The FBI refused comment on the probe. 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. One of those who did this was Staten Island businessman Vincent Bardong. Few details have been released on that investigation. Par Funding disputes that. 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. 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. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? 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. Global Office of Innovation. 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. 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. I cover all things Wall Street, personal finance and investing, people and their money. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. 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. Lawyers for his brother and sister-in-law did not return calls. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. 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. Thanks for contacting us. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. 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. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. The real estate assets have an estimated value of at least $55 million. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. Their company attracted high end investors from Florida to Philly. 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. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. The agreements regulate state's compensation to the county councils for costs related to education and medical research. 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. 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. If you or your loved one experienced investment losses, we are here to help. They dispute the allegations. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. LaForte and McElhone couldnt immediately be reached for comment. 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. 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 FBI said in court papers they could not determine if any of the threats were carried through to fruition. 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. 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. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. However, accounting records that are part of the court file list only. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. 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. 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. 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. Dies geschieht in Ihren Datenschutzeinstellungen. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. Federal Bureau of Prisons Records: Former Pagans MC President Keith Conan Richter Now Back at Fort Dix Lockup For 33-month Sentence on Federal Gun Charge, Philly Underbosses on the Move! The Jackals. 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. 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. Joseph served three and half years in prison. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. 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. 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. Box 8161. Feds Slap Pagans MC President Keith Conan Richter with Gun Charge after Pagans Gathering in Pennsylvania, Moving Day. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. The trial was originally set for last May. 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. Setting: Stockholm County. 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. According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? One businesswoman has accused him of threatening to blow up her house. 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. Shortly after the SEC sued Par Funding, agents searched Joseph LaForte's houses on the Main Line, in the Poconos, and on the Gold Coast of Florida. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. 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. Could Others Follow? 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. municipal tax and the City's common budget. 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. 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. Before we send you to , pleasesubscribe to our daily newsletter. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. Postal address. As a twice-convicted felon, LaForte is barred from possessing guns. 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. 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. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. 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. 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. "I spoke to Mr Sonn on a complex legal matter. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. 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. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. 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. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. Open to all tips: earvedlund@inquirer.com. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. 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. 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. If convicted, he could face up to 10 years in prison. LaForte, according to court documents, is a twice convicted felon. 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. 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. 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. 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. Faces 5 Years. They can stay in their home until it is sold if they pay $61,000 in overdue rent and fees, states the order by Judge Rudolfo Ruiz. 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. "-Sonn Law Group Client. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. 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 . Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. 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. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. 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. As a result, Par Funding tries its best to help clients in a timely fashion. 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. Both brothers went to prison. 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. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Europe, Menlo Park, China), Where the person is located (e.g. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. 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. Dies geschieht in Ihren Datenschutzeinstellungen. Its costly to fight a federal government lawsuit. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. 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. 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. There is no emphasis on credit checks or other reports. The receivers lawyers are expected to file a rebuttal on Tuesday. 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. Philadelphia businessman under investigation by the FBI & SEC. In an interview, Talamini, 48, said James LaForte was a solid person whom he had known for 25 years. If you or your loved one experienced investment losses, we are here to help. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. Copyright 2023 ACCESSWIRE. 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. He was charged with illegal possession of firearms by a felon. 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. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . He could not be reached or comment. It has not yet been determined how much Par Funding will have to repay to those investors. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. Par Funding Investor Loss Recovery Center. 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. Questions? The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. 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. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. Those appraisals were made official and the judge ordered LaForte released. Par Funding is a company known for honest and transparent financial solutions that work. 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. 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Sie knnen Ihre Einstellungen jederzeit ndern. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. 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. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. He relies on intimidation as part of his actual business model. Par Funding helps small and midsize business owners with some of the largest obstacles they might be facing, like cash flow, consolidating high-interest MCA loans and invoice factoring, in order to help them grow and expand efficiently. How much each district council receives depends on its individual . His brother was charged in a separate investigation. Joe and his team have successfully closed over $500 million in small business funding, his . 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. For a free consultation, please call us now at 866-827-3202or complete our contact form. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. Sie knnen Ihre Einstellungen jederzeit ndern. LaForte: Ive got AR-15s. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered 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 . We've received your submission. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. https://issuu.com/joelaforte. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. Lets Make A Deal. 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. 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. He said it was paid because he provided B&T with anti-coronavirus masks. Par Funding can take care of the financial side of things so business owners can focus on what they do best. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. 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. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. Odzers lawyer said he was victimized by Joseph LaForte. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. 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