PHILADELPHIA, PA — Complete Business Solutions Group Inc., doing business as Par Funding, pleaded guilty Monday to conspiracy to commit wire fraud and securities fraud tied to a scheme that defrauded investors of hundreds of millions of dollars, federal prosecutors said.
The plea was entered in U.S. District Court before Judge Mark A. Kearney by a court-appointed receiver controlling the Philadelphia-based company as part of a Securities and Exchange Commission civil enforcement action, according to the U.S. Attorney’s Office for the Eastern District of Pennsylvania.
Federal prosecutors said the merchant cash advance company raised hundreds of millions of dollars from investors while making false and misleading statements about its leadership, underwriting practices, financial condition, and risk profile…