The SEC says it made very little profit and had to pay older investors with money from newer ones. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. Required fields are marked *. 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. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. About Joseph LaForte . Setting: Stockholm County. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. Unfortunately, no other product in the market was able to meet their demands and solve their problems. Faces stiff sentence. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. This field is for validation purposes and should be left unchanged. The Jackals. 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. Participants: Decedents 65 years in 2015 (N=13 538). 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. At Par Funding, we don't believe in the cookie-cutter approach. Joseph is known for his. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. In fact, he has aided many businesses in their journey to financial success, including helping. 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. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. Copyright 2023 ACCESSWIRE. 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. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Joseph Laforte is a team leader at. 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. Joseph Laforte is the sales team leader at Par . 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. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. "Every small business is unique and has its own way of doing things," states Joe LaForte. 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 Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. The Sonn Law Group is currently 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. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. Authorities refused to comment on whether the search of LaForte's home is connected to the . LaForte was ordered held without bail by a judge in July 2020. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. LaForte fails to disclose that he is a twice-convicted felon and was previously imprisoned and ordered to pay $14.1 million in restitution for money laundering and grand larceny. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. I know his history, Talamini said Saturday. There is no emphasis on credit checks or other reports. No charges have been filed by the FBI in the Par Funding investigation. 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Questions? This problem is even more magnified for small businesses that already have a dearth of resources. However, the judge ordered LaForte held without bail until his trial. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Limited to short-term deals, the "No Document" fast funding product is based on estimated cash flows and is open to businesses that have other factors on their books. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Higher sales means producing higher volumes, which often requires additional investment. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. 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. He said it was paid because he provided B&T with anti-coronavirus masks. Call me with tips. The FBIs Big Philly Mob Indictment One Year Later. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. NE Atlanta, GA 30326 *by appointment only. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. 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. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. 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.. His trial comes as Par Funding and other defendants recently agreed to stop fighting a civil case against them that was also set to go to trial in November 2021. Contact our office today to discuss your case. Brother of. 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. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. 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. 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. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. It has not yet been determined how much Par Funding will have to repay to those investors. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. The trial was originally set for last May. In the contempt motion, the receiver had said Bardong ran a firm, Platinum Rapid Funding Group, that collected loan payments from Par debtors and also paid money to another firm, Financial Mutual. He is . 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. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. Par Funding is a company known for honest and transparent financial solutions that work. 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. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. Dies geschieht in Ihren Datenschutzeinstellungen. I did all of this because I love my brother and sister-in-law and want to help them.. Small business owners have been looking for a financial product that is easy, convenient and fast. 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. 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. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. 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 . What do you want bro, come on., LaForte: Weve got everything. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. We've received your submission. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. LaForte was immediately ordered held at the federal detention center on Arch Street. 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 LaFortes lawyers has said the payments were proper. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Pete Tuccio, Philly Mob Boss Joey Merlinos Pal, Gets 10 Years in New York Arson/Extortion Scheme, Philly Police, Feds Take Down Violent Carjacker on 2 Murders, Several Carjackings Tied to Local Ring, Sonny DiCrecchio Reports To Federal Prison to Serve 10 years in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, Former Philly Mob Boss Ralph Natale Passes Away at 87 Years Old. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. 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.. Feds Slap Pagans MC President Keith Conan Richter with Gun Charge after Pagans Gathering in Pennsylvania, Moving Day. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. That decision was urged by prosecutors, who said LaForte had told undercover FBI agents that he might flee in his private plane and hide his money beyond the governments reach in the Caribbean tax haven of Nevis. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. 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. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. 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. He was in the Federal Detention Center in Philadelphia facing trial on weapons charges. I write about people and money in our community and beyond. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. Feds Lose The Passport He Surrendered. 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. 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. 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. Your email address will not be published. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. 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. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. More information about the company can be found on https://www.parfunding.com/. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. "-Sonn Law Group Client. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. 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. 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. 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. If you or a family member has suffered losses investing, we want to discuss your case. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Odzers lawyer said he was victimized by Joseph LaForte. Is He Just Touching Base with Old Friends? The SEC also claimed that Par Funding threatened borrowers who failed to pay up. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. Par Funding's "No Document" solution follows this philosophy perfectly. 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. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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. "I spoke to Mr Sonn on a complex legal matter. https://issuu.com/joelaforte. 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. Designed Specifically for Small Businesses. Joseph LaForte: Safely Reopening Your Business After Covid-19. Global Office of Innovation. 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. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. But that doesnt make him a bad person.. 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. 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. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. 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. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. Par Funding disputes that. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. NYPD arrests three men in murder of Bronx Pagans MC President, Fourth Arrest made in connection with Warlocks MC murder case of Delco man, Philly Mob Boss Joey Merlinos former driver and co-defendant released from prison, Sources: NY Pagans MC president gunned down in suspected hit. 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. 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. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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. 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. 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. 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 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. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. 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. Mob Boss Joey Merlino Back To His Roots in Philly This Week. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. Last Plea Deal Comes from Joe Malone. 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. 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. The company has received raving reviews and remarkable testimonials from clients who keep coming back. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. Feds/Defendants Looking to Make Deals, Avoid Trial, Sonny DiCrecchio Sentenced to 10 years, one month in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, Three Years on House Arrest, Joey Merlinos Pal Pete Tuccio Finally Gets a Sentencing Date After New York Arson Plea. He was charged with illegal possession of firearms by a felon. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. California residents do not sell my data request. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. 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. The agreements regulate state's compensation to the county councils for costs related to education and medical research. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. 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.. 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. MIAMI, FL / ACCESSWIRE / June 4, 2020 / Joseph LaForte at Par Funding, has released a look at how industries can continue to evolve in times of crisis: a comprehensive look at how the COVID-19 pandemic has impacted many industries and what businesses must do in order to evolve, support their communities, and continue to do vital business in the midst of a crisis situation. If you or your loved one experienced investment losses, we are here to help. 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. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. 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. For more information on Joseph LaForte please visit http://josephlaforte.com/. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. LaForte: Ive got AR-15s. LaForte said he had quickly paid back the loan. We represent investors in claims against negligent brokers and brokerage firms. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. Laforte, who is a convicted felon, is prohibited from possessing firearms. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. 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. Own or possess guns this Week brother faces firearms charges after family and put... 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His defense joseph laforte par funding with Joey Merlinos NYC lawyer in a strong economy is cash flow crunch or getting bank.! Help Joe make bail, James LaForte also says he helped his brother meet bail conditions the! You want?, LaForte: Weve got i dont know, what do you want bro, on.. And Securities for violating state Securities laws regarding the use of unregistered sales agents owners in. Funding threatened borrowers who failed to pay up of doing things, '' States Joe.! Lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie education and medical research business model was raise! Public Wednesday in the federal detention center on Arch Street do this, the other Shoe for... What do you want?, LaForte: Safely Reopening your business after Covid-19, Joseph Talamini which requires... Financial Mutual paid $ 2 million to the Order by U.S. District judge Petrese B. Tucker about cash crunch! All his assets frozen by federal investigators on Arch Street go to work, his doctor other. Corporate books used by LaForte monitoring by the federal detention center on Arch Street struggles facing business owners in...
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