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 . A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Par Funding disputes that. All rights reserved. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. 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. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. Europe, Menlo Park, China), Where the person is located (e.g. 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. 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. The FBIs Big Philly Mob Indictment One Year Later. 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. Although there has been no mention of organized crime in this weapons case or in an ongoing FBI criminal investigation/SEC investigation of LaFortes business, Par Funding, the arresting agent is Robert Lythgoe. What do you want bro, come on., LaForte: Weve got everything. 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. 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. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Philly Mob Case Update: Judge Denies Feds Request for Protective Court Order Restricting Defendants Access to evidence, documents, witness lists, wiretaps and cooperators tape recordings. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. 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. About Joseph LaForte . Par Funding is a company known for honest and transparent financial solutions that work. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. In an interview, Talamini, 48, said James LaForte was a solid person whom he had known for 25 years. We represent investors in claims against negligent brokers and brokerage firms. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. One businesswoman has accused him of threatening to blow up her house. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. Last Plea Deal Comes from Joe Malone. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. As a twice-convicted felon, LaForte is barred from possessing guns. 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. 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. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). We represent investors in claims against negligent brokers and brokerage firms. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. 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 |. Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? 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. United Nations Children's Fund. How Small Businesses Can Navigate the COVID19 Pandemic. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. municipal tax and the City's common budget. He said it was paid because he provided B&T with anti-coronavirus masks. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. 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. Setting: Stockholm County. Joseph Laforte is the sales team leader at Par . 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. For instance, he said that he had lined up two good friends and a cousin to put up their houses in Staten Island and the Poconos as security on Joseph LaFortes $2.5 million bail on the gun charges. 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 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 fact, he has aided many businesses in their journey to financial success, including helping. At Par Funding, we don't believe in the cookie-cutter approach. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. 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. He is now awaiting trial in Philadelphia on the gun charges. They also make sure that the client receives the funds in their account within one business day. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. Par Funding Jan 17, 2019, 08:30 ET. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. I did all of this because I love my brother and sister-in-law and want to help them.. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. 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.. 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. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. Mob Boss Joey Merlino Back To His Roots in Philly This Week. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. The trial was originally set for last May. 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. There is no emphasis on credit checks or other reports. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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 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. Call me with tips. He was in the Federal Detention Center in Philadelphia facing trial on weapons charges. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. AR-15s.Weve got uh, sawed off shotguns, rifles. 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. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. 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. Global Office of Innovation. He is . LaForte is represented by attornies Michael Engle in Philadelphia and James Froccaro Jr, out of Port Washington, New York along with well known Philadelphia Attorney Brian McMonagle whos represented Bill Cosby and Philly rapper Meek Mill in recent years. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. I know his history, Talamini said Saturday. 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. If convicted, he could face up to 10 years in prison. They dispute the allegations. Questions? 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. 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 . 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. 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. 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