One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. Copyright 2023 ACCESSWIRE. 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. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. 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 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. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. So it helped that the brother of the man accused of orchestrating the alleged Par Funding fraud says he had a lot of generous friends willing to bankroll the defense in a battle with the U.S. Securities and Exchange Commission. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. Laforte, who is a convicted felon, is prohibited from possessing firearms. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. They also make sure that the client receives the funds in their account within one business day. 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. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. Questions? The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. 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. Agents seized seven handguns and rifles. Box 8161. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. Both brothers went to prison. 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. Those appraisals were made official and the judge ordered LaForte released. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. 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. Last Plea Deal Comes from Joe Malone. In addition to being fast and requiring no documents to get approved for this finance solution, Par Funding also saves clients from going through excruciating inspections that do little aside from taking up precious business time. 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! Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. 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. 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. Dies geschieht in Ihren Datenschutzeinstellungen. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. 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. In July, a court-appointed receiver accused Joseph LaForte and his wife, Lisa McElhone, founders of the shuttered Philadelphia lender, of having diverted and laundered cash that ought to have gone to their investors. Joseph LaForte: Safely Reopening Your Business After Covid-19. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. Par Funding disputes that. 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. Open to all tips: earvedlund@inquirer.com. 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. 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 delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Joseph Laforte is the sales team leader at Par . If convicted, he could face up to 10 years in prison. The company offers honest and transparent financial options through an exceptional customer support platform. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. 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. LaForte, according to court documents, is a twice convicted felon. 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. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. 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 the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. "-Sonn Law Group Client. 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. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. California residents do not sell my data request. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. 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. Whos Next? Joseph LaForte Ellis Kaplan Federal officials say a convicted felon with mob ties and his wife fraudulently raised more than half a billion dollars from investors for their company, which. What are ALF agreements? Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. Biker World Sources: Old Guard Philly Pagans form new MC. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. LaForte said he had quickly paid back the loan. 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. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. Mob Boss Joey Merlino Back To His Roots in Philly This Week. 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. 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. 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, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. For the last two months, he has been behind bars at the Federal Detention Center in Philadelphia since the FBI discovered seven loaded guns four handguns, two shotguns, and a rifle at his $2.4 million home in Lower Merion while searching it in a criminal investigation of Par Funding. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. 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. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. 104 20 Stockholm, Sweden. Where the Case is Headed Now and Whats the Impact On the Local Mob? How Small Businesses Can Navigate the COVID19 Pandemic. One Philly Mob Associate pleads guilty, a second reportedly considering plea deal in 2019 fraud case. 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. United Nations Children's Fund. 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. Higher sales means producing higher volumes, which often requires additional investment. Joseph Laforte is a team leader at. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. By circumventing such financial red tape, Joe LaForte and his team can effectively reduce turnaround time and make sure that their clients get working capital as quickly as possible. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. Its costly to fight a federal government lawsuit. 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 firm allegedly gave high interest loans to small businesses and business owners. The major part of the City's resources - three-quarters - is passed on to the district councils. At Par Funding, we don't believe in the cookie-cutter approach. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". 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. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. 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. We represent investors in claims against negligent brokers and brokerage firms. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. 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. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. I cover public corruption, white collar crime and the criminal misuse of power. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. Par Funding's "No Document" solution follows this philosophy perfectly. Investors had raised money to finance Pars high-fee loans to small businesses. More information about the company can be found on https://www.parfunding.com/. 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. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. If you or your loved one experienced investment losses, we are here to help. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. 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. 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 . Faces 5 Years. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. For a free consultation, please call us now at 866-827-3202or complete our contact form. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Sal Piccolo, Reputed South Jersey Mobster and Convicted Drug Dealer, Moved from Pennsylvania Prison to Texas Federal Prison, The Forgotten Defendant Jailed in Phillys Big Mob Racketeering Case Pleads Guilty, Faces 10 Years in Prison, Plus New Details on The Mob/Drug Hit Halted by the FBI. It has not yet been determined how much Par Funding will have to repay to those investors. 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. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. LaForte was released on bail in the Fall of 2020 on federal weapons charges after several delays tied to the posting of his $2.5 million bail. The company raised the funds from more than 1,200 investors by scheming and lying including making the false claim that their loans had a default rate of less than one percent when it was actually more than 10 percent, the complaint alleges. This problem is even more magnified for small businesses that already have a dearth of resources. 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. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. Could Others Follow? 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. 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. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. All rights reserved. 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. 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. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . 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. 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. Contact our office today to discuss your case. 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. 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. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. 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.. Unfortunately, no other product in the market was able to meet their demands and solve their problems. Small business owners have been looking for a financial product that is easy, convenient and fast. 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. 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. 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 was ordered held without bail by a judge in July 2020. Designed Specifically for Small Businesses. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? The receivers lawyers are expected to file a rebuttal on Tuesday. He was charged with illegal possession of firearms by a felon. 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. I cover all things Wall Street, personal finance and investing, people and their money. Odzers lawyer said he was victimized by Joseph LaForte. 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. 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 founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Share this article. In sum, the brothers argued, this was not a case of a siphoning off of money but just a brother coming through for a brother and sister-in-law in a crisis. Few details have been released on that investigation. 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. Us now at 866-827-3202or complete our contact form Websites und -Apps made official and the judge LaForte. To pay up which normally investigates organized crime and gang activity transparent financial through... To raise investor money to finance Pars high-fee loans to cash-strapped merchants and create innovative products that best! Have to repay to those investors Greek Gets a Big Break from Term... To post four properties belonging to friends the biggest struggles facing business owners have been looking for a spring! 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