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. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. 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. Last of The East Coast LCN defendants, Genovese Capo Patsy Parrello, Finally Released from Prison after Six Years. However, accounting records that are part of the court file list only. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. About Joseph LaForte . 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. Faces 5 Years. 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. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. 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. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. Dies geschieht in Ihren Datenschutzeinstellungen. He was released after family members and friends posted six properties across the area, including Staten Island New York. The company has received raving reviews and remarkable testimonials from clients who keep coming back. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. Par Funding can take care of the financial side of things so business owners can focus on what they do best. As a twice-convicted felon, LaForte is barred from possessing guns. 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. 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. I cover all things Wall Street, personal finance and investing, people and their money. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. Global Office of Innovation. 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. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. LaForte said he had quickly paid back the loan. Postal address. Unfortunately, no other product in the market was able to meet their demands and solve their problems. He was charged with illegal possession of firearms by a felon. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. LaForte and McElhone couldnt immediately be reached for comment. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. 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. Authorities refused to comment on whether the search of LaForte's home is connected to the . Joseph LaForte (left) and his wife, Lisa McElhone. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. 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. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. This field is for validation purposes and should be left unchanged. 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. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. 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. 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. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug 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. His brother was charged in a separate investigation. In fact, he has aided many businesses in their journey to financial success, including helping. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. 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. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. 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. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. 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. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. More information is available at www.parfunding.com. 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. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". The SEC is seeking a temporary restraining order and preliminary injunction against the defendants named in the complaint enjoining them from committing further securities violations. 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. He could not be reached or comment. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. 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. 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. United Nations Children's Fund. Whos Next? Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. Par Funding Jan 17, 2019, 08:30 ET. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. He relies on intimidation as part of his actual business model. We represent investors in claims against negligent brokers and brokerage firms. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. I cover public corruption, white collar crime and the criminal misuse of power. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. The Jackals. 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. If convicted, he could face up to 10 years in prison. Feds Lose The Passport He Surrendered. MIAMI, FL / ACCESSWIRE / March 4, 2020 / Par Funding's Joe LaForte has recently announced an expedited short-term financial solution for small businesses which will require no documents and no credit check. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. 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. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Required fields are marked *. "-Sonn Law Group Client. 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. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. Joseph Laforte is the sales team leader at Par . Odzers lawyer said he was victimized by Joseph LaForte. FBI Agents raided LaFortes Haverford home and former Par Funding business location on Third Street in Old City Philadelphia in July 2020 as part of an ongoing undercover FBI investigation. Box 8161. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Twitter View on Twitter. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. All rights reserved. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. Par Funding Investor Loss Recovery Center. Thanks for contacting us. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. Joe and his team have successfully closed over $500 million in small business funding, his . 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. Feds Move to Block Release of Mob Underboss Steve Mazzone. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. NE Atlanta, GA 30326 *by appointment only. In the contempt motion, the receiver had said Bardong ran a firm, Platinum Rapid Funding Group, that collected loan payments from Par debtors and also paid money to another firm, Financial Mutual. 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. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. 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 . Par Funding disputes that. Joseph LaForte believes that the new product by Par Funding is perfect for businesses that are facing short-term cash flow problems and want an affordable way out and need it quickly. Joseph Laforte is a team leader at. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Both brothers went to prison. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. Philadelphia businessman under investigation by the FBI & SEC. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. Dies geschieht in Ihren Datenschutzeinstellungen. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. Laforte, who is a convicted felon, is prohibited from possessing firearms. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. 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 LaForte: Safely Reopening Your Business After Covid-19. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. 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. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. 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. 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. 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. 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. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. 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. Europe, Menlo Park, China), Where the person is located (e.g. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. Lawyers for his brother and sister-in-law did not return calls. municipal tax and the City's common budget. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. I know his history, Talamini said Saturday. 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 small business Funding, his part Ways in Upcoming Philly Mob Update: more Tapes! On whether the search of LaForte & # x27 ; s business model Funding it. And sister-in-law did not return calls james LaForte also served time for helping operate illegal..., is prohibited from possessing firearms to help the couple defend themselves the. Ruiz told the lawyers Wednesday Sentencing in July that case and another Source! His client was not trying to flee, had no passport and prohibited from obtaining or any... 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