The firm allegedly gave high interest loans to small businesses and business owners. Setting: Stockholm County. 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. 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. Where the Case is Headed Now and Whats the Impact On the Local Mob? His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Par Funding Investor Loss Recovery Center. Contact me online or call anytime at 844-689-5754. Sie knnen Ihre Einstellungen jederzeit ndern. It has not yet been determined how much Par Funding will have to repay to those investors. 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. However, the judge ordered LaForte held without bail until his trial. 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. 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. 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. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . LaForte was ordered held without bail by a judge in July 2020. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? 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. 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. 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. Buckhead Tower, Suite 400 3399 Peachtree Rd. LaForte and McElhone couldnt immediately be reached for comment. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. 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. The FBIs Big Philly Mob Indictment One Year Later. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. 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. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. municipal tax and the City's common budget. James LaForte also said he had borrowed the money to pay the lawyers. All rights reserved. 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 . We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". We fight to level the playing field between large corporations and the public investor. Your email address will not be published. The contest between the SEC and Par Funding is in its final rounds after LaForte, McElone and several other defendants dropped most of their legal opposition to the agencys charge that their business defrauded 1,200 investors while raising $540 million since 2011. "Every small business is unique and has its own way of doing things," states Joe LaForte. In his July filing, the receiver, Florida lawyer Ryan Stumphauzer, focused on what had happened to money owed Par Funding by the hundreds of merchants to whom it made loans. 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. Joseph LaFortes lawyers has said the payments were proper. LaForte said he had quickly paid back the loan. 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. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. 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. 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. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. We represent investors in claims against negligent brokers and brokerage firms. 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! Par Funding disputes that. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. 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.. Feds Lose The Passport He Surrendered. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. I cover all things Wall Street, personal finance and investing, people and their money. The receivers lawyers are expected to file a rebuttal on Tuesday. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. 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. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. 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. If you or your loved one experienced investment losses, we are here to help. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Joe and his team have successfully closed over $500 million in small business funding, his . Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. Higher sales means producing higher volumes, which often requires additional investment. What do you want bro, come on., LaForte: Weve got everything. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. 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. Whats Ahead For Joey Merlino and The Philly Mob In 2022? LaForte: Ive got AR-15s. How much each district council receives depends on its individual . The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. 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.. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. 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. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. 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. Designed Specifically for Small Businesses. As a twice-convicted felon, LaForte is barred from possessing guns. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. 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 . Joseph LaForte has worked with hundreds of small business owners and is familiar with their lifestyle. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. 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. Unfortunately, no other product in the market was able to meet their demands and solve their problems. 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. He is now awaiting trial in Philadelphia on the gun charges. He was released after family members and friends posted six properties across the area, including Staten Island New York. Agents seized seven handguns and rifles. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. 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. 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. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. 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. 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. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. If convicted, he could face up to 10 years in prison. 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. Before we send you to , pleasesubscribe to our daily newsletter. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. Europe, Menlo Park, China), Where the person is located (e.g. Those appraisals were made official and the judge ordered LaForte released. Dies geschieht in Ihren Datenschutzeinstellungen. 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. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. Could Others Follow? The real estate assets have an estimated value of at least $55 million. Lawyers for his brother and sister-in-law did not return calls. 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. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. 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. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. This problem is even more magnified for small businesses that already have a dearth of resources. Your email address will not be published. Joseph LaForte, the founder of a Philadelphia cash advance company that raised a half-billion dollars from hundreds of investors before the government called it a fraud, says he isn't asking . Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. He now faces gun charges. In fact, he has aided many businesses in their journey to financial success, including helping. 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. According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. 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. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. 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. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. Joseph Laforte is the sales team leader at Par . 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. 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. https://issuu.com/joelaforte, United States Consulting Companies (Top 10K), Education Companies With Less Than $1B in Revenue (Top 10K), Education Companies With Less Than $10M in Revenue (Top 10K), Consulting Companies With Less Than $10M in Revenue (Top 10K), Consulting Companies With Less Than $1B in Revenue (Top 10K), United States Education Companies (Top 10K), Education Companies With Fewer Than 100 Employees (Top 10K), Education Companies With More Than $1M in Revenue (Top 10K), Consulting Companies With Less Than $50M in Revenue (Top 10K), Consulting Companies With Fewer Than 100 Employees (Top 10K), Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. Required fields are marked *. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. 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. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. 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. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations. While the case has been unfolding, the receiver appointed by the judge has seized control of $150 million in assets, including cash, cars, boats, paintings and LaForte and McElhones homes on the Main Line and in the Poconos and Florida. The agreements regulate state's compensation to the county councils for costs related to education and medical research. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. Philadelphia businessman under investigation by the FBI & SEC. 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. 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. More information about the company can be found on https://www.parfunding.com/. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. 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. *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. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. Is He Just Touching Base with Old Friends? 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. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. 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 (left) and his wife, Lisa McElhone. Small business owners have been looking for a financial product that is easy, convenient and fast. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. 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. Contact our office today to discuss your case. No charges have been filed by the FBI in the Par Funding investigation. LaForte, whose grandfather, nicknamed Joe the Cat, and his uncle Buddy, were made men in the Gambino crime family, went to great lengths to hide his criminal past from potential investors using several aliases, according to Bloomberg and court papers. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. Copyright 2023 ACCESSWIRE. Biker World Sources: Old Guard Philly Pagans form new MC. Box 8161. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. Its costly to fight a federal government lawsuit. Last Plea Deal Comes from Joe Malone. At Par Funding, we don't believe in the cookie-cutter approach. Whos Next? 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 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. California residents do not sell my data request. Participants: Decedents 65 years in 2015 (N=13 538). 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, according to court documents, is a twice convicted felon. 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. 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. He is . 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. 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. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. 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. As a result, Par Funding tries its best to help clients in a timely fashion. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? 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 |. Par Funding is a company known for honest and transparent financial solutions that work. If you or a family member has suffered losses investing, we want to discuss your case. 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. 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. Increased financial growth the City & # x27 ; s business model was to joseph laforte par funding money! This, the more we can do for investors, Ruiz told the Wednesday... Claims the LaForte and McElhone and Jimmy Schillaci appointment only back the loan threats. Funding will have to repay to those investors monitoring by the federal Probation department of! 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