August 17, 2020
As you are likely aware, on July 24, 2020, the Securities and Exchange Commission (“SEC”) filed a Complaint in the United States District Court for the Southern District of Florida (the “Court”) against Complete Business Solutions Group, Inc. d/b/a Par Funding; Full Spectrum Processing, Inc.; ABetterFinancialPlan.com LLC d/b/a A Better Financial Plan; and various other entities (collectively defined above as the “Receivership Entities”) and individuals. The Court has entered a series of Orders in this matter, including an Order Granting the SEC’s Motion for Appointment of Receiver on July 27, 2020, and an Amended Order Appointing Receiver on August 13, 2020 (the “Amended Receivership Order”).
The Court has appointed me as the Receiver over the Receivership Entities, and has ordered me to “take custody, control, and possession of all Receivership Property and records relevant thereto from the Receiver Entities” (the “Receivership Property” or, collectively, the “Receivership Estates”). In addition, as Receiver, I am responsible to “manage, control, and operate and maintain the Receivership Estates and hold in his possession, custody and control all Receivership Property, pending further Order of this Court.”
Consistent with my duties and responsibilities under the Amended Receivership Order, I am working tirelessly to preserve and maintain the Receivership Estates. Over the last week, I have worked to secure a number of the physical offices relating to the Receivership Entities with the assistance of a team of professionals, including attorneys, investigators, and IT professionals. This team is diligently collecting hard copy and electronically-stored information from multiple locations. Together, we are collecting, processing, and analyzing the business records of the Receivership Entities to understand and identify the sources of monies in and out of the Receivership Entities’ accounts. I have also retained Development Specialists, Inc., a management consulting and advisory form, to help me evaluate the ongoing operations of the Receivership Entities.
Dozens of letters have been sent to financial institutions, law firms, real estate entities, and other companies, in which I provided instructions to them as I work to take control of and otherwise preserve and maintain documents necessary to execute the Court’s Amended Receivership Order. I am currently in control of several accounts held in the name of the Receivership Entities at multiple financial institutions. My efforts to identify and secure additional assets and information will only increase in the coming days. The Court has ordered the Receivership Entities to provide me with sworn statements by August 23, 2020, identifying all other identities, locations, and the estimated value of all Receivership Property.
I have read the SEC’s Complaint and reviewed the allegations against the Defendants. I cannot imagine how you and your families must feel, and the concerns you must have. I have listened to your voicemails and read your e-mails. Many of you trusted the Defendants with substantial sums of your savings, with your retirement plans, and with your futures. The last thing that I am sure you have to offer right now is patience. But I nonetheless, humbly, request that patience.
My goal is and will remain to maximize the assets of the Receivership Entities for ultimate distribution upon Court approval to investors. I will work as efficiently as possible and as quickly as possible in carrying out my duties. But I will do so knowing that this is likely to be a long process. Many receiverships last for a year or more before the receiver’s duties are fulfilled.
My staff and I are working as quickly as we can to respond to as many inquiries as possible. Please understand that the SEC alleges that there are hundreds, if not thousands, of investors who may be affected by this litigation. As we work to respond to your inquiries, we have established a dedicated e-mail address, [email protected], to answer your questions. You can also send written correspondence or information to my address below. We also have established a website, parfundingreceivership.com, to keep you informed of important court filings and case developments. Many of the questions we have received from you are answered there, and we will update that website with additional information as it becomes available.
I thank you in advance for your time and trust.
Very Truly Yours,
Ryan K. Stumphauzer
(A PDF copy of this letter is available by clicking on this link.)