FBI arrests  Paramount Pacific Funding Group Broker

 Laguna, CA---Special agents with the FBI and the IRS-Criminal Division arrested equipment leasing broker Richard Allen La Bianco, 33, principal of Paramount

Pacific Group, Southern California.

According to a statement from the United States Attorney of the Department of Justice, La Bianco was indicted by a federal grand jury for a scheme that defrauded small business through a company called Paramount Pacific Funding Group of San Clemente, as reported by the Los Angeles Times.

The U.S. Attorney's office alleges that La Bianco's company caused more than 200 victims to lose more than $1 million by falsely promising low-interest equipment lease financing from July 1999 until August 2001. He kept the “advance rentals”

and did not fund the leases.

If La Bianco is convicted of all 15 counts in the indictment, he will face a maximum sentence of 190 years in federal prison, according to the Los

Angeles Times.

Better Business Bureau Report:

Paramount Pacific Funding Group, LLC

1310 North El Camino Real 

San Clemente CA 92672

 Business Started: 01/01/90

File Open Date: 11/02/99

Last Report Date: 12/12/02

Principal Contact: Richard La Bianco

Phone: (949) 498-6958

Fax: (949) 498-6269

EMail: sales@paramountpacific.com

Web Address: http://www.paramountpacific.com

Bureau ID: 13124614

    Nature of Business

This companies business is financial lender for leasing equipment. 

   Bureau File Experience

“Our files show disconnected phone numbers, returned mail or both. The company appears to be out of business. The Bureau cannot trace addresses of companies or principals. General information is available upon request which may assist you.

“We rate this company as having an unsatisfactory business performance record. Complaints contain a pattern of allegations that the company made promises of obtaining financing with specific terms concerning interest rates or buy out amounts. When the company failed to obtain the financing at rates originally quoted, or provide promised terms, customers requested refunds of the deposit amounts. The company responded by generally denying refund requests, referring to the terms and conditions of the Commitment and Deposit Agreement, or by stating the customer failed to provide additional information, according to their agreement. Some complaints are closed as unresolved; customers were not satisfied with the company's response. Other complaints remain unanswered. Be sure to read all terms and conditions before agreeing or signing any contracts or agreements. If telemarketed, be sure to request the company provide verification in writing for your review. The Better Business Bureau does not endorse, recommend or disapprove of any company, product or service.” 

Leasing News had several complaints about this company and was able to

have “advance rentals” returned.  People in the area are aware that La Bianco had

a “couple of earlier companies that disappeared in Orange County several

years ago.   Guess the law finally caught up with him.”  Name With Held.