Philadelphia Couple Ran ‘Web’ of Fraudulent Offerings, SEC Says

A Philadelphia couple raised almost half a billion dollars from more than 1,200 investors through a “web” of “unregistered, fraudulent securities offerings,” the SEC said in Florida federal district court.

Lisa McElhone and husband Joseph W. LaForte offered “opportunistic” loans to small businesses through Complete Business Solutions Group Inc., also known as Par Funding, the Securities and Exchange Commission’s July 24 complaint in the U.S. District Court for the Southern District of Florida said.

The duo used unregistered securities offerings to raise funds to “fuel the Par Funding loans and enrich themselves,” the agency said. They allegedly created more than ...