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. This problem is even more magnified for small businesses that already have a dearth of resources. 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. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. I cover all things Wall Street, personal finance and investing, people and their money. 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. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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.. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. He was charged with illegal possession of firearms by a felon. Last Plea Deal Comes from Joe Malone. Thanks for contacting us. Postal address. He said it was paid because he provided B&T with anti-coronavirus masks. Biker World Sources: Old Guard Philly Pagans form new MC. 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. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. 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. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. 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. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. Joseph Laforte is a team leader at. 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. 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 loaned cash to small businesses at interest rates as high as 400 percent. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. We've received your submission. 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. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. municipal tax and the City's common budget. 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. We represent investors in claims against negligent brokers and brokerage firms. The major part of the City's resources - three-quarters - is passed on to the district councils. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. NYPD arrests three men in murder of Bronx Pagans MC President, Fourth Arrest made in connection with Warlocks MC murder case of Delco man, Philly Mob Boss Joey Merlinos former driver and co-defendant released from prison, Sources: NY Pagans MC president gunned down in suspected hit. Open to all tips: earvedlund@inquirer.com. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. Joseph is known for his. Where the Case is Headed Now and Whats the Impact On the Local Mob? According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. Par Funding can take care of the financial side of things so business owners can focus on what they do best. 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. But that doesnt make him a bad person.. Twitter View on Twitter. The SEC says it made very little profit and had to pay older investors with money from newer ones. 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. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? Odzers lawyer said he was victimized by Joseph LaForte. 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. Higher sales means producing higher volumes, which often requires additional investment. Design: Retrospective population-based study. 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. His brother James has been described in published reports as an associate of the Gambino Crime Family. 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. 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. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Its costly to fight a federal government lawsuit. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. 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. He relies on intimidation as part of his actual business model. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. Laforte, who is a convicted felon, is prohibited from possessing firearms. Dies geschieht in Ihren Datenschutzeinstellungen. Small business owners that want to buy new machinery or equipment to support the growth of their business and want working capital with a quick turnaround time will find this offering very useful. Lucchese Crime Family Soldier John Perna Pleads Guilty to Planning and Carrying Out Aggravated Assault, PHILLY MOB Update: Dom Grande Gets Bail, Now Mob Underboss Steve Mazzone Takes His Shot at Bail, PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail In Racketeering/Drug Case. GBM, Gotti Boy Movement, Street Gang In Burlington Co., Taken Down On Racketeering, Violent Crime Charges By Task Force, Garden State Biker Battles: Feds Indict 2 High Ranking Pagans MC Members After Jersey Turnpike Retaliation Shooting On Hells Angels, Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. Authorities refused to comment on whether the search of LaForte's home is connected to the . Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. What do you want bro, come on., LaForte: Weve got everything. Sie knnen Ihre Einstellungen jederzeit ndern. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. 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 company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Joseph LaFortes lawyers has said the payments were proper. 104 20 Stockholm, Sweden. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. One sister, Jennifer LaForte, called it a matter of life and death, given the high rate of the coronavirus in prisons and her brothers asthma though prosecutors noted that LaForte routinely smokes cigars and was smoking one when he met with the undercover agents. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Mob Boss Joey Merlino Back To His Roots in Philly This Week. 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. Joseph LaForte (left) and his wife, Lisa McElhone. What are ALF agreements? 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. They dispute the allegations. Before we send you to , pleasesubscribe to our daily newsletter. 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. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. Federal Bureau of Prisons Records: Former Pagans MC President Keith Conan Richter Now Back at Fort Dix Lockup For 33-month Sentence on Federal Gun Charge, Philly Underbosses on the Move! And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. 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 FBI also released a recorded conversation involving LaForte and undercover FBI employees that was taped recorded in late July 2020 regarding weapons and shooting them at his upstate Pennsylvania home. 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, who is a convicted felon, is prohibited from possessing firearms. 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. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. 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. 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The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. However, accounting records that are part of the court file list only. Joe and his team have successfully closed over $500 million in small business funding, his . 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. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. Is He Just Touching Base with Old Friends? The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. The agreements regulate state's compensation to the county councils for costs related to education and medical research. LaForte was immediately ordered held at the federal detention center on Arch Street. LaForte: Ive got AR-15s. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. He is . The SEC says that Par Funding hid Joseph LaFortes criminal record from investors, even as insiders paid themselves $200 million in commissions, consulting fees and the like. Par Funding Jan 17, 2019, 08:30 ET. 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. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. 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 SEC is seeking a temporary restraining order and preliminary injunction against the defendants named in the complaint enjoining them from committing further securities violations. The firm allegedly gave high interest loans to small businesses and business owners. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. If convicted, he could face up to 10 years in prison. You can reach us by phone at 844-689-5754 or via e-mail. 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. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. 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. 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. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. For a free consultation, please call us now at. 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. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. California residents do not sell my data request. 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. Whats Ahead For Joey Merlino and The Philly Mob In 2022? Questions? Whos Next? In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. Investors had raised money to finance Pars high-fee loans to small businesses. 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. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. 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. How Small Businesses Can Navigate the COVID19 Pandemic. 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. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. 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. "Every small business is unique and has its own way of doing things," states Joe LaForte. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. 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. Par Funding cofounder Joseph LaForte released on $2.5 million bond, placed under house arrest A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. 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. https://issuu.com/joelaforte. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. We represent investors in claims against negligent brokers and brokerage firms. Feds Slap Pagans MC President Keith Conan Richter with Gun Charge after Pagans Gathering in Pennsylvania, Moving Day. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). 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. 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. As a twice-convicted felon, LaForte is barred from possessing guns. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. I write about people and money in our community and beyond. 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. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. Joseph served three and half years in prison. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. 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