June 2022- Fort Worth, TX
According to publicly available records, Perry S. Abbonizio, a former registered investment advisor and stockbroker , was recently named in a complaint filed by the Securities and Exchange Commission for his role in the Complete Business Solutions Group, dba Par Funding, fraud.
In November of 2021, Abbonizio consented to the entry of a judgement, which can be accessed here. According to recent press, as a part of the settlement Abbonizio gave up two homes on the Jersey shore and cash, with a total value of over $11 million.
According to the SEC Par Funding took in about $500 million by misleading investors about its business of granting high interest loans to small businesses, leading to high loan defaults.
The Texas State Securities Board (TSSB), which is responsible for administering and enforcing the Texas Securities Act, recently issued a cease and desist order, prohibiting Abbonizio from offering for sale any security in Texas until the security is registered with the Texas Security Commissioner. In addition, Abbonizio was assessed an administrative fine of $55,000.
According to the SEC Abbonizio and other defendants hid from investors the fact that one of the lending firm’s founders, Joseph W. LaForte, had served prison time for two convictions for financial crimes, including a $14 million mortgage fraud.
Abbonizio was last registered with Oppenheimer in 1/2015.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Nationwide Representation
TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870
