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Par Funding investors are eager for a plan to get some of their money back

But borrowers and salespeople are fighting for their own slices of funds recovered from the former Philadelphia business lender.

Par Funding founders Joseph LaForte and his wife, Lisa McElhone (shown in middle), before their Philadelphia company was seized by a court-appointed receiver following an SEC civil fraud lawsuit in 2020. Here (clockwise from top left) are items that the receiver had cited for possible sale: a building at 300 Market St. in Philadelphia bought for $4.4 million; their $333,000 yacht; two Swiss watches worth $154,000; a painting bought for $739,000; a $184,000 Bentley ; a building at 135-137 N. Third St. in Philadelphia bought for $6.6 million; their $8 million jet, and their $2.4 million estate in Lower Merion. Some of the two dozen properties seized from the couple have since been sold. The SEC plans to pay proceeds to investors who backed the company; borrowers and former salespeople say they should also get paid. Federal officials are holding the jet. The couple faces a criminal fraud trial in April.
Par Funding founders Joseph LaForte and his wife, Lisa McElhone (shown in middle), before their Philadelphia company was seized by a court-appointed receiver following an SEC civil fraud lawsuit in 2020. Here (clockwise from top left) are items that the receiver had cited for possible sale: a building at 300 Market St. in Philadelphia bought for $4.4 million; their $333,000 yacht; two Swiss watches worth $154,000; a painting bought for $739,000; a $184,000 Bentley ; a building at 135-137 N. Third St. in Philadelphia bought for $6.6 million; their $8 million jet, and their $2.4 million estate in Lower Merion. Some of the two dozen properties seized from the couple have since been sold. The SEC plans to pay proceeds to investors who backed the company; borrowers and former salespeople say they should also get paid. Federal officials are holding the jet. The couple faces a criminal fraud trial in April.Read moreReceiver Report