The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. Is He Just Touching Base with Old Friends? In fact, he has aided many businesses in their journey to financial success, including helping. Box 8161. The firm allegedly gave high interest loans to small businesses and business owners. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. 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. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . 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. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. To send us an e-mail, simply complete and submit the online form below. Par Funding issued $600 million in loans to small businesses across the U.S. since its inception, according to a Securities and Exchange Commissions complaint filed July 24 in a Florida federal court. How much each district council receives depends on its individual . Those FBI raids came two weeks after the Securities and Exchange Commission sued LaForte and his wife, Lisa McElhorne, in federal court in Miami along with several other people and entities for allegedly bilking over 1,200 investors who put their money into Par Funding. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. 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. Their company attracted high end investors from Florida to Philly. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. If convicted, he could face up to 10 years in prison. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Design: Retrospective population-based study. Few details have been released on that investigation. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. Par Funding Jan 17, 2019, 08:30 ET. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. Joseph LaForte (left) and his wife, Lisa McElhone. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. 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. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. 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. FBI Agents raided LaFortes Haverford home and former Par Funding business location on Third Street in Old City Philadelphia in July 2020 as part of an ongoing undercover FBI investigation. 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. If you or a family member has suffered losses investing, we want to discuss your case. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. All rights reserved. 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. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . 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. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. Open to all tips: earvedlund@inquirer.com. https://issuu.com/joelaforte. Par Funding can take care of the financial side of things so business owners can focus on what they do best. If you or your loved one experienced investment losses, we are here to help. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. He relies on intimidation as part of his actual business model. 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. 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. Whats Ahead For Joey Merlino and The Philly Mob In 2022? His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. 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. Both brothers went to prison. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. I cover public corruption, white collar crime and the criminal misuse of power. 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. How Small Businesses Can Navigate the COVID19 Pandemic. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. municipal tax and the City's common budget. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? The real estate assets have an estimated value of at least $55 million. Please contact us today for a free review of your case. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. He said it was paid because he provided B&T with anti-coronavirus masks. 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. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. 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. 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. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. 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. Lets Make A Deal. 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. 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. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. 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. In addition to being fast and requiring no documents to get approved for this finance solution, Par Funding also saves clients from going through excruciating inspections that do little aside from taking up precious business time. One businesswoman has accused him of threatening to blow up her house. 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. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. We fight to level the playing field between large corporations and the public investor. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Guilty Plea Hearings Set. James LaForte also said he had borrowed the money to pay the lawyers. It has not yet been determined how much Par Funding will have to repay to those investors. 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. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. 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. 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