Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. Faces 5 Years. The firm allegedly gave high interest loans to small businesses and business owners. Faces stiff sentence. The real estate assets have an estimated value of at least $55 million. I did all of this because I love my brother and sister-in-law and want to help them.. 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. 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. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. Its costly to fight a federal government lawsuit. The couple allegedly used unregistered sales agents to offer unregistered securities to investors in order to gain capital. NE Atlanta, GA 30326 *by appointment only. His brother was charged in a separate investigation. 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. 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. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. Guilty Plea Hearings Set. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. 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 you or your loved one experienced investment losses, we are here to help. The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. 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. After the investigation commenced, Par Funding represented to the Pennsylvania Securities Regulators that it had terminated the agreements with its unregistered sales agents. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. He was charged with illegal possession of firearms by a felon. 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. 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.. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. 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. 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. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. 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. Team leader, Joseph LaForte, believes this is because the company provides customizable solutions for each of its clients. 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. We fight to level the playing field between large corporations and the public investor. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. "Every small business is unique and has its own way of doing things," states Joe LaForte. Mob Boss Joey Merlino Back To His Roots in Philly This Week. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. Questions? He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. I know his history, Talamini said Saturday. PHILLY MOB UPDATE: Indicted Mob Underboss Steve Mazzone Beefs Up His Defense Team With Joey Merlinos NYC Lawyer. Please contact us today for a free review of your case. Biker Suspect Returning To Philly, Stand Up Guy Pete Tuccio, A Joey Merlino Associate, Pleads Guilty In NYC Mob-related Arson Case, Looking At 10 Years, Feds Look To Delay Trial For 15 Philly Mobsters & Associates, Citing Covid19 Restrictions. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Whos Next? LaForte wrote that he arranged for a series of loans, hoping Par Fundings legal troubles would be swiftly resolved and it would go back to being a very profitable business. He added: Neither Joe nor Lisa were involved in my efforts to borrow and raise money for the defense. Twitter View on Twitter. 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. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Sie knnen Ihre Einstellungen jederzeit ndern. 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. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. LaForte was ordered held without bail by a judge in July 2020. If convicted, he could face up to 10 years in prison. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. 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 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. However, the younger LaForte said that he worked for BG Sky and that the payment was money legitimately owed him. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. He was later charged in a 2009 federal off shore gambling investigation out of the FBIs Newark, N.J. office. The younger LaForte owner of hipster bars in Brooklyn and a man with a criminal record, like his brother swore in a court filing that he tapped a network of Staten Island business associates and friends to pay for legal help versus the SEC and to keep his big brother out of prison on separate gun charges. 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. 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. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. Higher sales means producing higher volumes, which often requires additional investment. 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. Par Funding disputes that. Box 8161. The City of Stockholm's leadership still has the comprehensive responsibility for issues concerning the entire municipality, e.g. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. AR-15s.Weve got uh, sawed off shotguns, rifles. 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 . https://issuu.com/joelaforte. However, accounting records that are part of the court file list only. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges. Designed Specifically for Small Businesses. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. The company has received raving reviews and remarkable testimonials from clients who keep coming back. 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. 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 |. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. Joseph LaFortes lawyers has said the payments were proper. 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. LaForte and McElhone couldnt immediately be reached for comment. Agents seized seven handguns and rifles. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. LaForte, according to court documents, is a twice convicted felon. 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. After serving prison time in that case and another, he went on to found Par Funding in Philadelphia. 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. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. Joe and his team have successfully closed over $500 million in small business funding, his fast hands on approach with his team has earned him a reputation as the number one option for small business seeking short term cash flow solutions. Is He Just Touching Base with Old Friends? Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. LaForte was immediately ordered held at the federal detention center on Arch Street. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. 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 Of Par Funding Discusses How Business Can Evolve During Times of Crisis. Brother of. The receiver contends that LaForte and McElhone, in concert with various associates and firms, found a way to reach in and steer some of those payments back to themselves, rather than into the receivers hands. 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. The arrest comes two weeks after the SEC filed a complaint against Par Funding and its affiliates, as well as founders Joseph LaForte and Lisa McElhone, alleging that the company offered unregistered, fraudulent securities in order to raise almost half a billion dollars from approximately 1,200 across the United States. 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. For him to [claim] that he has this legitimate practice isnt whats going to be borne out when hes eventually brought to charge.. United Nations Children's Fund. Still, he said, he didn't have evidence to tie Par Funding founder Joseph LaForte and Lisa McElhone, LaForte's wife, to the scheme or hold them in contempt of court for it. For a free consultation, please call us now at. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. But that doesnt make him a bad person.. 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. The trial was originally set for last May. 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. I am a close friend of James LaForte and put my house up for his brother Josephs bail as a favor to James, he said. 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. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. Your email address will not be published. Joseph LaForte also served time for helping operate an illegal offshore gambling operation. 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. 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