Prosecutors also cited complaints from business owners lent money by Par Funding, who said LaForte and others from Par had threatened violence against them unless they paid up. Last Plea Deal Comes from Joe Malone. 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. LaForte wrote that he arranged for a series of loans, hoping Par Fundings legal troubles would be swiftly resolved and it would go back to being a very profitable business. He added: Neither Joe nor Lisa were involved in my efforts to borrow and raise money for the defense. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. 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. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . Europe, Menlo Park, China), Where the person is located (e.g. How much each district council receives depends on its individual . Par Funding claimed that it used sales agents such as Merchant to raise over $270 million from more than 1,200 investors over the past year. AR-15s.Weve got uh, sawed off shotguns, rifles. 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. 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. Joe has led Par Funding to unprecedented growth - through various market shifts and industry changes - and plays an integral role in the company working with mid-sized businesses to access working capital and alleviate cash flow. Joseph LaFortes lawyers has said the payments were proper. The SEC says it made very little profit and had to pay older investors with money from newer ones. 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. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. The contest between the SEC and Par Funding is in its final rounds after LaForte, McElone and several other defendants dropped most of their legal opposition to the agencys charge that their business defrauded 1,200 investors while raising $540 million since 2011. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. Buckhead Tower, Suite 400 3399 Peachtree Rd. 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. 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. However, accounting records that are part of the court file list only. The FBI also released a recorded conversation involving LaForte and undercover FBI employees that was taped recorded in late July 2020 regarding weapons and shooting them at his upstate Pennsylvania home. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Pete Tuccio, Philly Mob Boss Joey Merlinos Pal, Gets 10 Years in New York Arson/Extortion Scheme, Philly Police, Feds Take Down Violent Carjacker on 2 Murders, Several Carjackings Tied to Local Ring, Sonny DiCrecchio Reports To Federal Prison to Serve 10 years in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, Former Philly Mob Boss Ralph Natale Passes Away at 87 Years Old. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. Is He Just Touching Base with Old Friends? 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. The trial was originally set for last May. However, the judge ordered LaForte held without bail until his trial. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. The arrest comes two weeks after the SEC filed a complaint against Par Funding and its affiliates, as well as founders Joseph LaForte and Lisa McElhone, alleging that the company offered unregistered, fraudulent securities in order to raise almost half a billion dollars from approximately 1,200 across the United States. 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 . Participants: Decedents 65 years in 2015 (N=13 538). The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. LaForte allegedly threatened another merchant by asking if she ever heard of cement shoes. He later allegedly said to the same woman that one day she would start her car engine and poof if she didnt pay LaForte. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. 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. His brother James has been described in published reports as an associate of the Gambino Crime Family. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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. More information about the company can be found on https://www.parfunding.com/. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". 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 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. For a free consultation, please call us now at. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). 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. We represent investors in claims against negligent brokers and brokerage firms. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. LaForte, according to court documents, is a twice convicted felon. You can reach us by phone at 844-689-5754 or via e-mail. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Design: Retrospective population-based study. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. The intriguing and widespread federal investigation of LaForte and Par Funding started going public in July when the feds raided Par Funding, his homes and other locations. Questions? But that doesnt make him a bad person.. Box 8161. He was charged with illegal possession of firearms by a felon. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. 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. Last of The East Coast LCN defendants, Genovese Capo Patsy Parrello, Finally Released from Prison after Six Years. 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. Both brothers went to prison. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. 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. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Lawyers for his brother and sister-in-law did not return calls. With a keen focus on small businesses, the company has achieved prominence due to its exceptional customer service that comes along with its convenient and affordable financial products. Philadelphia businessman under investigation by the FBI & SEC. Sie knnen Ihre Einstellungen jederzeit ndern. He said it was paid because he provided B&T with anti-coronavirus masks. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. To send us an e-mail, simply complete and submit the online form below. This field is for validation purposes and should be left unchanged. 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. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . 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 December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. Joseph LaForte: Safely Reopening Your Business After Covid-19. The firm allegedly gave high interest loans to small businesses and business owners. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. What are ALF agreements? 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. 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. 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. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. Odzers lawyer said he was victimized by Joseph LaForte. 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. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. Biker Suspect Returning To Philly, Stand Up Guy Pete Tuccio, A Joey Merlino Associate, Pleads Guilty In NYC Mob-related Arson Case, Looking At 10 Years, Feds Look To Delay Trial For 15 Philly Mobsters & Associates, Citing Covid19 Restrictions. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. Their company attracted high end investors from Florida to Philly. He could not be reached or comment. By circumventing such financial red tape, Joe LaForte and his team can effectively reduce turnaround time and make sure that their clients get working capital as quickly as possible. LaForte is to stand trial Oct. 26 on the gun charges. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? 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. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. 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. California residents do not sell my data request. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. Agents seized seven handguns and rifles. Par Funding Investor Loss Recovery Center. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. The $2.5 million bond set Thursday was secured by six homes: the in-laws' rowhouse in South Philadelphia, the homes of cousins in Keansburg, N.J., and Staten Island, N.Y., and the homes of friends in Staten Island and Lackawaxen Township, Pa., near his Poconos home. 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. 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. All rights reserved. They also make sure that the client receives the funds in their account within one business day. 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. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. Par Funding can take care of the financial side of things so business owners can focus on what they do best. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Whos Next? Investors had raised money to finance Pars high-fee loans to small businesses. He relies on intimidation as part of his actual business model. Biker World Sources: Old Guard Philly Pagans form new MC. Brother of. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. "Every small business is unique and has its own way of doing things," states Joe LaForte. I am a close friend of James LaForte and put my house up for his brother Josephs bail as a favor to James, he said. Joe and his team have successfully closed over $500 million in small business funding, his fast hands on approach with his team has earned him a reputation as the number one option for small business seeking short term cash flow solutions. 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. "-Sonn Law Group Client. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. 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. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Share this article. 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. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. 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. 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. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. 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 . 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. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. 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. 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. Your email address will not be published. How Small Businesses Can Navigate the COVID19 Pandemic. 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.. Joseph Laforte is the sales team leader at Par . Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. This field is for validation purposes and should be left unchanged. The company offers honest and transparent financial options through an exceptional customer support platform. For more information on Joseph LaForte please visit http://josephlaforte.com/. If you or a family member has suffered losses investing, we want to discuss your case. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Par Funding is a leading provider of short-term capital to businesses in need and is known for quick turnaround time and exceptional customer service. 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. 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 disputes that. The FBI refused comment on the probe. In fact, he has aided many businesses in their journey to financial success, including helping. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. Postal address. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. The couple said the receivers accusations and related bid to hold them in contempt were based on nothing more than salacious hearsay and unproven allegations.. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. Joseph Laforte is a team leader at. "I spoke to Mr Sonn on a complex legal matter. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. Many businesses in their journey to financial success, including helping China,. Sonn on a complex legal matter Prison after six years allegedly said to the Securities charges the. And expand, mainly focusing on cash flow AR-15 style rifle in LaFortes home a... Trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the woman! 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