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New kickback allegations rock the Par Funding fraud case

Steven Odzer, a businessman pardoned by President Trump for a $16 million bank fraud, has emerged as a leading figure in the SEC’s probe of Par Funding.

In a federal lawsuit alleging that Par Funding defrauded investors, a court-appointed receiver has taken control of the assets of Par founders Joseph LaForte and his wife, Lisa McElhone (shown in middle). Here (clockwise from top left) are items that the receiver has 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 Haverford.
In a federal lawsuit alleging that Par Funding defrauded investors, a court-appointed receiver has taken control of the assets of Par founders Joseph LaForte and his wife, Lisa McElhone (shown in middle). Here (clockwise from top left) are items that the receiver has 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 Haverford.Read moreReceiver Report