Design: Retrospective population-based study. At Par Funding, we don't believe in the cookie-cutter approach. 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. 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. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. "-Sonn Law Group Client. 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. Those appraisals were made official and the judge ordered LaForte released. 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. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. There is no emphasis on credit checks or other reports. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. After that, Judge Ruiz will decide whether to hold Joseph LaForte and McElhone in contempt and rule on how much the couple will have to pay back investors. 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 At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. What do you want bro, come on., LaForte: Weve got everything. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. I cover all things Wall Street, personal finance and investing, people and their money. 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. 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 |. 104 20 Stockholm, Sweden. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. Par Funding Jan 17, 2019, 08:30 ET. Philadelphia businessman under investigation by the FBI & SEC. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. If you or your loved one experienced investment losses, we are here to help. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. Joseph LaForte: Safely Reopening Your Business After Covid-19. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. This exciting new product created by Joseph laforte and his team at Par Funding is aimed at helping rehabbers and developers get access to reliable capital that they can use to remodel and rehab homes or flip them for a profit. He now faces gun charges. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. Both brothers went to prison. It has not yet been determined how much Par Funding will have to repay to those investors. It was the undercover FBI agents, and not LaForte, who first raised the idea of using his plane to flee to the Caribbean, his lawyer Brian McMonagle said Tuesday, citing a transcript of a recorded conversation his client had with the agents. 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. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. 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. 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. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. He was released after family members and friends posted six properties across the area, including Staten Island New York. They dispute the allegations. More information about the company can be found on https://www.parfunding.com/. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Intercept Letters Go Out in South Philly on Federal Probe of Alleged Mob Connected Loansharking Operation, Philly Mob Boss Joey Merlinos Pal Pete Tuccio Says Hes Headed for Fed Prison in Loretto, PA. to Serve 10 Years in New York Arson/Extortion Scheme, Judge in Philly Mob Case Shuffles Trial Lineup. 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. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. 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. 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. Par Funding can take care of the financial side of things so business owners can focus on what they do best. Box 8161. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. Before we send you to , pleasesubscribe to our daily newsletter. For a free consultation, please call us now at 866-827-3202or complete our contact form. Joseph LaForte has worked with hundreds of small business owners and is familiar with their lifestyle. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. 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. In addition to being fast and requiring no documents to get approved for this finance solution, Par Funding also saves clients from going through excruciating inspections that do little aside from taking up precious business time. 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. Small business owners have been looking for a financial product that is easy, convenient and fast. 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. 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. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. 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. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. 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 Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. Your email address will not be published. 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. The firm allegedly gave high interest loans to small businesses and business owners. The SEC says that Par Funding hid Joseph LaForte's criminal record from investors, even as insiders paid themselves $200 million in commissions, consulting fees and the like. The 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. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Global Office of Innovation. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. Odzers lawyer said he was victimized by Joseph LaForte. 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. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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 . Could Others Follow? The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. Joseph LaFortes lawyers has said the payments were proper. The Jackals. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? LaForte is to stand trial Oct. 26 on the gun charges. Where the Case is Headed Now and Whats the Impact On the Local Mob? 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. To send us an e-mail, simply complete and submit the online form below. Investors had raised money to finance Pars high-fee loans to small businesses. Sie knnen Ihre Einstellungen jederzeit ndern. The agreements regulate state's compensation to the county councils for costs related to education and medical research. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. 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. 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. James LaForte also said he had borrowed the money to pay the lawyers. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. He could not be reached or comment. LaForte, according to court documents, is a twice convicted felon. United Nations Children's Fund. Europe, Menlo Park, China), Where the person is located (e.g. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. 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. 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. Feds Go 14 for 15 with Guilty Pleas, Breaking News: 2014 Federal Convictions and 30 Year Sentences of Nicky Scarfo Jr. & Salvatore Pelullo Upheld by Third Circuit Court of Appeal, Philly Mob Soldier and Convicted NJ Drug Trafficker Joey Electric Strikes Plea Deal in 2020 Philadelphia Mob Racketeering Conspiracy Case, Agrees to 10 Years Concurrent, Its A Wrap: One Time South Philly Mob Underboss Steve Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, others to Follow, Convicted NJ Drug Trafficker and Mob Soldier Joseph Joey Electric Servidio may take a Plea in 2020 Philadelphia Mob Racketeering Conspiracy Case, others to follow, Popular South Philly Wiseguy Sonny Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, Brother Steve is next up, Looks Like the Philly Mob is Folding Its tent on 2020 Racketeering Conspiracy Case after Former Underboss, Popular Mob Captain and Soldier Decide to take Guilty Pleas, Breaking News: Teflon Dom No More, Popular Philly Mob Capo Dom Grande Pleads Guilty to Federal Racketeering Conspiracy/Drug Charges, Sources: Caught on Tape. He said a $3 million line of credit was given him by Financial Mutual, whose owner, LaForte said, was another very good friend of mine. He said the payments to the lawyers showed up on Financial Mutuals books because he had directed the firm to pay the lawyers on his behalf. Whos Next? Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. LaForte said he had quickly paid back the loan. More information is available at www.parfunding.com. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. You can reach us by phone at 844-689-5754 or via e-mail. 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. I cover public corruption, white collar crime and the criminal misuse of power. Contact our office today to discuss your case. Its costly to fight a federal government lawsuit. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. 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. 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. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. 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. 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. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. Authorities refused to comment on whether the search of LaForte's home is connected to the . As The Inquirer has previously reported, B&Ts owner, businessman Stephen Odzer, has claimed through lawyers that those masks were worthless junk and that James LaForte had effectively stolen the payments from him. The trial was originally set for last May. Mousie Massimino exits Federal Prison, Steve Mazzone checks in to Federal Lockup, Top Philly GoodFellas Mazzone and Grande Will Stay Close to Home During Upcoming Federal Prison Stints, Philly Mob Underboss Steve Mazzone Gets the Max: 5 Years in Prison, 3 years supervised release in 2020 Racketeering Conspiracy Case, Feds Want Max for Mazzone: 60-month sentence for South Philly Mob Underboss Steve Mazzone on 2020 Racketeering Conspiracy Case, Breaking News: No More Teflon Dom, Popular Philly Mob Captain Dom Grande Gets 78 Months in Federal Racketeering Conspiracy/Drug Case, Philly Mob Soldier Sonny Mazzone set to face the music on 2020 Racketeering Conspiracy Indictment, Feds Strike Again in NYC, this time the Lucchese Crime Family Targeted in Racketeering, Gambling, Money laundering Indictments, Feds: New York Bonanno, Genovese Crime Families Get Together for a little Racketeering, Loansharking and Gambling Operation, Case Closed on 2020 Philly Mob Racketeering Indictments. 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. 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. The company offers honest and transparent financial options through an exceptional customer support platform. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . Designed Specifically for Small Businesses. 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