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. Before we send you to , pleasesubscribe to our daily newsletter. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. For a free consultation, please call us now at 866-827-3202or complete our contact form. Whats Ahead For Joey Merlino and The Philly Mob In 2022? In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. "-Sonn Law Group Client. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. He is now awaiting trial in Philadelphia on the gun charges. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. 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. 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. 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. One of those who did this was Staten Island businessman Vincent Bardong. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Design: Retrospective population-based study. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. Contact me online or call anytime at 844-689-5754. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. Par Funding disputes that. The contest between the SEC and Par Funding is in its final rounds after LaForte, McElone and several other defendants dropped most of their legal opposition to the agencys charge that their business defrauded 1,200 investors while raising $540 million since 2011. Par Funding's "No Document" solution follows this philosophy perfectly. Guilty Plea Hearings Set. The company has received raving reviews and remarkable testimonials from clients who keep coming back. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. Their company attracted high end investors from Florida to Philly. 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. The SEC says it made very little profit and had to pay older investors with money from newer ones. Par Funding Investor Loss Recovery Center. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? 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 Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. 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. 104 20 Stockholm, Sweden. Few details have been released on that investigation. 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. 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.. 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. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. The receivers lawyers are expected to file a rebuttal on Tuesday. 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. This field is for validation purposes and should be left unchanged. 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. 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. 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. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. Where the Case is Headed Now and Whats the Impact On the Local Mob? 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. Europe, Menlo Park, China), Where the person is located (e.g. 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. 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 . 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. 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. "I spoke to Mr Sonn on a complex legal matter. 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. 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. LaForte, according to court documents, is a twice convicted felon. Joseph LaForte: Safely Reopening Your Business After Covid-19. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. Joseph LaFortes lawyers has said the payments were proper. 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. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. All rights reserved. The company offers honest and transparent financial options through an exceptional customer support platform. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. LaForte was ordered held without bail by a judge 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. municipal tax and the City's common budget. LaForte could not put up his own residences, all of which are in his wifes name, because the judge in the civil case has frozen their assets. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. 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. 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 write about people and money in our community and beyond. There is no emphasis on credit checks or other reports. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. 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. They also make sure that the client receives the funds in their account within one business day. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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. 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. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. 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. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. No charges have been filed by the FBI in the Par Funding investigation. 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. 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. Joseph served three and half years in prison. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. https://issuu.com/joelaforte. Image via Joseph N. DiStefano, The Philadelphia Inquirer, Documents used to market unregistered investments in merchant cash advance loans made by Par Funding, Copyright 2023 American Community Journals, LLC |. 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.. I know his history, Talamini said Saturday. 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. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. 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 . We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". 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. 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 . Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. 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. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. LaForte and McElhone couldnt immediately be reached for comment. 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. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? We fight to level the playing field between large corporations and the public investor. 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. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. Share this article. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Laforte, who is a convicted felon, is prohibited from possessing firearms. In fact, he has aided many businesses in their journey to financial success, including helping. Faces 5 Years. 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. Borrowers have kept making loan payments ever after the SEC filed its.!, Getting Off Supervised Release and Headed to the Jersey Shore Ihr Gert und Ihre Internetverbindung, Ihre... She would start her car engine and poof if she ever heard of cement shoes edit investigative projects, political. Many businesses in their journey to financial success, including helping the Impact the... 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