Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. Your email address will not be published. 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. 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. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? However, accounting records that are part of the court file list only. 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. Investors had raised money to finance Pars high-fee loans to small businesses. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. 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. Their company attracted high end investors from Florida to Philly. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. I cover public corruption, white collar crime and the criminal misuse of power. 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. He is . *Our firm, in some cases, advance costs and expenses of the case, and in that event, are recovered from the gross recovery of any settlement or verdict. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. 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. Philadelphia businessman under investigation by the FBI & SEC. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. 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. In 2006, Joseph LaForte, now 51, and his brother, then Staten Island residents, pleaded guilty to a $14 million mortgage fraud in a conspiracy that also involved their parents and a sister. 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. Adding to Joseph LaFortes woes, the FBI searched his houses days after the SEC filed its lawsuit in 2020 and found seven guns and $250,000 in cash. Box 8161. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. 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. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. 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. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. Contact me online or call anytime at 844-689-5754. 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. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. Not only is Par Funding's new financial product the fastest and most aggressive one in the market to date, it is also the most convenient. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. 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FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. 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. 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. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. a court-appointed receiver accused Joseph LaForte and his wife, Lisa McElhone, pay older investors with money from newer ones, had paid $9 million in cash kickbacks or commissions, California residents do not sell my data request. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. 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. The company offers honest and transparent financial options through an exceptional customer support platform. 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. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. LaForte, according to court documents, is a twice convicted felon. Setting: Stockholm County. 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. For a free consultation, please call us now at 866-827-3202or complete our contact form. Both brothers went to prison. 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. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. The major part of the City's resources - three-quarters - is passed on to the district councils. "I spoke to Mr Sonn on a complex legal matter. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? 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.. 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. They had taken note of $1.5 million paid in 2020 and 2021 by Par Funding borrowers to a Florida firm called BG Sky Trade. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. Call me with tips. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. Joseph LaForte (left) and his wife, Lisa McElhone. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. The company has received raving reviews and remarkable testimonials from clients who keep coming back. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. More information is available at www.parfunding.com. This field is for validation purposes and should be left unchanged. 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. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. Europe, Menlo Park, China), Where the person is located (e.g. California residents do not sell my data request. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. For more information on Joseph LaForte please visit http://josephlaforte.com/. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Brother of. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. 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 . The SEC says it made very little profit and had to pay older investors with money from newer ones. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. However, the judge ordered LaForte held without bail until his trial. That decision was urged by prosecutors, who said LaForte had told undercover FBI agents that he might flee in his private plane and hide his money beyond the governments reach in the Caribbean tax haven of Nevis. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. 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. We fight to level the playing field between large corporations and the public investor. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. 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. We represent investors in claims against negligent brokers and brokerage firms. 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. Joseph served three and half years in prison. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. LaForte was immediately ordered held at the federal detention center on Arch Street. LaForte said he had quickly paid back the loan. LaForte allegedly had several conversations with undercover FBI employees about using his personal jet to fly bulk currency to Nevis in order to obtain citizenship and place his monies in secret bank accounts. The jet was recently seized by federal authorities. I write about people and money in our community and beyond. United Nations Children's Fund. MIAMI, FL / ACCESSWIRE / March 4, 2020 / Par Funding's Joe LaForte has recently announced an expedited short-term financial solution for small businesses which will require no documents and no credit check. Feds Go 14 for 15 with Guilty Pleas, Breaking News: 2014 Federal Convictions and 30 Year Sentences of Nicky Scarfo Jr. & Salvatore Pelullo Upheld by Third Circuit Court of Appeal, Philly Mob Soldier and Convicted NJ Drug Trafficker Joey Electric Strikes Plea Deal in 2020 Philadelphia Mob Racketeering Conspiracy Case, Agrees to 10 Years Concurrent, Its A Wrap: One Time South Philly Mob Underboss Steve Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, others to Follow, Convicted NJ Drug Trafficker and Mob Soldier Joseph Joey Electric Servidio may take a Plea in 2020 Philadelphia Mob Racketeering Conspiracy Case, others to follow, Popular South Philly Wiseguy Sonny Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, Brother Steve is next up, Looks Like the Philly Mob is Folding Its tent on 2020 Racketeering Conspiracy Case after Former Underboss, Popular Mob Captain and Soldier Decide to take Guilty Pleas, Breaking News: Teflon Dom No More, Popular Philly Mob Capo Dom Grande Pleads Guilty to Federal Racketeering Conspiracy/Drug Charges, Sources: Caught on Tape. 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