Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. In July, a court-appointed receiver accused Joseph LaForte and his wife, Lisa McElhone, founders of the shuttered Philadelphia lender, of having diverted and laundered cash that ought to have gone to their investors. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. NE Atlanta, GA 30326 *by appointment only. 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. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . Last of The East Coast LCN defendants, Genovese Capo Patsy Parrello, Finally Released from Prison after Six Years. 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. 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. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. To send us an e-mail, simply complete and submit the online form below. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Faces stiff sentence. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? "-Sonn Law Group Client. They dispute the allegations. Could Others Follow? The couple said the receivers accusations and related bid to hold them in contempt were based on nothing more than salacious hearsay and unproven allegations.. 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. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. 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. 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 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. Dies geschieht in Ihren Datenschutzeinstellungen. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. 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. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. 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. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. LaForte: Ive got AR-15s. 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 order against company owners Joseph LaForte and Lisa McElhone includes selling vacation homes in Jupiter, Fla. and the Poconos, and 21 Philadelphia investment properties. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. 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. 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. 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. 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. 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. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. Par Funding Jan 17, 2019, 08:30 ET. Their company attracted high end investors from Florida to Philly. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. He relies on intimidation as part of his actual business model. The Jackals. 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! Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. This field is for validation purposes and should be left unchanged. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. 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. 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. Unfortunately, no other product in the market was able to meet their demands and solve their problems. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. 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. 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. Box 8161. Thanks for contacting us. 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. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. 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. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Par Funding issued $600 million in loans to small businesses across the U.S. since its inception, according to a Securities and Exchange Commissions complaint filed July 24 in a Florida federal court. Feds Move to Block Release of Mob Underboss Steve Mazzone. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. 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. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. 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. I cover all things Wall Street, personal finance and investing, people and their money. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. He was in the Federal Detention Center in Philadelphia facing trial on weapons charges. If you or your loved one experienced investment losses, we are here to help. 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. Par Funding is a company known for honest and transparent financial solutions that work. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. 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. AR-15s.Weve got uh, sawed off shotguns, rifles. Is He Just Touching Base with Old Friends? The FBIs Big Philly Mob Indictment One Year Later. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. We represent investors in claims against negligent brokers and brokerage firms. Dies geschieht in Ihren Datenschutzeinstellungen. 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. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. I know his history, Talamini said Saturday. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. 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 report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. Where the Case is Headed Now and Whats the Impact On the Local Mob? The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. The firms 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. If you or your loved one experienced investment losses, we are here to help. The SEC says it made very little profit and had to pay older investors with money from newer ones. Par Funding's "No Document" solution follows this philosophy perfectly. Joseph LaForte: Safely Reopening Your Business After Covid-19. Your email address will not be published. Sie knnen Ihre Einstellungen jederzeit ndern. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. We've received your submission. Par Funding disputes that. Par Funding can take care of the financial side of things so business owners can focus on what they do best. 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. He was released after family members and friends posted six properties across the area, including Staten Island New York. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. 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. LaForte and McElhone couldnt immediately be reached for comment. United Nations Children's Fund. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. 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. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? The firm allegedly gave high interest loans to small businesses and business owners. 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. Global Office of Innovation. 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. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. Contact our office today to discuss your case. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. LaForte, according to court documents, is a twice convicted felon. They had taken note of $1.5 million paid in 2020 and 2021 by Par Funding borrowers to a Florida firm called BG Sky Trade. 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. , no other product in the market was able to meet their demands and solve their problems LaForte is team..., Ruiz told the lawyers Wednesday reports have stated that LaForte is the grandson the. 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