SEC Lands Partial Early Win in Merchant Cash Advance Fraud Fight

The SEC notched a partial early win against a man accused in federal court in Florida of raising more than $11 million for a merchant cash advance firm through unregistered securities offerings.

Michael Furman solicited investments in Complete Business Solutions Group Inc., also known as Par Funding, the Securities and Exchange Commission alleged. The agency established that the notes at issue are securities, but a factual dispute still remains as to whether Furman “engaged in an unregistered securities offering,” the U.S. District Court for the Southern District of Florida said.

Furman didn’t take a position on whether the ...