The receiver has seized them, too. In that time, his firms took in $17 million in revenue by marketing and managing insurance and investments. When you're looking for a financial advisor who will turn your usual standards on their head, Dean Vagnozzi is the perfect way to fit those needs. Financial adviser Dean Vagnozzi faces civil fraud charges for backing lender Par Funding. Silver Law Group Represents Par Funding Investors Since 2010 Vagnozzi has also promoted the life settlement funds, in which investors buy life insurance policies from elderly people who have sold them cheap for cash. He offers investment opportunities that sidestep the volatility and intangibility of Wall Street, and he . It filed a sweeping civil fraud case against Vagnozzi and others over one of Vagnozzis most popular investments, a Philadelphia lender to small business known as Par Funding. In the 2020 emails obtained by The Inquirer, Vagnozzi acknowledged a simple problem with funds containing those early policies: Sellers hadnt died fast enough. He gave it up after about a year and his registration has since lapsed. But medical technology is keeping them living.. I dont want to refer to them as sales meetings. Three days after the settlement, Vagnozzi wrote investors "all they can say is they dont like my advertising methods and the fact that I served steak dinners in 2013 as a way for people to hear about our investments., To the SEC attorneys, Vagnozzi described typical investors as people who have several hundred thousand dollars and there is a piece of that money, say, $50,000 to $100,000, that they dont need for four to eight years. He added: The overwhelming majority of people come in because theyre scared of a market connection., In one flier obtained by the SEC, he summed up his offer this way: How to safely earn 8 to 12 percent in an investment not offered by any stock broker or banker.. PDF Redacted - Department of Banking and Securities Turning to the investors, he said, "Raise your hands who here is getting double-digit return on their money?, All of this, the dinners, and payout events, the heavy ad buys, drew the attention of the SEC, which has rules that bar financial advisers from selling unregistered securities to the public through general solicitation..

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