Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. 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. The receivers lawyers are expected to file a rebuttal on Tuesday. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. There is no emphasis on credit checks or other reports. 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. 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. 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. 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. 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. Joseph served three and half years in prison. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. I cover all things Wall Street, personal finance and investing, people and their money. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. Par Funding can take care of the financial side of things so business owners can focus on what they do best. Questions? 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 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. Its a tale of cash, expensive homes, even an $8 million dollar private jet along with allegations by federal authorities of handing out loans sometimes at 400% interest. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. LaFortes lawyers James Froccaro Jr, Michael Engle and Brian McMonagle, contested the governments request, saying the weapons were legally purchased by LaFortes wife after she was robbed at knifepoint outside her business. 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. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. 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. 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. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. Their company attracted high end investors from Florida to Philly. 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. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. 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. One businesswoman has accused him of threatening to blow up her house. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. Those appraisals were made official and the judge ordered LaForte released. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. 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.. Dies geschieht in Ihren Datenschutzeinstellungen. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. The real estate assets have an estimated value of at least $55 million. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). They dispute the allegations. He was released after family members and friends posted six properties across the area, including Staten Island New York. Thanks for contacting us. Lets Make A Deal. Europe, Menlo Park, China), Where the person is located (e.g. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. 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 |. The major part of the City's resources - three-quarters - is passed on to the district councils. Setting: Stockholm County. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. "I spoke to Mr Sonn on a complex legal matter. I write about people and money in our community and beyond. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. Box 8161. Joseph Laforte is the sales team leader at Par . Design: Retrospective population-based study. 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. California residents do not sell my data request. The SEC says it made very little profit and had to pay older investors with money from newer ones. 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. 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. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . 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. If you or a family member has suffered losses investing, we want to discuss your case. Laforte, who is a convicted felon, is prohibited from possessing firearms. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. Joseph LaForte believes that the new product by Par Funding is perfect for businesses that are facing short-term cash flow problems and want an affordable way out and need it quickly. The complaint stated that LaForte and McElhone are in the business of making opportunistic loans to small businesses, some of which charge more than 400% interest, through their company Par Funding. Where the Case is Headed Now and Whats the Impact On the Local Mob? 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. For a free consultation, please call us now at. Open to all tips: earvedlund@inquirer.com. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. Lawyers for his brother and sister-in-law did not return calls. Contact me online or call anytime at 844-689-5754. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? He now faces gun charges. The agreements regulate state's compensation to the county councils for costs related to education and medical research. Sie knnen Ihre Einstellungen jederzeit ndern. 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 Authorities refused to comment on whether the search of LaForte's home is connected to the . Sie knnen Ihre Einstellungen jederzeit ndern. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. FBI Photos and $10,000 Reward Yield Few New Leads in 2012 Murder, Judge Hammers Reputed Philly Mob Soldier Joey Electric with 15 Year Sentence on Drug Case with ties to the Mob, Par Fundings Joe LaForte finally released on bail after delays. Guilty Plea Hearings Set. They also make sure that the client receives the funds in their account within one business day. 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. https://issuu.com/joelaforte. Higher sales means producing higher volumes, which often requires additional investment. 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. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. The FBI refused comment on the probe. Par Funding's "No Document" solution follows this philosophy perfectly. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . Could Others Follow? 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. 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. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. 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 allegedly said try to f stop me, Ill have you and your son killed., Several merchants also told the FBI that if they missed loan payments a large muscular man appeared uninvited at their place of business, threatened them with physical harm and demanded money for LaForte and his company.. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. 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. The FBIs Big Philly Mob Indictment One Year Later. 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. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. 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. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. LaForte and McElhone couldnt immediately be reached for comment. Biker World Sources: Old Guard Philly Pagans form new MC. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. 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. As a twice-convicted felon, LaForte is barred from possessing guns. Faces stiff sentence. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. The firm allegedly gave high interest loans to small businesses and business owners. Objectives: To investigate the association between inpatient care expenditure (ICE) and income group and the effect of demographic factors, health status, healthcare and social care utilisation on ICE in the last year of life. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. 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. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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. LaForte was immediately ordered held at the federal detention center on Arch Street. 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. Mob Boss Joey Merlino Back To His Roots in Philly This Week. 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. Joseph LaForte, of leading short-term capital provider Par Funding, Joseph LaForte's aim is to find innovative ways, Joseph LaForte has worked with hundreds of small business owners, preparing for a strong spring and summer season. Required fields are marked *. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. How much each district council receives depends on its individual . Participants: Decedents 65 years in 2015 (N=13 538). In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. Since most of the team members at Par Funding have extensive experience in small business operations, the company understands how important quick access to cash is for small businesses. Philadelphia businessman under investigation by the FBI & SEC. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Joseph is known for his. But that doesnt make him a bad person.. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. AR-15s.Weve got uh, sawed off shotguns, rifles. Both brothers went to prison. Last year, receiver Stumphauzer claimed in a court filing that Odzer, while borrowing $93 million from Par Funding, had paid $9 million in cash kickbacks or commissions to Joseph LaForte. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. His brother was charged in a separate investigation. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. 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 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. 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. How Small Businesses Can Navigate the COVID19 Pandemic. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. If convicted, he could face up to 10 years in prison. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. 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 . Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. 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. 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. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. 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. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Joe and his team have successfully closed over $500 million in small business funding, his fast hands on approach with his team has earned him a reputation as the number one option for small business seeking short term cash flow solutions. We represent investors in claims against negligent brokers and brokerage firms. 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. 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. 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. If you or your loved one experienced investment losses, we are here to help. 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 . NE Atlanta, GA 30326 *by appointment only. Please contact us today for a free review of your case. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. LaForte, according to court documents, is a twice convicted felon. The younger LaForte owner of hipster bars in Brooklyn and a man with a criminal record, like his brother swore in a court filing that he tapped a network of Staten Island business associates and friends to pay for legal help versus the SEC and to keep his big brother out of prison on separate gun charges. 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. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Is He Just Touching Base with Old Friends? Immediately after LaFortes arrest in the gun case, a U.S. magistrate judge jailed him, ruling that he was a flight risk and a potential danger to the community. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. We represent investors in claims against negligent brokers and brokerage firms. As a result, Par Funding tries its best to help clients in a timely fashion. Whos Next? The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. Global Office of Innovation. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. 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. Contact our office today to discuss your case. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. He is . 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. What are ALF agreements? 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. In fact, he has aided many businesses in their journey to financial success, including helping. Few details have been released on that investigation. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. 104 20 Stockholm, Sweden. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. Joseph LaForte and his team at par Funding saw the unmet need and worked with his team to create a solution with the unique aim to support small businesses. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. Copyright 2023 ACCESSWIRE. 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. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns in early August 2020. 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