LaForte said he had quickly paid back the loan. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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 . Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. Where the Case is Headed Now and Whats the Impact On the Local Mob? Joseph LaForte has always worked to help the businesses he advises see increased financial growth. 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. Required fields are marked *. The SEC says it made very little profit and had to pay older investors with money from newer ones. LaForte was ordered held without bail by a judge in July 2020. 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. 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. He is now awaiting trial in Philadelphia on the gun charges. His brother James has been described in published reports as an associate of the Gambino Crime Family. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. 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. 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. 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. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. 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. 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. 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. Lawyers for his brother and sister-in-law did not return calls. They also make sure that the client receives the funds in their account within one business day. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. LaForte: Ive got AR-15s. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. The receiver, who is now in charge of Par Fundings finances, said that couple used the scheme to hire lawyers to take on the SEC. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. How Small Businesses Can Navigate the COVID19 Pandemic. Joseph Laforte is the sales team leader at Par . As a twice-convicted felon, LaForte is barred from possessing guns. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. The federal court trial of Main Line businessman Joseph LaForte on weapons charges has now been set for May after a year-long delay following concerns over Covid19 and several other issues. Joseph LaForte: Safely Reopening Your Business After Covid-19. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. 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. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. 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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. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. 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. 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. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. 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. The FBIs Big Philly Mob Indictment One Year Later. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. 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. Last Plea Deal Comes from Joe Malone. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. 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.. 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. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. Contact our office today to discuss your case. Whos Next? 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. The agreements regulate state's compensation to the county councils for costs related to education and medical research. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. At Par Funding, we don't believe in the cookie-cutter approach. Before we send you to , pleasesubscribe to our daily newsletter. There is no emphasis on credit checks or other reports. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. LaForte is represented by attornies Michael Engle in Philadelphia and James Froccaro Jr, out of Port Washington, New York along with well known Philadelphia Attorney Brian McMonagle whos represented Bill Cosby and Philly rapper Meek Mill in recent years. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. 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. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at. 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 . LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Dies geschieht in Ihren Datenschutzeinstellungen. 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. Few details have been released on that investigation. Joseph LaForte, of leading short-term capital provider Par Funding, Joseph LaForte's aim is to find innovative ways, Joseph LaForte has worked with hundreds of small business owners, preparing for a strong spring and summer season. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. For a free consultation, please call us now at 866-827-3202or complete our contact form. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. 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. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. He relies on intimidation as part of his actual business model. 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. 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. 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 also served time for helping operate an illegal offshore gambling operation. 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. Whats Ahead For Joey Merlino and The Philly Mob In 2022? The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. Your email address will not be published. His statement was attached to a legal filing by Joseph LaForte and McElhone that also attacked the receivers allegation that the couple had schemed to have a variety of firms to step in and collect from Par Funding debtors in order to pass money through to them money that should have gone to the receiver to pay back investors. 104 20 Stockholm, Sweden. If convicted, he could face up to 10 years in prison. 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. If you or a family member has suffered losses investing, we want to discuss your case. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. For more information on Joseph LaForte please visit http://josephlaforte.com/. 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. He is . Joseph served three and half years in prison. Joseph LaFortes lawyers has said the payments were proper. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. 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. Faces 5 Years. 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. 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. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. 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. 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. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. Unfortunately, no other product in the market was able to meet their demands and solve their problems. 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 In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. Laforte, who is a convicted felon, is prohibited from possessing firearms. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. Par Funding Jan 17, 2019, 08:30 ET. 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. What do you want bro, come on., LaForte: Weve got everything. 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