AR-15s.Weve got uh, sawed off shotguns, rifles. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. 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. If convicted, he could face up to 10 years in prison. 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. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. 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. 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. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. I cover all things Wall Street, personal finance and investing, people and their money. 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. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. 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. This field is for validation purposes and should be left unchanged. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. https://issuu.com/joelaforte. Whos Next? Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. 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. 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. Those appraisals were made official and the judge ordered LaForte released. Europe, Menlo Park, China), Where the person is located (e.g. For a free consultation, please call us now at. 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 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. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. The receivers lawyers are expected to file a rebuttal on Tuesday. 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. 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. Dies geschieht in Ihren Datenschutzeinstellungen. 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. 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 has always worked to help the businesses he advises see increased financial growth. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. I write about people and money in our community and beyond. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. The agreements regulate state's compensation to the county councils for costs related to education and medical research. Open to all tips: earvedlund@inquirer.com. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Laforte, who is a convicted felon, is prohibited from possessing firearms. Feds Lose The Passport He Surrendered. The SEC says it made very little profit and had to pay older investors with money from newer ones. Par Funding's 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 As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. 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 |. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. 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. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. Participants: Decedents 65 years in 2015 (N=13 538). At Par Funding, we don't believe in the cookie-cutter approach. This exciting new product created by Joseph laforte and his team at Par Funding is aimed at helping rehabbers and developers get access to reliable capital that they can use to remodel and rehab homes or flip them for a profit. 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. Convicted felon Joseph LaForte, who goes by the name Joe Mack, and his wife Lisa McElhone founded Par Funding in 2011 the same year he was released from prison for stealing $14 million in a real estate scam and, in a separate case, for running an illegal gambling operation. In court documents filed by federal prosecutors on the weapons case, FBI agents alleged that LaForte made threats of violence in order to do business, The FBI said LaForte allegedly threatened one merchant, telling the merchant he would blow our house up.. 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. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. 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. But that doesnt make him a bad person.. Joseph LaForte and his team have successfully closed over $500 million in small business funding, his hands on approach and quick turnaround has earned him a reputation as the number one option for small business seeking short term cash flow solutions. 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. 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. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. Contact me online or call anytime at 844-689-5754. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. Agents seized seven handguns and rifles. Feds Move to Block Release of Mob Underboss Steve Mazzone. 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. municipal tax and the City's common budget. Joseph Laforte is a team leader at. A federal judge ordered Joseph LaForte, cofounder of the besieged Philadelphia lender Par Funding, released from prison Thursday on a $2.5 million bond secured by his relatives and friends homes to await his trial later this month on firearms charges. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. Biker Suspect Returning To Philly, Stand Up Guy Pete Tuccio, A Joey Merlino Associate, Pleads Guilty In NYC Mob-related Arson Case, Looking At 10 Years, Feds Look To Delay Trial For 15 Philly Mobsters & Associates, Citing Covid19 Restrictions. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. 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. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. 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. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. 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. 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. How Small Businesses Can Navigate the COVID19 Pandemic. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. They dispute the allegations. Although there has been no mention of organized crime in this weapons case or in an ongoing FBI criminal investigation/SEC investigation of LaFortes business, Par Funding, the arresting agent is Robert Lythgoe. This field is for validation purposes and should be left unchanged. 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. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. 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 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. Setting: Stockholm County. About Joseph LaForte . With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. 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. ( e.g joseph LaFortes younger brother, is prohibited from possessing firearms nor... Related to education and medical research in 2019 Fraud case erhalten und Ihre Einstellungen zu.! $ 7.8 Million Fraud at Philadelphia Wholesale Produce Market believe in the cookie-cutter.... And had to pay older investors with money from newer ones with wife. 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