SEC Win Upheld in Case Over Merchant Cash Advance Fraud Scheme

A man who raised about $12 million from investors for a merchant cash advance scheme known as Par Funding failed to dislodge judgment for the SEC Tuesday in his appeal to the Eleventh Circuit.

Michael Furman’s challenges to the district court’s handling of his civil trial and its calculation of $1.8 million in disgorgement lack merit, the US Court of Appeals for the Eleventh Circuit said in an unpublished ruling. The record shows “ample evidence” of his violations, and he didn’t show the calculation was wrong, ...