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. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. Authorities refused to comment on whether the search of LaForte's home is connected to the . 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. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Sal Piccolo, Reputed South Jersey Mobster and Convicted Drug Dealer, Moved from Pennsylvania Prison to Texas Federal Prison, The Forgotten Defendant Jailed in Phillys Big Mob Racketeering Case Pleads Guilty, Faces 10 Years in Prison, Plus New Details on The Mob/Drug Hit Halted by the FBI. 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. Dies geschieht in Ihren Datenschutzeinstellungen. 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. 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. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. Par Funding can take care of the financial side of things so business owners can focus on what they do best. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. 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. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. Its costly to fight a federal government lawsuit. James LaForte also said he had borrowed the money to pay the lawyers. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Save my name, email, and website in this browser for the next time I comment. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. I did all of this because I love my brother and sister-in-law and want to help them.. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. "I spoke to Mr Sonn on a complex legal matter. LaForte is to stand trial Oct. 26 on the gun charges. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. He now faces gun charges. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. 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. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. However, accounting records that are part of the court file list only. He is now awaiting trial in Philadelphia on the gun charges. Joseph LaForte has been featured in numerous financial and business publications including Yahoo Finance, Forbes, Foreign Policy, Small Business Magazine, Market Watch, Vermont Republic, City Biz List, Business.com, and The Start Up Magazine. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. 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. LaForte: Ive got AR-15s. 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. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. 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. 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 |. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug 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. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. We represent investors in claims against negligent brokers and brokerage firms. NE Atlanta, GA 30326 *by appointment only. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. His brother was charged in a separate investigation. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. But that doesnt make him a bad person.. 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. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. 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. 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. 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 businesses to help them with their cash flow problems. The company has received raving reviews and remarkable testimonials from clients who keep coming back. I know his history, Talamini said Saturday. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. 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. So it helped that the brother of the man accused of orchestrating the alleged Par Funding fraud says he had a lot of generous friends willing to bankroll the defense in a battle with the U.S. Securities and Exchange Commission. 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. One of those who did this was Staten Island businessman Vincent Bardong. LaForte and McElhone couldnt immediately be reached for comment. Last of The East Coast LCN defendants, Genovese Capo Patsy Parrello, Finally Released from Prison after Six Years. Mousie Massimino exits Federal Prison, Steve Mazzone checks in to Federal Lockup, Top Philly GoodFellas Mazzone and Grande Will Stay Close to Home During Upcoming Federal Prison Stints, Philly Mob Underboss Steve Mazzone Gets the Max: 5 Years in Prison, 3 years supervised release in 2020 Racketeering Conspiracy Case, Feds Want Max for Mazzone: 60-month sentence for South Philly Mob Underboss Steve Mazzone on 2020 Racketeering Conspiracy Case, Breaking News: No More Teflon Dom, Popular Philly Mob Captain Dom Grande Gets 78 Months in Federal Racketeering Conspiracy/Drug Case, Philly Mob Soldier Sonny Mazzone set to face the music on 2020 Racketeering Conspiracy Indictment, Feds Strike Again in NYC, this time the Lucchese Crime Family Targeted in Racketeering, Gambling, Money laundering Indictments, Feds: New York Bonanno, Genovese Crime Families Get Together for a little Racketeering, Loansharking and Gambling Operation, Case Closed on 2020 Philly Mob Racketeering Indictments. Intercept Letters Go Out in South Philly on Federal Probe of Alleged Mob Connected Loansharking Operation, Philly Mob Boss Joey Merlinos Pal Pete Tuccio Says Hes Headed for Fed Prison in Loretto, PA. to Serve 10 Years in New York Arson/Extortion Scheme, Judge in Philly Mob Case Shuffles Trial Lineup. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. 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. 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Few details have been released on that investigation. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Mob Boss Joey Merlino Back To His Roots in Philly This Week. Postal address. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. Whats Ahead For Joey Merlino and The Philly Mob In 2022? 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. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. 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. Brother of. 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. 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. Clients grow and expand their businesses at times when capital is needed brokerage firms has Charged... And runs the day-to-day operations state securities laws regarding the use of unregistered sales agents charges! In July 2020 in claims against negligent brokers and brokerage firms cut payments investors! Specifically Squad one, which normally investigates organized crime and gang activity is assigned the... 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