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. Its costly to fight a federal government lawsuit. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. 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. 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. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Par Funding Investor Loss Recovery Center. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. NYPD arrests three men in murder of Bronx Pagans MC President, Fourth Arrest made in connection with Warlocks MC murder case of Delco man, Philly Mob Boss Joey Merlinos former driver and co-defendant released from prison, Sources: NY Pagans MC president gunned down in suspected hit. 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 . 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. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. 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Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. The younger LaForte owner of hipster bars in Brooklyn and a man with a criminal record, like his brother swore in a court filing that he tapped a network of Staten Island business associates and friends to pay for legal help versus the SEC and to keep his big brother out of prison on separate gun charges. He knows that small business owners already have a lot on their plate, which is why he believes that getting access to working capital should be as simple as possible. Buckhead Tower, Suite 400 3399 Peachtree Rd. Design: Retrospective population-based study. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. 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. We fight to level the playing field between large corporations and the public investor. He said it was paid because he provided B&T with anti-coronavirus masks. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . 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 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. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. Joseph LaForte, the founder of a Philadelphia cash advance company that raised a half-billion dollars from hundreds of investors before the government called it a fraud, says he isn't asking . 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. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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 . LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Questions? A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. Laforte, who is a convicted felon, is prohibited from possessing firearms. What are ALF agreements? 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. Last of The East Coast LCN defendants, Genovese Capo Patsy Parrello, Finally Released from Prison after Six Years. Contact our office today to discuss your case. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. About Joseph LaForte . In July, a court-appointed receiver accused Joseph LaForte and his wife, Lisa McElhone, founders of the shuttered Philadelphia lender, of having diverted and laundered cash that ought to have gone to their investors. We represent investors in claims against negligent brokers and brokerage firms. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. Another merchant told the FBI, according to court papers, that LaForte threatened to take away all the merchants assets for failure to make a loan repayment. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. He is . I cover public corruption, white collar crime and the criminal misuse of power. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. He is now awaiting trial in Philadelphia on the gun charges. LaForte allegedly had several conversations with undercover FBI employees about using his personal jet to fly bulk currency to Nevis in order to obtain citizenship and place his monies in secret bank accounts. The jet was recently seized by federal authorities. 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. 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. Dies geschieht in Ihren Datenschutzeinstellungen. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. Joseph served three and half years in prison. 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Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. The owners of the cash-advance company Par Funding have 10 days to file an objection to an order by a federal judge to leave their Haverford home by April so it can be sold, writes Joseph N. DiStefano for The Philadelphia Inquirer. 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. Whats Ahead For Joey Merlino and The Philly Mob In 2022? Joseph is known for his. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. Contact me online or call anytime at 844-689-5754. Mobster On The Move: Convicted Philly/NorthJersey Mob Soldier Joey Electric Has A New HomeFor Now. As for James LaForte, after his arrest in the familys mortgage scam, he had more convictions for gambling, loan-sharking, and arson attacks on borrowers. "-Sonn Law Group Client. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. At Par Funding, we don't believe in the cookie-cutter approach. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. He could not be reached or comment. Par Funding is a company known for honest and transparent financial solutions that work. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. Par Funding disputes that. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. Share this article. More Sentencings Coming, Lawyers For Accused Philly Mob Underboss Steve Mazzone Want More Discovery, Any Other Crimes Evidence And Witness List For Upcoming Racketeering Conspiracy Trial, Judge in Philly Mob Case Reshuffles Trial Lineup. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. The trial was originally set for last May. Joseph Laforte is the sales team leader at Par . Faces stiff sentence. The Jackals. A federal judge ordered Joseph LaForte, cofounder of the besieged Philadelphia lender Par Funding, released from prison Thursday on a $2.5 million bond secured by his relatives and friends homes to await his trial later this month on firearms charges. Par Funding cofounder Joseph LaForte released on $2.5 million bond, placed under house arrest A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. LaForte and his wife, Lisa McElhone, 41, among others, are defendants in a separate civil lawsuit brought by the U.S. Securities and Exchange Commission in Florida, alleging that they defrauded Par Funding investors. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. "I spoke to Mr Sonn on a complex legal matter. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. 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. One of those who did this was Staten Island businessman Vincent Bardong. I write about people and money in our community and beyond. Twitter View on Twitter. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. Feds Lose The Passport He Surrendered. Par Funding helps small and midsize business owners with some of the largest obstacles they might be facing, like cash flow, consolidating high-interest MCA loans and invoice factoring, in order to help them grow and expand efficiently. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. He was charged with illegal possession of firearms by a felon. Whos Next? In his July filing, the receiver, Florida lawyer Ryan Stumphauzer, focused on what had happened to money owed Par Funding by the hundreds of merchants to whom it made loans. To send us an e-mail, simply complete and submit the online form below. 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. Faces 5 Years. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. They dispute the allegations. 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. Biker World Sources: Old Guard Philly Pagans form new MC. James LaForte also said he had borrowed the money to pay the lawyers. 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. The receivers lawyers are expected to file a rebuttal on Tuesday. 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. 104 20 Stockholm, Sweden. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". Odzers lawyer said he was victimized by Joseph LaForte. The SEC says that Par Funding hid Joseph LaFortes criminal record from investors, even as insiders paid themselves $200 million in commissions, consulting fees and the like. 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 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. Philadelphia businessman under investigation by the FBI & SEC. Unfortunately, no other product in the market was able to meet their demands and solve their problems. It has not yet been determined how much Par Funding will have to repay to those investors. AR-15s.Weve got uh, sawed off shotguns, rifles. LaForte, whose grandfather, nicknamed Joe the Cat, and his uncle Buddy, were made men in the Gambino crime family, went to great lengths to hide his criminal past from potential investors using several aliases, according to Bloomberg and court papers. He relies on intimidation as part of his actual business model. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. If you or your loved one experienced investment losses, we are here to help. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. LaForte: Ive got AR-15s. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. Its a Road Trip for Philly/NorthJersey Mob Soldier Joey Electric as Feds Send Him Packing To Oklahoma, Anthony Gifoli, a/k/a Tony Meatballs, the First to Plead Guilty in South Philly Mob Case, Philly Sledgehammer Bandits Get Hammered in Philadelphia Police Sting Operation, Federal Prosecutors Claim Threats Being Made Against Witnesses in Latest Philly Mob Case, Federal Judge Delays Gun Trial for Par Fundings Joe LaForte, Philadelphia businessman under investigation by the FBI & SEC. In fact, he has aided many businesses in their journey to financial success, including helping. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Guilty Plea Hearings Set. NE Atlanta, GA 30326 *by appointment only. United Nations Children's Fund. His in-laws, James and Margaret McElhone, described him as a good family man. Their daughter, McElhone, joined LaForte in founding Par Funding a decade ago shortly after he had served time for a $14 million mortgage fraud and a gambling conviction. Joseph LaFortes lawyers has said the payments were proper. Where the Case is Headed Now and Whats the Impact On the Local Mob? Postal address. Open to all tips: earvedlund@inquirer.com. They also make sure that the client receives the funds in their account within one business day. 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. His brother James has been described in published reports as an associate of the Gambino Crime Family. GBM, Gotti Boy Movement, Street Gang In Burlington Co., Taken Down On Racketeering, Violent Crime Charges By Task Force, Garden State Biker Battles: Feds Indict 2 High Ranking Pagans MC Members After Jersey Turnpike Retaliation Shooting On Hells Angels, Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. Joseph Laforte is a team leader at. Small business owners that want to buy new machinery or equipment to support the growth of their business and want working capital with a quick turnaround time will find this offering very useful. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. https://issuu.com/joelaforte, United States Consulting Companies (Top 10K), Education Companies With Less Than $1B in Revenue (Top 10K), Education Companies With Less Than $10M in Revenue (Top 10K), Consulting Companies With Less Than $10M in Revenue (Top 10K), Consulting Companies With Less Than $1B in Revenue (Top 10K), United States Education Companies (Top 10K), Education Companies With Fewer Than 100 Employees (Top 10K), Education Companies With More Than $1M in Revenue (Top 10K), Consulting Companies With Less Than $50M in Revenue (Top 10K), Consulting Companies With Fewer Than 100 Employees (Top 10K), Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. 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. Then They Find It, But Now Its In Limbo, Former Pagans MC President Keith Conan Richter Gets 33 Months in Federal Gun Case after Pagans Gathering in Pennsylvania, Breaking News: Lawyer for Deceased Philly/Boston Mobster Robert Gentile Tells Boston25 TV Reporter, Theres a ton of Smoke Around Bob Gentile in Bostons Historic $500 Million Gardner Art Museum Heist. We make sure that our agents work closely with our clients to customize products in a way that serves the client's business and makes their life easier. The firm allegedly gave high interest loans to small businesses and business owners. LaFortes lawyers James Froccaro Jr, Michael Engle and Brian McMonagle, contested the governments request, saying the weapons were legally purchased by LaFortes wife after she was robbed at knifepoint outside her business. He allegedly said try to f stop me, Ill have you and your son killed., Several merchants also told the FBI that if they missed loan payments a large muscular man appeared uninvited at their place of business, threatened them with physical harm and demanded money for LaForte and his company.. 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 order against company owners Joseph LaForte and Lisa McElhone includes selling vacation homes in Jupiter, Fla. and the Poconos, and 21 Philadelphia investment properties. 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. LaForte was released on bail in the Fall of 2020 on federal weapons charges after several delays tied to the posting of his $2.5 million bail. 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. Call me with tips. This field is for validation purposes and should be left unchanged. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. Sie knnen Ihre Einstellungen jederzeit ndern. municipal tax and the City's common budget. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. What do you want bro, come on., LaForte: Weve got everything. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. 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. 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. Par Funding can take care of the financial side of things so business owners can focus on what they do best. For more information on Joseph LaForte please visit http://josephlaforte.com/. His brother was charged in a separate investigation. For the last two months, he has been behind bars at the Federal Detention Center in Philadelphia since the FBI discovered seven loaded guns four handguns, two shotguns, and a rifle at his $2.4 million home in Lower Merion while searching it in a criminal investigation of Par Funding. Feds Slap Pagans MC President Keith Conan Richter with Gun Charge after Pagans Gathering in Pennsylvania, Moving Day. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. 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. The major part of the City's resources - three-quarters - is passed on to the district councils. I know his history, Talamini said Saturday. No charges have been filed by the FBI in the Par Funding investigation. 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 |. Few details have been released on that investigation. 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. 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