Agents seized seven handguns and rifles. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. Share this article. 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. NE Atlanta, GA 30326 *by appointment only. However, the judge ordered LaForte held without bail until his trial. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. 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. LaForte was immediately ordered held at the federal detention center on Arch Street. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. The real estate assets have an estimated value of at least $55 million. 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. As a twice-convicted felon, LaForte is barred from possessing guns. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. At Par Funding, we don't believe in the cookie-cutter approach. James LaForte also said he had borrowed the money to pay the lawyers. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. One businesswoman has accused him of threatening to blow up her house. 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. 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. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. This problem is even more magnified for small businesses that already have a dearth of resources. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. One of those who did this was Staten Island businessman Vincent Bardong. 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. For more information on Joseph LaForte please visit http://josephlaforte.com/. 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. 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. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. You can reach us by phone at 844-689-5754 or via e-mail. Joseph LaForte: Safely Reopening Your Business After Covid-19. 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. 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. 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. Odzers lawyer said he was victimized by Joseph LaForte. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. He said it was paid because he provided B&T with anti-coronavirus masks. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . This field is for validation purposes and should be left unchanged. Authorities refused to comment on whether the search of LaForte's home is connected to the . Par Funding disputes that. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. In Lower Merion, agents discovered two handguns in a primary bedroom nightstand, a military-style rifle under the bed there, two more handguns in an office, and two shotguns in a closet. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. 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. Your email address will not be published. For a free consultation, please call us now at. If you or a family member has suffered losses investing, we want to discuss your case. Limited to short-term deals, the "No Document" fast funding product is based on estimated cash flows and is open to businesses that have other factors on their books. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. 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. Par Funding Jan 17, 2019, 08:30 ET. According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. However, accounting records that are part of the court file list only. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. All rights reserved. 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. There is no emphasis on credit checks or other reports. The trial was originally set for last May. 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We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". Questions? Dies geschieht in Ihren Datenschutzeinstellungen. Mob Boss Joey Merlino Back To His Roots in Philly This Week. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . 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. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. The receivers lawyers are expected to file a rebuttal on Tuesday. 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 . 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 is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of small business finance. About Joseph LaForte . He could not be reached or comment. So it helped that the brother of the man accused of orchestrating the alleged Par Funding fraud says he had a lot of generous friends willing to bankroll the defense in a battle with the U.S. Securities and Exchange Commission. The complaint accuses the couple and their agents of violating federal securities law and wants the court to freeze their assets, impose civil fines and appoint a receiver to protect investors. 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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. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. 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. Higher sales means producing higher volumes, which often requires additional investment. 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. 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. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. 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. 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. Thanks for contacting us. 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. 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. 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. 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.. How much each district council receives depends on its individual . Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. "-Sonn Law Group Client. 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. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. 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. 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. Their company attracted high end investors from Florida to Philly. 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. 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. Dies geschieht in Ihren Datenschutzeinstellungen. Both brothers went to prison. We fight to level the playing field between large corporations and the public investor. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. We represent investors in claims against negligent brokers and brokerage firms. He was charged with illegal possession of firearms by a felon. 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. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. Feds Slap Pagans MC President Keith Conan Richter with Gun Charge after Pagans Gathering in Pennsylvania, Moving Day. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. 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 Par Funding is a company known for honest and transparent financial solutions that work. Europe, Menlo Park, China), Where the person is located (e.g. Sie knnen Ihre Einstellungen jederzeit ndern. I cover all things Wall Street, personal finance and investing, people and their money. The receiver contends that LaForte and McElhone, in concert with various associates and firms, found a way to reach in and steer some of those payments back to themselves, rather than into the receivers hands. What are ALF agreements? 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. LaForte is to stand trial Oct. 26 on the gun charges. 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. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. 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. Faces stiff sentence. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? In an interview, Talamini, 48, said James LaForte was a solid person whom he had known for 25 years. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. "Every small business is unique and has its own way of doing things," states Joe LaForte. Par Fundings 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 problems. 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. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. The major part of the City's resources - three-quarters - is passed on to the district councils. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. 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. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. 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. 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. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. 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. 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. They dispute the allegations. 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. If you or your loved one experienced investment losses, we are here to help. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. The company has received raving reviews and remarkable testimonials from clients who keep coming back. 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. 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. 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. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. The firm allegedly gave high interest loans to small businesses and business owners. 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. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. 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. I write about people and money in our community and beyond. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. 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 couple said the receivers accusations and related bid to hold them in contempt were based on nothing more than salacious hearsay and unproven allegations.. 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. 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. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. Contact me online or call anytime at 844-689-5754. 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. California residents do not sell my data request. 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. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. 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