As Stumphauzer took over receivership of both Par Funding and A Better Financial Plan, the Federal Bureau of Investigations (FBI) raided Par Fundings headquarters along with multiple properties belonging to Joseph Laforte, the co-owner of Par Funding. This order can be viewed under "Key . The headline read: Montgomery County investors double their money sooner than expected. The photo showed the smiling couple and Vagnozzi holding a giant mock check. In DE-238 the SEC ordered that those funds be placed under control of the receiver as they were moved from the MK account at Citizens Bank into Vagnozzis personal bank account at the end of July. 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. 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The participants were told they stood to collect death benefits of about $17 million. The website for his firm, A Better Financial Plan, touts returns of 10% to 14% and $200 million . Pauciulo and his lawyer didnt return calls seeking comment. published on this website are not to be considered endorsements. There was enough to pay his friend $990,000/month to "manage" the fund while they investigated. In these investments, buyers purchase life insurance policies, typically from aging people who no longer want their heirs to collect, but would rather have cash up front, even if they receive less than their death benefit. Dean Vagnozzi, a Philadelphia-based financial adviser, sued Eckert Seamans Cherin & Mellott LLC after being targeted by the SEC (Securities Exchange Commission) for investments associated with fraud.. He also said A Better Financial Plan would no longer manage the funds. Death and state funeral of Winston Churchill - Wikipedia The records dont disclose the precise amount of the loan, designed to help businesses keep employees on staff during the pandemic.). 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 . Eric Lechtzin, a Bucks County lawyer who brought one of the first investor suits against Vagnozzi and Pauciulo, said Vagnozzi was trying to avoid responsibility for his own role. "I apologize for how poorly this fund has performed, he said. We have been working together since 2004, Vagnozzi said in one of the friendly videos the pair made for prospective customers. Vagnozzi has fought back against the SEC, rejecting its complaint as groundless. His ubiquitous spots on KYW 1060 and WPHP 1210 would pop up five or six times a day, seven days a week, voiced by Vagnozzi himself. It was the last state funeral until Queen Elizabeth II's on 19 September 2022. Did Tom Selleck Passed Away - What Disease Did He Have - Mixedarticle Open to all tips: earvedlund@inquirer.com, California residents do not sell my data request. (Since he was no longer a licensed securities broker, he couldnt sell securities, in any event.). The 'Asbury Revival' comes to a close LaForte also faces federal firearms charges. Dean Vagnozzi - Owner, A Better Financial Plan One early investor was Robert Sullivan, 60, manager of a Philadelphia transportation company. If Par Funding was a fraud, he says, his investment funds were big victims too. I dont want to refer to them as sales meetings. Half the 22 policies were to come due in 2020, So far, the documents say, he has received payouts for only three deaths. Police will provide an update shortly in the ongoing investigation into the death of the baby of Constance Marten and Mark Gordon. More recently, LaForte was arrested last year after the FBI seized seven firearms at his $2.4 million house in Lower Merion. In depositions with the SEC, Vagnozzi argued that his radio ads and the rest didn't run afoul of SEC restrictions on the hawking of unregistered securities though "general solicitation" because his pitches were at a "high level" and avoided the nitty-gritty of the financial instruments he was recommending. News | Edelson Lechtzin LLP | Philadelphia PA OK?". Earlier this year, shortly before the SEC sued Vagnozzi over Par Funding, the agency filed another civil action about his work lining up $33 million in investments in buying life-insurance policies from the elderly. He told many of his investors in life-settlements that the elderly whose policies they had invested in werent dying as fast as predicted, which means investors' payments werent arriving as forecast. According to a document filed in response to the suit, Vagnozzi's businesses reported more than $8 million in profits between 2018 and 2020. The faster sellers die, the bigger the payoff. In total, Vagnozzi raised $32 million from 339. Pauciulos lazy, amateurish, and incompetent lawyering led Vagnozzi and his investors astray, the suit claims. what happened to dean vagnozzi - hazemportfolio.com My impeccable credit score was destroyed. His million-dollar-plus yearly income fell to zero.. Prosecutors criminally charged LaForte with illegal possession of firearms four handguns, two shotguns, and a rifle as a twice-convicted felon. The documents show that between 2018 and this summer, Vagnozzis businesses reported more than $8 million in profits. At first, he marketed investments in a burgeoning new market, for so-called life settlements. (Agents also found $5 million in cash there and at his other homes, in the Poconos and Jupiter, Fla.). Jim Wollyung, 64, a retired Philadelphia trucking company employee, has invested $900,000 in Vagnozzi ventures since 2018. Published by at 16 de junio de 2022. Dean Vagnozzi - President - Better Financial Plan | ZoomInfo My phone was ringing off the hook from hundreds of people, hundreds of panicked people.". This summer, the Wall Street Journal published a feature story that highlighted the nine-hole practice green behind his house, newly installed for an estimated $75,000. 50 years after the Watergate break-in, John Dean relives the scandal 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. A third, filed by Philadelphia lawyer Clifford Haines on behalf of 17 people who set up pools that pumped nearly $50 million into Par, names just Pauciulo and his firm. 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. READ MORE: Can Par Funding receiver collect enough cash from business to pay investors? Montgomery County financial pitchman Dean Vagnozzi, once well-known through his ubiquitous radio ads and free dinner seminars, has agreed to pay $5 million to resolve a complaint from the U.S . READ MORE: Par Funding threatened violence, trashed reputations after businesses took out loans at brutal interest rates, borrowers say. It was a very it was a very difficult day. Vagnozzi says he knew nothing of Fords background. March 1, 2023 / 9:45 PM / CBS Philadelphia. Staff writer Joseph DiStefano contributed this article. As for Vagnozzi, he was once a ubiquitous presence on Philadelphia media, spending heavily on ads to urge people to put money into his alternatives to the stock markets. 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. It turns out that Par is not the only Vagnozzi investment that has disappointed. July 14, 2020 - The Securities and Exchange Commission today filed settled charges against Philadelphia-based Abetterfinancialplan.com, LLC (d/b/a A Better Financial Plan, LLC) (ABFP) and its owner, Dean J. Vagnozzi, for selling more than $32 million in securities to retail investors in unregistered offerings and for together acting as an The investors were encouraged to bring friends. He also said he had "weighed the cost of a lengthy legal battle vs. settling without admitting or denying any wrongdoing.. "Im going to keep pushing back on that. Once you back that out and take into account the $150 million in assets held by the receiver, there remains about a $100 million shortfall. In an email to an Inquirer reporter, Vagnozzi said some of the life-settlements investments have done very well recently, returning sizable gains. But the firm cut back returns to just 4% in early 2020. Two weeks before the SEC brought its sweeping complaint involving Par Funding and its merchant cash advances, the agency faulted Vagnozzis sales pitches for life settlements. SEC drops the hammer on another one-time broker - InvestmentNews In the official complaint filed by the SEC, the defendants raised nearly half a billion dollars through alleged fraudulent practices including lying and misinterpreting information to investors about the security of Merchant Cash Advance investments. PDF United States District Court Southern District of Florida Case No To potential investors dining free at Ruths Chris steak houses and the like, Vagnozzi would explain how they could avoid the markets up and downs. Gaetan Alfano, the Philadelphia lawyer for the court-appointed receiver in that case, wants all the other suits ended or delayed until then. Dean J. Vagnozzi, through his company ABetterFinancialPlan.com d/b/a A Better Financial Plan, recruits individuals to create the Agent Funds, offering them the opportunity to open a turnkey Agent Fund that issues and sells securities, complete with training, marketing materials, and an "Agent Guide," as well as a Private Placement . His new pitch was for investments in Par Funding, the business the SEC now says was fraudulent. Without admitting wrongdoing, Vagnozzi agreed to pay a $95,000 penalty. Dean received a Bachelor of Science degree from Albright College. Nobody. Over the years, he has refined his unconventional investing approach in ways that extend well beyond the "cookie cutter" strategies employed at many firms. On July 24, 2020 the Securities and Exchange Commission (SEC) filed a lawsuit in United States District Court of the Southern District of Florida against defendants Par Funding, A Better Financial Plan and owner Dean Vagnozzi, along with several other individuals and entities. In early 2015, the Chester County couple were featured in a suburban newspaper touting Vagnozzis acumen. Their relationship seemed to hold up even after the feds moved in. In a new lawsuit, Vagnozzi blames Pauciulo for bad legal advice. His record is marked by lawsuits, a $95,000 regulatory punishment, Vagnozzis admission that some funds havent performed as expected and recent complaints from some investors that others havent delivered, too.

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