In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. 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. He could not be reached or comment. 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. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. 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. Your email address will not be published. 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. Then They Find It, But Now Its In Limbo, Former Pagans MC President Keith Conan Richter Gets 33 Months in Federal Gun Case after Pagans Gathering in Pennsylvania, Breaking News: Lawyer for Deceased Philly/Boston Mobster Robert Gentile Tells Boston25 TV Reporter, Theres a ton of Smoke Around Bob Gentile in Bostons Historic $500 Million Gardner Art Museum Heist. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. Mobster On The Move: Convicted Philly/NorthJersey Mob Soldier Joey Electric Has A New HomeFor Now. 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. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. Dies geschieht in Ihren Datenschutzeinstellungen. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. The trial was originally set for last May. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. Copyright 2023 ACCESSWIRE. 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. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. He allegedly said try to f stop me, Ill have you and your son killed., Several merchants also told the FBI that if they missed loan payments a large muscular man appeared uninvited at their place of business, threatened them with physical harm and demanded money for LaForte and his company.. "Every small business is unique and has its own way of doing things," states Joe LaForte. 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. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. 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. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. 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. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. 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. 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. Thanks for contacting us. 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 . 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. The firm allegedly gave high interest loans to small businesses and business owners. Lawyers for his brother and sister-in-law did not return calls. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. 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 stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. 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. LaForte: Ive got AR-15s. 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. 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. Joseph is known for his. 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. 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. 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Joe and his team have successfully closed over $500 million in small business funding, his . I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. 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. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. 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. If you or your loved one experienced investment losses, we are here to help. Please contact us today for a free review of your case. 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. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. Required fields are marked *. Twitter View on Twitter. To send us an e-mail, simply complete and submit the online form below. The real estate assets have an estimated value of at least $55 million. I know his history, Talamini said Saturday. How Small Businesses Can Navigate the COVID19 Pandemic. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. LaForte was immediately ordered held at the federal detention center on Arch Street. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. 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. 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. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. 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. Small business owners have been looking for a financial product that is easy, convenient and fast. 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. 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. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. 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. Immediately after LaFortes arrest in the gun case, a U.S. magistrate judge jailed him, ruling that he was a flight risk and a potential danger to the community. 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 About Joseph LaForte . Joseph LaForte (left) and his wife, Lisa McElhone. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. If you or a family member has suffered losses investing, we want to discuss your case. 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. 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. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. 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