The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. How Small Businesses Can Navigate the COVID19 Pandemic. 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. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Par Funding Investor Loss Recovery Center. 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. 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. 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 . 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 Jackals. For a free consultation, please call us now at 866-827-3202or complete our contact form. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. 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. 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. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . However, the judge ordered LaForte held without bail until his trial. 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. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. 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. 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. He was released after family members and friends posted six properties across the area, including Staten Island New York. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. 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. 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. 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! More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. 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. Joe and his team have successfully closed over $500 million in small business funding, his . He said it was paid because he provided B&T with anti-coronavirus masks. 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. Par Funding Jan 17, 2019, 08:30 ET. You can reach us by phone at 844-689-5754 or via e-mail. 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 . Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. 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. 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. 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. 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. Small business owners that want to buy new machinery or equipment to support the growth of their business and want working capital with a quick turnaround time will find this offering very useful. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Contact me online or call anytime at 844-689-5754. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. 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. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. 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 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. 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. 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. We fight to level the playing field between large corporations and the public investor. Questions? 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. What do you want bro, come on., LaForte: Weve got everything. Par Funding claimed that it used sales agents such as Merchant to raise over $270 million from more than 1,200 investors over the past year. More information is available at www.parfunding.com. 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. 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 . Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. Contact our office today to discuss your case. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. Europe, Menlo Park, China), Where the person is located (e.g. Last Plea Deal Comes from Joe Malone. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. 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. 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. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . Brother of. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. 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. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. His brother was charged in a separate investigation. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. Investors had raised money to finance Pars high-fee loans to small businesses. I did all of this because I love my brother and sister-in-law and want to help them.. 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 |. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. Both brothers went to prison. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Whats Ahead For Joey Merlino and The Philly Mob In 2022? Where the Case is Headed Now and Whats the Impact On the Local Mob? I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. Your email address will not be published. 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.. 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 company offers honest and transparent financial options through an exceptional customer support platform. Whos Next? LaForte claims to be the owner of Par Funding and runs the day-to-day operations. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. 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. 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. 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. What are ALF agreements? 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. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. 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. Joseph LaForte, of leading short-term capital provider Par Funding, has recently announced that the company will now be offering a unique financial product designed specifically for small. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. The company has received raving reviews and remarkable testimonials from clients who keep coming back. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. James LaForte also said he had borrowed the money to pay the lawyers. Open to all tips: [email protected]. We represent investors in claims against negligent brokers and brokerage firms. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. 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. If convicted, he could face up to 10 years in prison. Lets Make A Deal. Joseph LaForte (left) and his wife, Lisa McElhone. LaForte said he had quickly paid back the loan. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Shortly after the SEC sued Par Funding, agents searched Joseph LaForte's houses on the Main Line, in the Poconos, and on the Gold Coast of Florida. As a twice-convicted felon, LaForte is barred from possessing guns. The SEC says it made very little profit and had to pay older investors with money from newer ones. The trial was originally set for last May. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. Box 8161. He is . Joseph Laforte is the sales team leader at Par . Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. All rights reserved. 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. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. The FBI refused comment on the probe. 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. 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. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. Faces 5 Years. In an interview, Talamini, 48, said James LaForte was a solid person whom he had known for 25 years. 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. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. "I spoke to Mr Sonn on a complex legal matter. California residents do not sell my data request. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. 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. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. The major part of the City's resources - three-quarters - is passed on to the district councils. Philadelphia, Pennsylvania and the Philly Mob Associate Daniel Cozzy Castelli as he Pleads Guilty to federal... 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