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. 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. 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. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. 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 is to stand trial Oct. 26 on the gun charges. 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. 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's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. 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. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. 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. He was released after family members and friends posted six properties across the area, including Staten Island New York. The company offers honest and transparent financial options through an exceptional customer support platform. 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. 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. 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. He was in the Federal Detention Center in Philadelphia facing trial on weapons charges. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. 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. But that doesnt make him a bad person.. The FBIs Big Philly Mob Indictment One Year Later. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. LaForte was immediately ordered held at the federal detention center on Arch Street. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. NE Atlanta, GA 30326 *by appointment only. They agreed to pay back some 1,200 investors who federal investigators say were not told LaForte had previously served jail time for financial crimes in an earlier $14 million scheme. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. He is . The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. He was charged with illegal possession of firearms by a felon. 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 Jan 17, 2019, 08:30 ET. Joseph LaForte Ellis Kaplan 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. More information about the company can be found on https://www.parfunding.com/. Thanks for contacting us. At Par Funding, we don't believe in the cookie-cutter approach. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. 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. Whos Next? 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. California residents do not sell my data request. 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. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. 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 . 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. Global Office of Innovation. 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. However, the judge ordered LaForte held without bail until his trial. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. 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. 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. 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. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. 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. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? 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. LaForte: Ive got AR-15s. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. Designed Specifically for Small Businesses. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. No charges have been filed by the FBI in the Par Funding investigation. Box 8161. 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. 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. We represent investors in claims against negligent brokers and brokerage firms. https://issuu.com/joelaforte, United States Consulting Companies (Top 10K), Education Companies With Less Than $1B in Revenue (Top 10K), Education Companies With Less Than $10M in Revenue (Top 10K), Consulting Companies With Less Than $10M in Revenue (Top 10K), Consulting Companies With Less Than $1B in Revenue (Top 10K), United States Education Companies (Top 10K), Education Companies With Fewer Than 100 Employees (Top 10K), Education Companies With More Than $1M in Revenue (Top 10K), Consulting Companies With Less Than $50M in Revenue (Top 10K), Consulting Companies With Fewer Than 100 Employees (Top 10K), Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. We fight to level the playing field between large corporations and the public investor. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. Europe, Menlo Park, China), Where the person is located (e.g. 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. Unfortunately, no other product in the market was able to meet their demands and solve their problems. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Mob Boss Joey Merlino Back To His Roots in Philly This Week. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. Joseph served three and half years in prison. Setting: Stockholm County. New York product in the Market was able to meet their demands and solve their problems of two bars miles... 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