The SEC says that Par Funding hid Joseph LaForte's criminal record from investors, even as insiders paid themselves $200 million in commissions, consulting fees and the like. The firm allegedly gave high interest loans to small businesses and business owners. Participants: Decedents 65 years in 2015 (N=13 538). Feds Go 14 for 15 with Guilty Pleas, Breaking News: 2014 Federal Convictions and 30 Year Sentences of Nicky Scarfo Jr. & Salvatore Pelullo Upheld by Third Circuit Court of Appeal, Philly Mob Soldier and Convicted NJ Drug Trafficker Joey Electric Strikes Plea Deal in 2020 Philadelphia Mob Racketeering Conspiracy Case, Agrees to 10 Years Concurrent, Its A Wrap: One Time South Philly Mob Underboss Steve Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, others to Follow, Convicted NJ Drug Trafficker and Mob Soldier Joseph Joey Electric Servidio may take a Plea in 2020 Philadelphia Mob Racketeering Conspiracy Case, others to follow, Popular South Philly Wiseguy Sonny Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, Brother Steve is next up, Looks Like the Philly Mob is Folding Its tent on 2020 Racketeering Conspiracy Case after Former Underboss, Popular Mob Captain and Soldier Decide to take Guilty Pleas, Breaking News: Teflon Dom No More, Popular Philly Mob Capo Dom Grande Pleads Guilty to Federal Racketeering Conspiracy/Drug Charges, Sources: Caught on Tape. Last year, receiver Stumphauzer claimed in a court filing that Odzer, while borrowing $93 million from Par Funding, had paid $9 million in cash kickbacks or commissions to Joseph LaForte. Feds/Defendants Looking to Make Deals, Avoid Trial, Sonny DiCrecchio Sentenced to 10 years, one month in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, Three Years on House Arrest, Joey Merlinos Pal Pete Tuccio Finally Gets a Sentencing Date After New York Arson Plea. Sie knnen Ihre Einstellungen jederzeit ndern. Agents seized seven handguns and rifles. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Sal Piccolo, Reputed South Jersey Mobster and Convicted Drug Dealer, Moved from Pennsylvania Prison to Texas Federal Prison, The Forgotten Defendant Jailed in Phillys Big Mob Racketeering Case Pleads Guilty, Faces 10 Years in Prison, Plus New Details on The Mob/Drug Hit Halted by the FBI. I know his history, Talamini said Saturday. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. The agreements regulate state's compensation to the county councils for costs related to education and medical research. A former official at a beleaguered Philadelphia-based business lender admitted in court Wednesday that he and the company's other principals defrauded hundreds of investors by offering the hope of double-digit returns on loans to companies deemed too risky to borrow from traditional banks. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. LaForte could not put up his own residences, all of which are in his wifes name, because the judge in the civil case has frozen their assets. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. 2023 NYP Holdings, Inc. All Rights Reserved, Wild video shows mob boss escape from prison using bedsheet, Food vendor attacked with tire iron in alleged $20K shakedown outside City Hall, Mob hitman known for dissolving victims in acid found working at pizzeria, How an iconic New York video store wound up tied to the mafia in Sicily. Is He Just Touching Base with Old Friends? Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. FBI Photos and $10,000 Reward Yield Few New Leads in 2012 Murder, Judge Hammers Reputed Philly Mob Soldier Joey Electric with 15 Year Sentence on Drug Case with ties to the Mob, Par Fundings Joe LaForte finally released on bail after delays. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. What do you want bro, come on., LaForte: Weve got everything. Designed Specifically for Small Businesses. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Faces stiff sentence. For more information on Joseph LaForte please visit http://josephlaforte.com/. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. This field is for validation purposes and should be left unchanged. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. Share this article. The major part of the City's resources - three-quarters - is passed on to the district councils. Please contact us today for a free review of your case. For a free consultation, please call us now at 866-827-3202or complete our contact form. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? Lawyers for his brother and sister-in-law did not return calls. Joseph LaForte, of leading short-term capital provider Par Funding, has recently announced that the company will now be offering a unique financial product designed specifically for small businesses to help them with their cash flow problems. James LaForte also said he had borrowed the money to pay the lawyers. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Lucchese Crime Family Soldier John Perna Pleads Guilty to Planning and Carrying Out Aggravated Assault, PHILLY MOB Update: Dom Grande Gets Bail, Now Mob Underboss Steve Mazzone Takes His Shot at Bail, PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail In Racketeering/Drug Case. He also said he borrowed money to pay $94,000 in property taxes this year on his brothers $5.8 million home in Jupiter, Fla., another payment questioned by the receiver. One sister, Jennifer LaForte, called it a matter of life and death, given the high rate of the coronavirus in prisons and her brothers asthma though prosecutors noted that LaForte routinely smokes cigars and was smoking one when he met with the undercover agents. United Nations Children's Fund. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. San Francisco Bay Area, Silicon Valley), Alternate or previous names for the individual, Total number of current Jobs the person has, Number of news articles that reference the Person, Joe , Laforte, La Forte , joseph laforte , laforte , joseph, Cash-Advance Tycoon Loses Control of Firm Amid Fraud Allegation, Convicted felon with family mob ties accused of defrauding investors, How An Employee-Centric Leadership Practice Can Help Your Company Succeed, Joseph LaForte on The Fundamentals of Building Strong Business Leadership. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. They also seized $2.5 million in cash in the place and at LaFortes $5.8 million house on the Gold Coast of Florida and $2.6 million lodge in the Poconos. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. For instance, he said that he had lined up two good friends and a cousin to put up their houses in Staten Island and the Poconos as security on Joseph LaFortes $2.5 million bail on the gun charges. The real estate assets have an estimated value of at least $55 million. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. His statement was attached to a legal filing by Joseph LaForte and McElhone that also attacked the receivers allegation that the couple had schemed to have a variety of firms to step in and collect from Par Funding debtors in order to pass money through to them money that should have gone to the receiver to pay back investors. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. LaForte said he had quickly paid back the loan. LaForte is represented by attornies Michael Engle in Philadelphia and James Froccaro Jr, out of Port Washington, New York along with well known Philadelphia Attorney Brian McMonagle whos represented Bill Cosby and Philly rapper Meek Mill in recent years. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. As clinical education partly takes place within the region's hospitals, outpatient care and municipal healthcare facilities, many KI doctoral students, researchers and teachers are active within these . Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. As sales director at Par Funding Joe Laforte has led a staff of extensively experienced industry finance professionals who offer creative finance solutions for small business throughout the US. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. This new product will ensure that small business owners get access to working capital in the shortest possible time and in the most convenient way. I cover public corruption, white collar crime and the criminal misuse of power. That decision was urged by prosecutors, who said LaForte had told undercover FBI agents that he might flee in his private plane and hide his money beyond the governments reach in the Caribbean tax haven of Nevis. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns in early August 2020. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. While the case has been unfolding, the receiver appointed by the judge has seized control of $150 million in assets, including cash, cars, boats, paintings and LaForte and McElhones homes on the Main Line and in the Poconos and Florida. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Few details have been released on that investigation. Since most of the team members at Par Funding have extensive experience in small business operations, the company understands how important quick access to cash is for small businesses. There is no emphasis on credit checks or other reports. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Not only is Par Funding's new financial product the fastest and most aggressive one in the market to date, it is also the most convenient. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. Immediately after LaFortes arrest in the gun case, a U.S. magistrate judge jailed him, ruling that he was a flight risk and a potential danger to the community. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. a court-appointed receiver accused Joseph LaForte and his wife, Lisa McElhone, pay older investors with money from newer ones, had paid $9 million in cash kickbacks or commissions, California residents do not sell my data request. I cover all things Wall Street, personal finance and investing, people and their money. Could Others Follow? Still, he said, he didn't have evidence to tie Par Funding founder Joseph LaForte and Lisa McElhone, LaForte's wife, to the scheme or hold them in contempt of court for it. municipal tax and the City's common budget. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? Joseph LaForte Ellis Kaplan Federal officials say a convicted felon with mob ties and his wife fraudulently raised more than half a billion dollars from investors for their company, which. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. Joseph LaForte and his team at par Funding saw the unmet need and worked with his team to create a solution with the unique aim to support small businesses. Par Funding Investor Loss Recovery Center. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. Joseph LaForte, of leading short-term capital provider Par Funding, Joseph LaForte's aim is to find innovative ways, Joseph LaForte has worked with hundreds of small business owners, preparing for a strong spring and summer season. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. Guilty Plea Hearings Set. Joseph LaForte and his team have successfully closed over $500 million in small business funding, his hands on approach and quick turnaround has earned him a reputation as the number one option for small business seeking short term cash flow solutions. Joseph LaForte, of leading short-term capital provider Par Funding, has recently announced that the company will now be offering a unique financial product designed specifically for small. He was released after family members and friends posted six properties across the area, including Staten Island New York. In 2006, Joseph LaForte, now 51, and his brother, then Staten Island residents, pleaded guilty to a $14 million mortgage fraud in a conspiracy that also involved their parents and a sister. LaForte fails to disclose that he is a twice-convicted felon and was previously imprisoned and ordered to pay $14.1 million in restitution for money laundering and grand larceny. Those FBI raids came two weeks after the Securities and Exchange Commission sued LaForte and his wife, Lisa McElhorne, in federal court in Miami along with several other people and entities for allegedly bilking over 1,200 investors who put their money into Par Funding. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Federal officials say a convicted felon with mob ties and his wife fraudulently raised more than half a billion dollars from investors for their company, which loaned cash to small businesses at interest rates as high as 400 percent. Image via Joseph N. DiStefano, The Philadelphia Inquirer, Documents used to market unregistered investments in merchant cash advance loans made by Par Funding, Copyright 2023 American Community Journals, LLC |. The SEC is also seeking an asset freeze, an order requiring the defendants to preserve any records related to the lawsuit, and disgorgement of all ill-gotten gains. How much each district council receives depends on its individual . Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. As a result, Par Funding tries its best to help clients in a timely fashion. In his private life and in his business life, Mr. LaForte has indicated he is willing to take any means necessary to get what he wants, Ortiz said in court. Before we send you to , pleasesubscribe to our daily newsletter. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. LaForte, who lives in multi-million dollar homes in Jupiter, Florida, Haverford, PA and upstate Pennsylvania, was arrested in July at his $2.5 million Haverford mansion on weapons charges. They dispute the allegations. I use this blog to bring attention to regulatory filings involving financial advisors, current events in securities and cases in the financial services industry, and to help investors understand their rights and options for financial recovery. Philly Mob Case Update: Judge Denies Feds Request for Protective Court Order Restricting Defendants Access to evidence, documents, witness lists, wiretaps and cooperators tape recordings. We fight to level the playing field between large corporations and the public investor. Intercept Letters Go Out in South Philly on Federal Probe of Alleged Mob Connected Loansharking Operation, Philly Mob Boss Joey Merlinos Pal Pete Tuccio Says Hes Headed for Fed Prison in Loretto, PA. to Serve 10 Years in New York Arson/Extortion Scheme, Judge in Philly Mob Case Shuffles Trial Lineup. Adding to Joseph LaFortes woes, the FBI searched his houses days after the SEC filed its lawsuit in 2020 and found seven guns and $250,000 in cash. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. In court documents filed by federal prosecutors on the weapons case, FBI agents alleged that LaForte made threats of violence in order to do business, The FBI said LaForte allegedly threatened one merchant, telling the merchant he would blow our house up.. The order against company owners Joseph LaForte and Lisa McElhone includes selling vacation homes in Jupiter, Fla. and the Poconos, and 21 Philadelphia investment properties. If you or a family member has suffered losses investing, we want to discuss your case. Objectives: To investigate the association between inpatient care expenditure (ICE) and income group and the effect of demographic factors, health status, healthcare and social care utilisation on ICE in the last year of life. However, the judge ordered LaForte held without bail until his trial. One of those who did this was Staten Island businessman Vincent Bardong. Your email address will not be published. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. In sum, the brothers argued, this was not a case of a siphoning off of money but just a brother coming through for a brother and sister-in-law in a crisis. Joseph LaForte has been featured in numerous financial and business publications including Yahoo Finance, Forbes, Foreign Policy, Small Business Magazine, Market Watch, Vermont Republic, City Biz List, Business.com, and The Start Up Magazine. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. The company raised the funds from more than 1,200 investors by scheming and lying including making the false claim that their loans had a default rate of less than one percent when it was actually more than 10 percent, the complaint alleges. Par Funding disputes that. Par Funding's Joseph LaForte has recently announced that the company will now be offering a unique financial product designed specifically for small businesses to help them with their cash flow LaForte, who helped run Par Funding on Third Street in Old City Philadelphia, is facing trial on gun charges after FBI agents discovered a number of weapons during a search of his Main Line home last Summer as part of a widespread investigation into Par Funding. The federal court trial of Main Line businessman Joseph LaForte on weapons charges has now been set for May after a year-long delay following concerns over Covid19 and several other issues. He was charged with illegal possession of firearms by a felon. AR-15s.Weve got uh, sawed off shotguns, rifles. Its a tale of cash, expensive homes, even an $8 million dollar private jet along with allegations by federal authorities of handing out loans sometimes at 400% interest. The SEC says that Par Funding hid Joseph LaForte's criminal record from investors, even as insiders paid themselves $200 million in commissions, consulting fees and the like. The FBIs Big Philly Mob Indictment One Year Later. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. Copyright 2023 ACCESSWIRE. What are ALF agreements? To send us an e-mail, simply complete and submit the online form below. Although there has been no mention of organized crime in this weapons case or in an ongoing FBI criminal investigation/SEC investigation of LaFortes business, Par Funding, the arresting agent is Robert Lythgoe. Convicted felon Joseph LaForte, who goes by the name Joe Mack, and his wife Lisa McElhone founded Par Funding in 2011 the same year he was released from prison for stealing $14 million in a real estate scam and, in a separate case, for running an illegal gambling operation. Last Plea Deal Comes from Joe Malone. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. LaForte and McElhone couldnt immediately be reached for comment. Whos Next? Its costly to fight a federal government lawsuit. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. In addition to being fast and requiring no documents to get approved for this finance solution, Par Funding also saves clients from going through excruciating inspections that do little aside from taking up precious business time. Contact me online or call anytime at 844-689-5754. Dies geschieht in Ihren Datenschutzeinstellungen. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. Sie knnen Ihre Einstellungen jederzeit ndern. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. Those appraisals were made official and the judge ordered LaForte released. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. The complaint stated that LaForte and McElhone are in the business of making opportunistic loans to small businesses, some of which charge more than 400% interest, through their company Par Funding. FBI Grabs Reputed Mob Soldier, 4 Others in Latest Mob Sweep in South Philadelphia, Merlinos Lawyers Shoot Down Story About Alleged Presidential Election Scheme as Ridiculous and Fictitious, The Gino DiPietro Hit 10 Years Later: One in Prison, the Shooter still not charged. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. All rights reserved. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. The complaint alleges that Par Fundings website includes multiple articles regarding LaForte and his business successes and that LaForte describes himself as a financial expert in online videos. California residents do not sell my data request. Par Funding Team leader Joe Laforte stated, "The goals of our consolidated program is to help merchants lower their daily payments and allow them to have a clear path to completely get off the use . Confidential Source Surfaces, more Guilty Plea Hearings Set in FBIs Big Philly Boss! 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