Please contact us today for a free review of your case. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. To send us an e-mail, simply complete and submit the online form below. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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Your email address will not be published. 104 20 Stockholm, Sweden. Faces stiff sentence. I cover all things Wall Street, personal finance and investing, people and their money. NE Atlanta, GA 30326 *by appointment only. We represent investors in claims against negligent brokers and brokerage firms. 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. Whos Next? 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. 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. Agents seized seven handguns and rifles. 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. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. 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. Global Office of Innovation. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. Par Funding is a company known for honest and transparent financial solutions that work. 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. 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. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. Dies geschieht in Ihren Datenschutzeinstellungen. If you or your loved one experienced investment losses, we are here to help. LaForte was ordered held without bail by a judge in July 2020. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. 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. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. Joseph LaForte: Safely Reopening Your Business After Covid-19. Required fields are marked *. In fact, he has aided many businesses in their journey to financial success, including helping. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. Europe, Menlo Park, China), Where the person is located (e.g. 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. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. Mousie Massimino exits Federal Prison, Steve Mazzone checks in to Federal Lockup, Top Philly GoodFellas Mazzone and Grande Will Stay Close to Home During Upcoming Federal Prison Stints, Philly Mob Underboss Steve Mazzone Gets the Max: 5 Years in Prison, 3 years supervised release in 2020 Racketeering Conspiracy Case, Feds Want Max for Mazzone: 60-month sentence for South Philly Mob Underboss Steve Mazzone on 2020 Racketeering Conspiracy Case, Breaking News: No More Teflon Dom, Popular Philly Mob Captain Dom Grande Gets 78 Months in Federal Racketeering Conspiracy/Drug Case, Philly Mob Soldier Sonny Mazzone set to face the music on 2020 Racketeering Conspiracy Indictment, Feds Strike Again in NYC, this time the Lucchese Crime Family Targeted in Racketeering, Gambling, Money laundering Indictments, Feds: New York Bonanno, Genovese Crime Families Get Together for a little Racketeering, Loansharking and Gambling Operation, Case Closed on 2020 Philly Mob Racketeering Indictments. 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 We represent investors in claims against negligent brokers and brokerage firms. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. In Lower Merion, agents discovered two handguns in a primary bedroom nightstand, a military-style rifle under the bed there, two more handguns in an office, and two shotguns in a closet. The company offers honest and transparent financial options through an exceptional customer support platform. Odzers lawyer said he was victimized by Joseph LaForte. 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. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. 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. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. 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. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". LaForte allegedly threatened another merchant by asking if she ever heard of cement shoes. He later allegedly said to the same woman that one day she would start her car engine and poof if she didnt pay LaForte. Buckhead Tower, Suite 400 3399 Peachtree Rd. 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. Your email address will not be published. More Sentencings Coming, Lawyers For Accused Philly Mob Underboss Steve Mazzone Want More Discovery, Any Other Crimes Evidence And Witness List For Upcoming Racketeering Conspiracy Trial, Judge in Philly Mob Case Reshuffles Trial Lineup. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. You can reach us by phone at 844-689-5754 or via e-mail. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. Higher sales means producing higher volumes, which often requires additional investment. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Mobster On The Move: Convicted Philly/NorthJersey Mob Soldier Joey Electric Has A New HomeFor Now. Sie knnen Ihre Einstellungen jederzeit ndern. 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. *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. Their company attracted high end investors from Florida to Philly. We fight to level the playing field between large corporations and the public investor. 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. Contact our office today to discuss your case. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. All rights reserved. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Still, he said, he didn't have evidence to tie Par Funding founder Joseph LaForte and Lisa McElhone, LaForte's wife, to the scheme or hold them in contempt of court for it. municipal tax and the City's common budget. 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, 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. 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. "-Sonn Law Group Client. 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. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. 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. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. LaForte, according to court documents, is a twice convicted felon. Par Funding helps small and midsize business owners with some of the largest obstacles they might be facing, like cash flow, consolidating high-interest MCA loans and invoice factoring, in order to help them grow and expand efficiently. 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. United Nations Children's Fund. 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. 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. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? 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. Both brothers went to prison. The major part of the City's resources - three-quarters - is passed on to the district councils. Joseph LaForte has worked with hundreds of small business owners and is familiar with their lifestyle. There is no emphasis on credit checks or other reports. This field is for validation purposes and should be left unchanged. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. Questions? The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. Design: Retrospective population-based study. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. 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. His brother was charged in a separate investigation. Participants: Decedents 65 years in 2015 (N=13 538). 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.. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. 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. About Joseph LaForte . 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. 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. He is . 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. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. Philadelphia businessman under investigation by the FBI & SEC. 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 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. Feds Move to Block Release of Mob Underboss Steve Mazzone. No charges have been filed by the FBI in the Par Funding investigation. What do you want bro, come on., LaForte: Weve got everything. Where the Case is Headed Now and Whats the Impact On the Local Mob? AR-15s.Weve got uh, sawed off shotguns, rifles. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. The real estate assets have an estimated value of at least $55 million. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. The SEC says it made very little profit and had to pay older investors with money from newer ones. 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 a family member has suffered losses investing, we want to discuss your case. It has not yet been determined how much Par Funding will have to repay to those investors. Share this article. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. LaForte: Ive got AR-15s. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. His brother James has been described in published reports as an associate of the Gambino Crime Family. Biker World Sources: Old Guard Philly Pagans form new MC. LaForte uses the aliases Joe Mack, Joe Macki, and Joe McElhone. 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. Could Others Follow? 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 |. 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. Joseph served three and half years in prison. He was charged with illegal possession of firearms by a felon. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. The FBIs Big Philly Mob Indictment One Year Later. 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. Brother of. Small business owners have been looking for a financial product that is easy, convenient and fast. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. However, the judge ordered LaForte held without bail until his trial. Mob Boss Joey Merlino Back To His Roots in Philly This Week. As a twice-convicted felon, LaForte is barred from possessing guns. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. For more information on Joseph LaForte please visit http://josephlaforte.com/. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. How much each district council receives depends on its individual . However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. 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. The complaint alleges that Par Fundings website includes multiple articles regarding LaForte and his business successes and that LaForte describes himself as a financial expert in online videos. Joseph LaForte (left) and his wife, Lisa McElhone. Lets Make A Deal. 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. Contact me online or call anytime at 844-689-5754. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. 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. 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. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. 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. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. 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