Daily News | Financial pitchman Dean Vagnozzi has settled SEC fraud complaint for $5 million
. Vagnozzi, who has no broker’s license to sell securities, made a specialty of selling financial products not available on the stock market.
Bochetto declined comment on whether Vagnozzi plans to resume selling investments or insurance. “He’s still got a lot of people who believe in him,” Bochetto said. LaForte, 50, and his wife, Lisa McElhone, founded Par Funding in Philadelphia in 2011, shortly after his release from prison. He served two terms behind bars after pleading guilty to a $14 million mortgage scam and helping run an illegal offshore gambling operation.
His $4.5 million disgorgement represents a relatively small amount of the money at stake in the SEC’s case.Joseph Cole BarletaMcElhone, 42, who also operates a nail salon in Old City, said in a court filing in 2020 that her net worth was almost $800 million. LaForte and his wife bought a $5.8 million home in Jupiter, Fla., in 2019, in addition to a $2.4 million home they already owned in Lower Merion and a $2.6 million lodge in the Poconos.
Of the money invested, according to documents in the case, Par Funding paid the investors back $230 million over the years.
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