Payments

Owner of Paramount charged $138M after missed investor payment

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November 22, 2024

Daryl Heller, owner of Paramount Management Group was charged a $138 million judgement after he missed a deadline for payments to almost 2,700 investors. The judgement also gives him seven days to transfer an estimated 25,000 ATMs to the investors, according to a report by Lancaster Online.

Heller claims that this was caused by a Michigan case where Superior Group ATMs aimed to gain a $6 million judgement against Paramount. He said he hopes to get the investor funding turned in soon. The initial payout deadline was set in a September agreement where investors agreed to pause the lawsuit due to missed payments.

"It's incredibly frustrating that after kicking the can multiple times and acquiescing to Heller's multiple delay requests, here we are months later and still no month," Eaton Hopkins, Honey Brook, said in the report.

A memo sent to investors expressed positivity over the judgement but emphasized it would take time to restore the ATMs.

"The task ahead, to assess the state of the ATM network and restore it to full operational capacity as soon as possible, will require significant investment of time and resources," the memo stated.

At the time of the writing of this brief, Paramount had not responded to a request from ATM Marketplace to make a statement.