Save my name, email, and website in this browser for the next time I comment. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. Dies geschieht in Ihren Datenschutzeinstellungen. 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. Their company attracted high end investors from Florida to Philly. The FBI refused comment on the probe. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. 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. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. 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. Another merchant told the FBI, according to court papers, that LaForte threatened to take away all the merchants assets for failure to make a loan repayment. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. They also make sure that the client receives the funds in their account within one business day. The SEC is also seeking an asset freeze, an order requiring the defendants to preserve any records related to the lawsuit, and disgorgement of all ill-gotten gains. 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. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. "-Sonn Law Group Client. As a result, Par Funding tries its best to help clients in a timely fashion. Thanks for contacting us. 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. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. 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. 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. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. They dispute the allegations. Sie knnen Ihre Einstellungen jederzeit ndern. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. 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. 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. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). 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 . With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. 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. 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. 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. The FBIs Big Philly Mob Indictment One Year Later. Its costly to fight a federal government lawsuit. Those appraisals were made official and the judge ordered LaForte released. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. 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. 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. Share this article. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. All rights reserved. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. Agents seized seven handguns and rifles. 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. Higher sales means producing higher volumes, which often requires additional investment. 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. This problem is even more magnified for small businesses that already have a dearth of resources. 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. Odzers lawyer said he was victimized by Joseph LaForte. Feds Lose The Passport He Surrendered. More information about the company can be found on https://www.parfunding.com/. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. 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. Joseph Laforte is a team leader at. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. 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. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. 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. I write about people and money in our community and beyond. Joe and his team have successfully closed over $500 million in small business funding, his . How much each district council receives depends on its individual . 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. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. 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. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. 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. He could not be reached or comment. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for 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. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. At Par Funding, we don't believe in the cookie-cutter approach. The major part of the City's resources - three-quarters - is passed on to the district councils. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. 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. Philadelphia businessman under investigation by the FBI & SEC. This field is for validation purposes and should be left unchanged. Guilty Plea Hearings Set. I know his history, Talamini said Saturday. No charges have been filed by the FBI in the Par Funding investigation. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . 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. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. I cover public corruption, white collar crime and the criminal misuse of power. Par Funding is a company known for honest and transparent financial solutions that work. The trial was originally set for last May. 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 Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. However, the judge ordered LaForte held without bail until his trial. Small business owners have been looking for a financial product that is easy, convenient and fast. For a free consultation, please call us now at. Sie knnen Ihre Einstellungen jederzeit ndern. 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. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. LaForte, according to court documents, is a twice convicted felon. Open to all tips: earvedlund@inquirer.com. With a keen focus on small businesses, the company has achieved prominence due to its exceptional customer service that comes along with its convenient and affordable financial products. More information is available at www.parfunding.com. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. Biker World Sources: Old Guard Philly Pagans form new MC. 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. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? Feds Go 14 for 15 with Guilty Pleas, Breaking News: 2014 Federal Convictions and 30 Year Sentences of Nicky Scarfo Jr. & Salvatore Pelullo Upheld by Third Circuit Court of Appeal, Philly Mob Soldier and Convicted NJ Drug Trafficker Joey Electric Strikes Plea Deal in 2020 Philadelphia Mob Racketeering Conspiracy Case, Agrees to 10 Years Concurrent, Its A Wrap: One Time South Philly Mob Underboss Steve Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, others to Follow, Convicted NJ Drug Trafficker and Mob Soldier Joseph Joey Electric Servidio may take a Plea in 2020 Philadelphia Mob Racketeering Conspiracy Case, others to follow, Popular South Philly Wiseguy Sonny Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, Brother Steve is next up, Looks Like the Philly Mob is Folding Its tent on 2020 Racketeering Conspiracy Case after Former Underboss, Popular Mob Captain and Soldier Decide to take Guilty Pleas, Breaking News: Teflon Dom No More, Popular Philly Mob Capo Dom Grande Pleads Guilty to Federal Racketeering Conspiracy/Drug Charges, Sources: Caught on Tape. 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