In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. 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. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. 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. 104 20 Stockholm, Sweden. 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 Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. One businesswoman has accused him of threatening to blow up her house. 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. As a twice-convicted felon, LaForte is barred from possessing guns. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? Odzers lawyer said he was victimized by Joseph LaForte. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. 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. You can reach us by phone at 844-689-5754 or via e-mail. About Joseph LaForte . We've received your submission. 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. He now faces gun charges. Europe, Menlo Park, China), Where the person is located (e.g. Joseph LaForte has worked with hundreds of small business owners and is familiar with their lifestyle. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. A federal judge ordered Joseph LaForte, cofounder of the besieged Philadelphia lender Par Funding, released from prison Thursday on a $2.5 million bond secured by his relatives and friends homes to await his trial later this month on firearms charges. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. Dies geschieht in Ihren Datenschutzeinstellungen. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. 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. 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. Joseph served three and half years in prison. He said it was paid because he provided B&T with anti-coronavirus masks. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. 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. 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. The real estate assets have an estimated value of at least $55 million. 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. But that doesnt make him a bad person.. Box 8161. In a document made public Wednesday in the SEC civil case, McElhone put her net assets at nearly $800 million. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. Lucchese Crime Family Soldier John Perna Pleads Guilty to Planning and Carrying Out Aggravated Assault, PHILLY MOB Update: Dom Grande Gets Bail, Now Mob Underboss Steve Mazzone Takes His Shot at Bail, PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail In Racketeering/Drug Case. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. Guilty Plea Hearings Set. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Joseph LaForte (left) and his wife, Lisa McElhone. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. They dispute the allegations. Your email address will not be published. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. Joseph LaFortes lawyers has said the payments were proper. 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. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. As a result, Par Funding tries its best to help clients in a timely fashion. 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. Shortly after the SEC sued Par Funding, agents searched Joseph LaForte's houses on the Main Line, in the Poconos, and on the Gold Coast of Florida. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. The trial was originally set for last May. 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. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. His brother James has been described in published reports as an associate of the Gambino Crime Family. 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. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. Higher sales means producing higher volumes, which often requires additional investment. 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. I write about people and money in our community and beyond. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. 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. 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. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. 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 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. 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The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. One of those who did this was Staten Island businessman Vincent Bardong. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. One sister, Jennifer LaForte, called it a matter of life and death, given the high rate of the coronavirus in prisons and her brothers asthma though prosecutors noted that LaForte routinely smokes cigars and was smoking one when he met with the undercover agents. Open to all tips: earvedlund@inquirer.com. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. 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 . This problem is even more magnified for small businesses that already have a dearth of resources. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of . LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. 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. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. 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A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. We represent investors in claims against negligent brokers and brokerage firms. 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. 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. The SEC says it made very little profit and had to pay older investors with money from newer ones. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Philly Mob Associate Stephen Sharkey pleads guilty in 2019 fraud case. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. How Small Businesses Can Navigate the COVID19 Pandemic. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. Share this article. Par Funding is a company known for honest and transparent financial solutions that work. They also make sure that the client receives the funds in their account within one business day. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. Could Others Follow? According to court filings, he sometimes has used the names James McElhone and Jimmy Schillaci. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. 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. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. Where the Case is Headed Now and Whats the Impact On the Local Mob? 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.. For a free consultation, please call us now at. He relies on intimidation as part of his actual business model. LaForte was immediately ordered held at the federal detention center on Arch Street. 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. 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. Joseph LaForte: Safely Reopening Your Business After Covid-19. More information is available at www.parfunding.com. Feds Move to Block Release of Mob Underboss Steve Mazzone. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. 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. Lets Make A Deal. 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. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. This field is for validation purposes and should be left unchanged. Design: Retrospective population-based study. LaForte said he had quickly paid back the loan. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . Joe and his team have successfully closed over $500 million in small business funding, his . Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. 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 |. Mob Boss Joey Merlino Back To His Roots in Philly This Week. 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. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. Few details have been released on that investigation. 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. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. 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. 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. 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. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. To send us an e-mail, simply complete and submit the online form below. Sie knnen Ihre Einstellungen jederzeit ndern. 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. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. Sie knnen Ihre Einstellungen jederzeit ndern. 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. 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