The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. NE Atlanta, GA 30326 *by appointment only. 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, 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. Questions? 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. 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. Before we send you to , pleasesubscribe to our daily newsletter. More information about the company can be found on https://www.parfunding.com/. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. Whos Next? Mousie Massimino exits Federal Prison, Steve Mazzone checks in to Federal Lockup, Top Philly GoodFellas Mazzone and Grande Will Stay Close to Home During Upcoming Federal Prison Stints, Philly Mob Underboss Steve Mazzone Gets the Max: 5 Years in Prison, 3 years supervised release in 2020 Racketeering Conspiracy Case, Feds Want Max for Mazzone: 60-month sentence for South Philly Mob Underboss Steve Mazzone on 2020 Racketeering Conspiracy Case, Breaking News: No More Teflon Dom, Popular Philly Mob Captain Dom Grande Gets 78 Months in Federal Racketeering Conspiracy/Drug Case, Philly Mob Soldier Sonny Mazzone set to face the music on 2020 Racketeering Conspiracy Indictment, Feds Strike Again in NYC, this time the Lucchese Crime Family Targeted in Racketeering, Gambling, Money laundering Indictments, Feds: New York Bonanno, Genovese Crime Families Get Together for a little Racketeering, Loansharking and Gambling Operation, Case Closed on 2020 Philly Mob Racketeering Indictments. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. Par Funding is a company known for honest and transparent financial solutions that work. Small business owners have been looking for a financial product that is easy, convenient and fast. Biker World Sources: Old Guard Philly Pagans form new MC. 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. 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. Joseph is known for his. Last of The East Coast LCN defendants, Genovese Capo Patsy Parrello, Finally Released from Prison after Six Years. Where the Case is Headed Now and Whats the Impact On the Local Mob? 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. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. The case agent assigned to the criminal investigation, John Murray, is also assigned to Squad One. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). 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. 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. 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. At Par Funding, we don't believe in the cookie-cutter approach. 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. Copyright 2023 ACCESSWIRE. Joseph LaForte: Safely Reopening Your Business After Covid-19. Par Funding Investor Loss Recovery Center. 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. Could Others Follow? In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. 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. 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. 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. This problem is even more magnified for small businesses that already have a dearth of resources. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. How Small Businesses Can Navigate the COVID19 Pandemic. 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. I cover all things Wall Street, personal finance and investing, people and their money. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Agents seized seven handguns and rifles. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. Please contact us today for a free review of your case. Your email address will not be published. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded 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. 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. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns in early August 2020. The company has received raving reviews and remarkable testimonials from clients who keep coming back. One of those who did this was Staten Island businessman Vincent Bardong. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. LaForte is to stand trial Oct. 26 on the gun charges. The FBIs Big Philly Mob Indictment One Year Later. 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. 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.. FBI Photos and $10,000 Reward Yield Few New Leads in 2012 Murder, Judge Hammers Reputed Philly Mob Soldier Joey Electric with 15 Year Sentence on Drug Case with ties to the Mob, Par Fundings Joe LaForte finally released on bail after delays. 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. 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. California residents do not sell my data request. The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. "I spoke to Mr Sonn on a complex legal matter. In a court hearing this week, LaFortes defense team maintained that he had no desire to flee. 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. For a free consultation, please call us now at 866-827-3202or complete our contact form. Mob Boss Joey Merlino Back To His Roots in Philly This Week. We are dedicated to providing the best possible support for our clients and create innovative products that work best for small businesses.". Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. The twice convicted felon allegedly ran the Old City lending firm with his wife Lisa. 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. 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. 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. The firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. The company offers honest and transparent financial options through an exceptional customer support platform. If convicted, he could face up to 10 years in prison. But that doesnt make him a bad person.. I know his history, Talamini said Saturday. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Joe and his team have successfully closed over $500 million in small business funding, his . Feds Move to Block Release of Mob Underboss Steve Mazzone. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. 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