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. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. 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.. Breaking News: Philly/Boston Wiseguy Robert Gentile, 85, Dies. Feds Go 14 for 15 with Guilty Pleas, Breaking News: 2014 Federal Convictions and 30 Year Sentences of Nicky Scarfo Jr. & Salvatore Pelullo Upheld by Third Circuit Court of Appeal, Philly Mob Soldier and Convicted NJ Drug Trafficker Joey Electric Strikes Plea Deal in 2020 Philadelphia Mob Racketeering Conspiracy Case, Agrees to 10 Years Concurrent, Its A Wrap: One Time South Philly Mob Underboss Steve Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, others to Follow, Convicted NJ Drug Trafficker and Mob Soldier Joseph Joey Electric Servidio may take a Plea in 2020 Philadelphia Mob Racketeering Conspiracy Case, others to follow, Popular South Philly Wiseguy Sonny Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, Brother Steve is next up, Looks Like the Philly Mob is Folding Its tent on 2020 Racketeering Conspiracy Case after Former Underboss, Popular Mob Captain and Soldier Decide to take Guilty Pleas, Breaking News: Teflon Dom No More, Popular Philly Mob Capo Dom Grande Pleads Guilty to Federal Racketeering Conspiracy/Drug Charges, Sources: Caught on Tape. Laforte, who is a convicted felon, is prohibited from possessing firearms. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. 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 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. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. I cover all things Wall Street, personal finance and investing, people and their money. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. Contact our office today to discuss your case. Odzers lawyer said he was victimized by Joseph LaForte. 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. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. Lawyers for his brother and sister-in-law did not return calls. Whats Ahead For Joey Merlino and The Philly Mob In 2022? Par Funding's "No Document" solution follows this philosophy perfectly. Joseph LaFortes lawyers has said the payments were proper. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. 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. Joseph Laforte Talks Entrepreneurship and Leading a Start-up? 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. Joseph Laforte is a team leader at. 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. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. 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. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. Whos Next? Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. 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. 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. Is He Just Touching Base with Old Friends? However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . 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. Setting: Stockholm County. 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. 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. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. Par Funding can take care of the financial side of things so business owners can focus on what they do best. 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! 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. This field is for validation purposes and should be left unchanged. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. He relies on intimidation as part of his actual business model. 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. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . Please contact us today for a free review of your case. Twitter View on Twitter. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Agents seized seven handguns and rifles. 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. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Open to all tips: earvedlund@inquirer.com. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. California residents do not sell my data request. "-Sonn Law Group Client. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. Investors had raised money to finance Pars high-fee loans to small businesses. Europe, Menlo Park, China), Where the person is located (e.g. 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. 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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. 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 effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. municipal tax and the City's common budget. 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. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Joseph W. LaForte, a/k/a Joe Mack, a/k/a Joe Macki, a/k/a Joe McElhone 17. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. 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. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Those appraisals were made official and the judge ordered LaForte released. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. 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. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. 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. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. Lets Make A Deal. 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. Global Office of Innovation. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. 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. They also make sure that the client receives the funds in their account within one business day. However, the judge ordered LaForte held without bail until his trial. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms 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 |. He now faces gun charges. 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. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. Brother of. Where the Case is Headed Now and Whats the Impact On the Local Mob? Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. Design: Retrospective population-based study. 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. Asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends lawyers his..., mainly focusing on cash flow Soul MC Clubhouse did not return calls that LaForte the... Home under a bed, he said his network of friends had merely responded positively his! 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