commission in July revealed he was selling millions in unregistered securities to clients who were not wealthy enough to buy them under industry rules, his customers are probably calling Vagnozzi and . Gioe is facing pending federal criminal charges related to a personal loan, not one made by Par. Financial adviser Dean Vagnozzi faces civil fraud charges for backing lender Par Funding. (Vagnozzis business, too, said it was hit by the virus. His appeal was to an aging middle-class who had done well during the 1980s and 1990s stock booms, only to be burned by the 2001 tech collapse and the deeper financial crisis of 2008. how long can a dog live with parathyroid disease. In lawsuits against Par Funding, plaintiffs have claimed that the firm used Renato "Gino" Gioe, a bodybuilder and purported member of the Gambino crime family, to dun borrowers with threats. Some investors in Vagnozzis more recent life settlement funds say their returns have also been slower and less than expected. The hope was to turn their money into at least $70,000, as the old people died on schedule. In a sweeping lawsuit brought in 2020, the U.S. Securities and Exchange Commission said Par Funding, Vagnozzi, and other defendants hid the fact that one of the lending firm's founders, Joseph W. LaForte, had served prison time for past financial crimes. Vagnozzis brother, Albert, also a financial salesman and a township supervisor in Montgomery County, has sued Pauciulo, too. Instead, the 16-year industry veteran is bucking the trend of the run-of-the mill 401(k) retirement planning strategies by connecting average Americans with investment opportunities usually reserved for the ultra-rich all while earning consistent, high-level results on behalf of his clients . He also advertised on CNN, Fox News, CBS, and CNBC television. In his recent email exchange with The Inquirer, Vagnozzi said he did what he had reason to believe was right for investors. He could move their remaining investment into something with a higher return. He urged those who had invested in Par to stand up. Vagnozzi's agreement earlier this year to pay the $5 million was the third time since 2019 that he has agreed to pay large sums to resolve complaints from regulators. But in court already, Vagnozzi and his former lawyer have exchanged blows regarding a crucial issue in the SEC case: Vagnozzis choice not to tell investors that Joseph LaForte, one of the founders of Par Funding, was a twice-convicted financial criminal. Don't forget to download Amino and search my profile name, *GLOBAL PROFILE NAME*, to check out my Stories: https://aminoapps.onelink.me/4eRt/InternetsnathanF. The U.S. Securities and Exchange Commission says Vagnozzi and Par Funding misled investors about Pars financial soundness and the criminal past of a founder. He is, however, a licensed insurance salesman. Published by at 16 de junio de 2022. Previously, Dean was the Vice President, Business Development at NTT Data and also held positions at Ernst & Young ShinNihon LLC, Deloitte, EY. As for Ford, Vagnozzi said a board of directors at Fords company knew of Fords criminal record. As a group, about 1,500 merchants owe Par Funding about $350 million, but much of that appears to be non-collectible. In that case, federal prosecutors disclosed there is an ongoing FBI and IRS criminal investigation into Par Funding. In the interim, the agency and Vagnozzi have made public hundreds of pages of documents that provide a snapshot of Vagnozzis business approach and show how he made himself one of the regions best-known financial advisers. The investors must pay the premiums to keep up the policies, but collect the full amount when the sellers pass on. This week's guest. The suit, seeking $1.25 million in commissions that Vagnozzi was paid 2009 to 2014, is to go on trial next year. Automated page speed optimizations for fast site performance. In July, federal financial regulators sued Vagnozzi, along with the owners of Par Funding and others, alleging they had defrauded 1,200 investors who put in nearly $500 million. I need a person like John, he told viewers, to show we are not a bunch of gunslingers.. Pardo bought four planes and a yacht along with such artifacts as replicas of an ancient Egyptian sarcophagus and a pharaohs throne. The website for his firm, A Better Financial Plan, touts returns of 10% to 14% and $200 million . Dean Graziosi is a leading world-class action taker! But in 2010 the Wall Street Journal reported that Pardos firm was relying heavily on an assembly-line doctor who was systematically under-predicting life expectancies. Over the years, he has refined his unconventional investing approach in ways that extend well beyond the "cookie cutter" strategies employed at many firms. "Im going to keep pushing back on that. 28 de mayo de 2018. The businesses who received these advances were forced to close and could no longer keep up their payments to Par Funding, creating a chain reaction through A Better Financial Plan causing their investors to not receive their monthly payments. The documents show that between 2018 and this summer, Vagnozzis businesses reported more than $8 million in profits. Precisely how much they will all pay is still to be determined. Vagnozzi and his lawyers didnt respond to questions for this article. He also recommended investments in real estate, in the outcome of lawsuits and in a startup promoting new addiction-treatment software. Total. The evidence is that Dark Energy is responsible for the rate of expansion of the universe. Last year, Vagnozzi and his wife gave $27,000 to St. Josephs University for a covered bench for the soccer team, which included their daughter, Gabrielle. In the 2020 emails obtained by The Inquirer, Vagnozzi acknowledged a simple problem with funds containing those early policies: Sellers hadnt died fast enough. They often sell the policies to middlemen, who in turn sell them to investment funds, like those run by Vagnozzi. Dean Vagnozzi takes a new look at the way people handle retirement: making your money work for you, rather than tucking it away where you can't access it until .more Get A Copy Kindle Unlimited $0.00 Amazon Stores Or buy for $19.99 Kindle Edition, 222 pages Published February 17th 2020 by Jenkins Group, Inc More Details. In Lechtzins analysis, any Vagnozzi win over his former lawyer and his law firm wont restore his fortunes. Since 2019, Vagnozzi agreed to pay more than $1 million to settle civil actions brought by securities regulators over three separate investments Vagnozzi said Pauciulo had advised him on. The life settlement investments have some investors rueful. As of July 27, the SEC put in place a receiver, Ryan M. Stumphauzer who is currently running Par Funding and A Better Financial Plan. The U.S. Securities and Exchange Commission says Vagnozzi and Par Funding misled investors about Par's financial soundness and the criminal past of a founder. He has pleaded not guilty. what happened to dean vagnozzi. Par and Vagnozzi blame its problems on the COVID virus, although the federal judge in the lawsuit has suggested Par was financially shaky before the pandemic. He gave it up after about a year and his registration has since lapsed. "I apologize for how poorly this fund has performed, he said. So far, the receiver has control of $93 million in cash and property worth $53 million, including about 40 expensive buildings scattered throughout Philadelphia. It sounds it sounds it sounds it sounds cheap., He said: A sales event makes it sound like just that, like like Im in used-car sales and just trying to sell stuff.. what happened to dean vagnozzidomenico catanzariti olives. It is hard to argue that Americans are not struggling in this economy, but politicians and the mainstream media are certainly trying. Retirement Media provides relevant and timely reporting on important financial retirement issues our readers care about most. Im vague, generic, dont mention what the investment is, dont mention the details," he said of his ads. When Par Funding and A Better Financial Plan could no longer keep up scheduled payments to investors due to the coronavirus shutting down businesses across the country, Vagnozzi and Par Funding executives renegotiated their promissory notes to offer a reduced return for an extended period of several years. The Commission has approved the Consent Agreement and Order entered into by Dean J. Vagnozzi d/b/a A Better Financial Plan, LLC, in which they are ordered to pay an administrative assessment for violations of the Pennsylvania Securities Act of 1972. He soon realized the repetitive, number-crunching and solitary profession was not for him. We get a few checks periodically, he said, but Id have been better holding on to my company stock.. !" as we look back at the insanity of the week. (Tucker, Scott) August 7, 2020: Filing 5 MOTION for Pro Hac Vice Appearance of Attorney Marc H. Edelson - filed by Joan Caputo, Joseph Caputo. Jim Wollyung, 64, a retired Philadelphia trucking company employee, has invested $900,000 in Vagnozzi ventures since 2018. His book on investing is available on his website for $19.95. No other way to say it., READ MORE: Par Funding owner seeks release from prison, agrees to SEC control until civil fraud trial. He expected a quicker payout. What is undisputed is that neither man informed investors that LaForte used aliases and started the firm shortly after serving prison terms for two convictions, for a $14 million real estate scam and running an illegal offshore gambling operation. baldwin county board of education jobs / north korea and norway are separated by one country / north korea and norway are separated by one country In contrast, the receiver in the Par funding case says LaForte; his wife, Lisa McElhone; and other Par insiders kept for themselves more than $140 million out of the total of nearly $500 million put in by investors. He talked with pride about his unconventional investment strategies and bridled at any suggestion that he sought to solicit business a word he said he found sleazy. In his language, his dinner meetings with investors were client appreciation events., In email responses to questions for this article, Vagnozzi wrote: my staff and I are good, hard-working, ethical people.. Vagnozzis account is different from what he said in court in Florida. But Vagnozzi later called it off. The settlement concluded in principle with the client receiving a check for $550,000; however, the actual payment did not transact until after Vagnozzi had been placed under receivership. Join Facebook to connect with Dean Vagnozzi and others you may know. sweet potato sushi roll calories. A fourth defendant, Perry Abbonizio, 63, has also settled. Of the more than $4 million that was paid by Par Funding into the MK Corporate Debt account, more than $500,000 remained after settling with several investors. Any company or individual found violating these federal trademarks will be vigorously pursued through all available legal avenues and penalized to the fullest extent of the law. The SEC considers the issuer who sells the securities to have primary liability.. "What I can state, with 110% certainty, is that me or the staff at ABFP never misplaced or mishandled any investor dollars, not one penny, in any investment, EVER!. In his depositions with the SEC, Vagnozzi argued that radio ads and the rest didnt bump up against the SEC restrictions because his pitches were at a high level and avoided the nitty-gritty of the financial instruments he was recommending. Vagnozzi and Par say those allegations are false. He put $400,000 of that into a fund mostly invested in life settlements. Vagnozzi made his next significant move in 2010, creating the company in King of Prussia he named A Better Financial Plan, or ABFP. The Texas firm declared bankruptcy in January 2015, a month after a judge fined it $38 million in the SEC case. DEAN J. VAGNOZZI d/b/a A BETTER FINANCIAL PLAN, LLC Docket No.. 9: 08 190016 (SEC-OSC) CERTIFICATE OF SERVICE On behalf of the agency, I certify that I have this day caused to be served a copy of the foregoing Final Order upon the following persons pursuant to 1 Pa. Code 33.31 : shauna froydenlund instagram. It filed a sweeping civil fraud case against Vagnozzi and others over one of Vagnozzis most popular investments, a Philadelphia lender to small business known as Par Funding. They deny the accusations. Vagnozzi has lived well as his business grew. In those earlier filings, Vagnozzi also argued that there was no legal requirement that investors be told about LaFortes convictions. In a recent letter to investors about all this, Vagnozzi said the SEC case had no merit. A Better Financial Plan, LLC. published on this website are not to be considered endorsements. As the SEC points out in DE-227, investors were not told about the more than $4 million that was put into a new account for investors who did not want to sign the renegotiated note. This provided Par with the legal hammer for the quick withdrawals. Vagnozzi told them not to worry, though. He says he vigilantly looks out for his customers, hasnt mishandled any of their money and will be vindicated in court of the SEC complaint. It was one of the most troubling days Ive had in a long, long time . Huevos directos desde la finca a tu casa. In his lawsuit against his former lawyer, Vagnozzi told a different story. Some of these are elderly people, he said. One, Pillar 8 Life Settlement Fund LP, is made up of policies that cost investors a total of about $10 million, according to data shared with The Inquirer by an investor. Crash Proof Retirement, Crash Proof Retirement Show, and Retirement Media, Inc. , and all related uses, are federally trademarked with the United States Patent and Trademark Office. Isaac Chehebar, who invested $15 million of his family total, also declined comment. Since 2016, he had urged customers to invest in funds linked to a Philadelphia firm known as Par Funding. A trial is scheduled for next year. As outlined in DE-227, this new bank account, MK Corporate Debt at Citizens Bank, was set up for the purpose of paying off investors who rejected the renegotiated 4% note that was released in the late Spring of 2020 amid the COVID-19 pandemic. Just another site what happened to dean vagnozzi Among the exciting additions the donation will cover are two elite shelters with. All payments to investors halted once the SEC brought its case. One early investor was Robert Sullivan, 60, manager of a Philadelphia transportation company. In his initial pleading before the SEC, Vagnozzi contended that he, too, had been in the dark about LaForte's criminal past. Were in a pandemic.. Life Partners founder Brian Pardo lived well in Waco, Texas, for a time. Previously, Montgomery County financial adviser Dean Vagnozzi agreed to pay $5 million and Florida salesman John Gissas $1.3 million. I had been a scholastic at the International Roman Scholasticate throughout the Council. Vagnozzi has fought back against the SEC, rejecting its complaint as groundless. Every Friday on SiriusXM radio's The Dean Obeidallah show it's time for "What Just Happened? More recently, LaForte was arrested last year after the FBI seized seven firearms at his $2.4 million house in Lower Merion. By that date, Vagnozzi was already under receivership. Laid-off Regal Beloit workers can get trade adjustment benefits [The Times, Munster, Ind. A few days after I had talked with the prenovices about the . 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Stumphauzer also took control of art worth $2 million and a stable of luxury cars and boats from LaForte and McElhone. In DE-256, the SEC also levied a preliminary injunction against Vagnozzi to restrain him from violating multiple sections of the Securities Act of 1933 and Securities and Exchange Act of 1934 by offering or selling securities and destroying any records, documents, or items pertaining to the scope of investigation. MENU MENU. Never., Vagnozzi summed it up this way: He was the amateur relying on the professional, just like I am at the mercy of my auto mechanic when it comes to fixing my car.. Pauciulo, a partner at a big law firm, packaged unconventional investments for Vagnozzis clients, reviewed his radio ads, attended his dinner sales pitches, and sat literally at his right hand to assure investors that it was all sound and legal. In SEC fraud lawsuit, Par Fundings receiver squares off with adviser Dean Vagnozzi over money freeze, California residents do not sell my data request. was founded in 2004 by Dean Vagnozzi with a vision that flying in the face of conventional-but-flawed wisdom can produce results the average middle-class investor . As a felon, he is barred from possessing guns. Dean is the breath of momentum . 5/28/19 Debt Rehab, LLC (PDF) Payments on investments had arrived as promised, he said. At first, he marketed investments in a burgeoning new market, for so-called life settlements. Equitable enhances buffered annuity suite, LIMRA: 2022 single premium buy-out sales topple prior record, Why the $2.04B Powerball jackpot winner would have done better taking the annuity, These annuities have gotten more popular, and with good reason, After years of negotiations, GOP leaders reach a breakthrough on Medicaid expansion. In these, investors pay a discounted rate to the elderly for their life insurance policies, assume the burden of the premiums and bet the sellers will die quickly enough to make a big profit. Phil Cannella and Joann Small are licensed professionals in the insurance industry. Pars business model was to take in money from investors, pay them up to a generous 14% a year in interest, and to loan the money via cash advances to small merchants, charging them whopping rates of 50% or more.