joseph laforte par funding
I cover all things Wall Street, personal finance and investing, people and their money. 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. Share this article. Federal officials say a convicted felon with mob ties and his wife fraudulently raised more than half a billion dollars from investors for their company, which loaned cash to small businesses at interest rates as high as 400 percent. I write about people and money in our community and beyond. Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. 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. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? 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. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". If you or your loved one experienced investment losses, we are here to help. LaForte, who helped run Par Funding on Third Street in Old City Philadelphia, is facing trial on gun charges after FBI agents discovered a number of weapons during a search of his Main Line home last Summer as part of a widespread investigation into Par Funding. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. NE Atlanta, GA 30326 *by appointment only. Buckhead Tower, Suite 400 3399 Peachtree Rd. 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. For more information on Joseph LaForte please visit http://josephlaforte.com/. Participants: Decedents 65 years in 2015 (N=13 538). Laforte, who is a convicted felon, is prohibited from possessing firearms. To send us an e-mail, simply complete and submit the online form below. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. His brother James has been described in published reports as an associate of the Gambino Crime Family. 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. Save my name, email, and website in this browser for the next time I comment. Few details have been released on that investigation. 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. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. Joseph is known for his. The SEC says it made very little profit and had to pay older investors with money from newer ones. Where the Case is Headed Now and Whats the Impact On the Local Mob? Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Pars owners, officers and sales agents. How much each district council receives depends on its individual . More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. LaForte, 49, will remain under house arrest with electronic monitoring, according to the order by U.S. District Judge Petrese B. Tucker. Joseph Laforte is a team leader at. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. If you or your loved one experienced investment losses, we are here to help. Feds/Defendants Looking to Make Deals, Avoid Trial, Sonny DiCrecchio Sentenced to 10 years, one month in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, Three Years on House Arrest, Joey Merlinos Pal Pete Tuccio Finally Gets a Sentencing Date After New York Arson Plea. Joseph LaFortes lawyers has said the payments were proper. The Jackals. 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.. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. The real estate assets have an estimated value of at least $55 million. LaForte, according to court documents, is a twice convicted felon. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. "I spoke to Mr Sonn on a complex legal matter. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. The FBIs Big Philly Mob Indictment One Year Later. He now faces gun charges. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. 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. Objectives: To investigate the association between inpatient care expenditure (ICE) and income group and the effect of demographic factors, health status, healthcare and social care utilisation on ICE in the last year of life. 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. Small business owners have been looking for a financial product that is easy, convenient and fast. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. 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. Par Funding is a company known for honest and transparent financial solutions that work. 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 After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. 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 was ordered held without bail by a judge in July 2020. Contact me online or call anytime at 844-689-5754. He allegedly said try to f stop me, Ill have you and your son killed., Several merchants also told the FBI that if they missed loan payments a large muscular man appeared uninvited at their place of business, threatened them with physical harm and demanded money for LaForte and his company.. 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. Designed Specifically for Small Businesses. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. LaForte was immediately ordered held at the federal detention center on Arch Street. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. Then They Find It, But Now Its In Limbo, Former Pagans MC President Keith Conan Richter Gets 33 Months in Federal Gun Case after Pagans Gathering in Pennsylvania, Breaking News: Lawyer for Deceased Philly/Boston Mobster Robert Gentile Tells Boston25 TV Reporter, Theres a ton of Smoke Around Bob Gentile in Bostons Historic $500 Million Gardner Art Museum Heist. Design: Retrospective population-based study. 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. Investors had raised money to finance Pars high-fee loans to small businesses. His brother was charged in a separate investigation. Postal address. 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. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. Agents seized seven handguns and rifles. I did all of this because I love my brother and sister-in-law and want to help them.. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. 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. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Mobster On The Move: Convicted Philly/NorthJersey Mob Soldier Joey Electric Has A New HomeFor Now. 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. They also make sure that the client receives the funds in their account within one business day. FBI Grabs Reputed Mob Soldier, 4 Others in Latest Mob Sweep in South Philadelphia, Merlinos Lawyers Shoot Down Story About Alleged Presidential Election Scheme as Ridiculous and Fictitious, The Gino DiPietro Hit 10 Years Later: One in Prison, the Shooter still not charged. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. a court-appointed receiver accused Joseph LaForte and his wife, Lisa McElhone, pay older investors with money from newer ones, had paid $9 million in cash kickbacks or commissions, California residents do not sell my data request. Mob Boss Joey Merlino Back To His Roots in Philly This Week. 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. Lets Make A Deal. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. Both brothers went to prison. 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. 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 |. 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 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. 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. AR-15s.Weve got uh, sawed off shotguns, rifles. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. 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. We've received your submission. Faces 5 Years. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. The agreements regulate state's compensation to the county councils for costs related to education and medical research. One of those who did this was Staten Island businessman Vincent Bardong. Twitter View on Twitter. Copyright 2023 ACCESSWIRE. Dies geschieht in Ihren Datenschutzeinstellungen. He is . He could not be reached or comment. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. James LaForte also said he had borrowed the money to pay the lawyers. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. 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. 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. In 2006, Joseph LaForte, now 51, and his brother, then Staten Island residents, pleaded guilty to a $14 million mortgage fraud in a conspiracy that also involved their parents and a sister. He was released after family members and friends posted six properties across the area, including Staten Island New York. LaForte: Ive got AR-15s. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. 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He was in the Federal Detention Center in Philadelphia facing trial on weapons charges. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. 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. 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. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. We represent investors in claims against negligent brokers and brokerage firms. 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. 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. 2023 NYP Holdings, Inc. All Rights Reserved, Wild video shows mob boss escape from prison using bedsheet, Food vendor attacked with tire iron in alleged $20K shakedown outside City Hall, Mob hitman known for dissolving victims in acid found working at pizzeria, How an iconic New York video store wound up tied to the mafia in Sicily. 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. But that doesnt make him a bad person.. Their company attracted high end investors from Florida to Philly. 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. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. 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. California residents do not sell my data request. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. 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. 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. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. The SEC says that Par Funding hid Joseph LaFortes criminal record from investors, even as insiders paid themselves $200 million in commissions, consulting fees and the like. Global Office of Innovation. 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. Its costly to fight a federal government lawsuit. 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. 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. As a twice-convicted felon, LaForte is barred from possessing guns. At Par Funding, we don't believe in the cookie-cutter approach. This field is for validation purposes and should be left unchanged. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. 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. We represent investors in claims against negligent brokers and brokerage firms. 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. 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 . 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. 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. Joseph LaForte and his team have successfully closed over $500 million in small business funding, his hands on approach and quick turnaround has earned him a reputation as the number one option for small business seeking short term cash flow solutions. 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. For a free consultation, please call us now at. "Every small business is unique and has its own way of doing things," states Joe LaForte. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. LaForte is to stand trial Oct. 26 on the gun charges. In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. 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. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. 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. Joseph LaForte believes that the new product by Par Funding is perfect for businesses that are facing short-term cash flow problems and want an affordable way out and need it quickly. The Sonn Law Group is investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. 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. https://issuu.com/joelaforte. 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. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. Before we send you to , pleasesubscribe to our daily newsletter. He is now awaiting trial in Philadelphia on the gun charges. Whos Next? 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 is a leading provider of short-term capital to businesses in need and is known for quick turnaround time and exceptional customer service. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. 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