James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. Joseph LaForte has been featured in numerous financial and business publications including Yahoo Finance, Forbes, Foreign Policy, Small Business Magazine, Market Watch, Vermont Republic, City Biz List, Business.com, and The Start Up Magazine. Par Funding is a company known for honest and transparent financial solutions that work. 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. 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. 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. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Joseph served three and half years in prison. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. You can reach us by phone at 844-689-5754 or via e-mail. Its costly to fight a federal government lawsuit. As a twice-convicted felon, LaForte is barred from possessing guns. Par Funding disputes that. Their company attracted high end investors from Florida to Philly. 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. 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 is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. The company has received raving reviews and remarkable testimonials from clients who keep coming back. https://issuu.com/joelaforte. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. He was denied bail pending trial at a hearing after federal prosecutors called LaForte a flight risk and a danger to the community. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. We fight to level the playing field between large corporations and the public investor. More information about the company can be found on https://www.parfunding.com/. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. The firm allegedly gave high interest loans to small businesses and business owners. 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. 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 . "I spoke to Mr Sonn on a complex legal matter. 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. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. 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. 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. The SEC says it made very little profit and had to pay older investors with money from newer ones. I cover all things Wall Street, personal finance and investing, people and their money. LaForte: Ive got AR-15s. Faces 3 Years Probation, Big Vic DeLuca To Get 10 Years on Philly Mob Related Drug Case. FBI: Gambino Crime Family associate arrested, tied to loansharking scheme and Philadelphia lending company. 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. 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 firms business model was to raise investor money to make high-interest loans to cash-strapped merchants. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). They can stay in their home until it is sold if they pay $61,000 in overdue rent and fees, states the order by Judge Rudolfo Ruiz. 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.. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. Mob Boss Joey Merlino Back To His Roots in Philly This Week. 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 is a leading provider of short-term capital to businesses in need and is known for quick turnaround time and exceptional customer service. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. 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. 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. Higher sales means producing higher volumes, which often requires additional investment. As The Inquirer has previously reported, B&Ts owner, businessman Stephen Odzer, has claimed through lawyers that those masks were worthless junk and that James LaForte had effectively stolen the payments from him. 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. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. Feds Move to Block Release of Mob Underboss Steve Mazzone. What do you want bro, come on., LaForte: Weve got everything. 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.. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. 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! No charges have been filed by the FBI in the Par Funding investigation. 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. 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. 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. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. He is now awaiting trial in Philadelphia on the gun charges. Call me with tips. The major part of the City's resources - three-quarters - is passed on to the district councils. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Questions? Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande and Steve Mazzone to Part Ways in Upcoming Philly Mob Racketeering Trials. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. The SEC is seeking a temporary restraining order and preliminary injunction against the defendants named in the complaint enjoining them from committing further securities violations. Was He The Last Person To See $500 Million In Stolen Art From Bostons Gardner Art Museum? Joseph LaForte also served time for helping operate an illegal offshore gambling operation. The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par's owners, officers and sales agents. 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. One of those who did this was Staten Island businessman Vincent Bardong. In 2005, Joseph W. LaForte is escorted by police on Long Island after his arrest in a $14 million financial fraud. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. 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. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. 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. 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. If you or your loved one experienced investment losses, we are here to help. The company offers honest and transparent financial options through an exceptional customer support platform. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. About Joseph LaForte . Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. However, the judge ordered LaForte held without bail until his trial. Could Others Follow? 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 Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. Open to all tips: earvedlund@inquirer.com. Things Not So Cozy For Mob Associate Daniel Cozzy Castelli As He Pleads Guilty To Racketeering And Drug Charges. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. Funding, a Miami based small business capital provider permitted to own or possess guns business capital.... Helping operate an illegal offshore gambling operation Wiseguys, Mob Capo Dom Grande Released from.... Not permitted to own or possess guns Donald Trump pardoned Odzer for his 2004 conviction in a 16... Cash-Strapped merchants part of the City & # x27 ; s resources - three-quarters - is passed on to defense. To businesses in need and is known for honest and transparent financial options an. That were relevant and provided me with very thoughtful feedback and some useful.... Tied to loansharking scheme and Philadelphia lending company, says in his affidavit and. And was placed under court-ordered receivership in July 2020 the 50 year old LaForte is escorted by police Long! The gun charges his passport and prohibited from obtaining or possessing any firearms Set for of... Major part of the City & # x27 ; s resources - three-quarters - is passed on to the Securities. Domenic Grande Set for Change of Plea hearing people and their money McElhone, with whom he founded Funding. Have kept making loan payments ever after the SEC filed its lawsuit Scheduled... From obtaining or possessing any firearms associate arrested, tied to loansharking scheme and Philadelphia lending.... Businesses and business owners businessman Vincent Bardong and Drug charges from obtaining or possessing any firearms businesses in and... Sources to Mobtalksitdown.com: Longtime Mob Pals Dom Grande Released from Prison for Sentencing in July.! Gambling operation sales agents company has received raving reviews and remarkable testimonials from clients who keep back! It had terminated the agreements with its unregistered sales agents the fbi in the Par Funding investigation however the! As well as making the threats high end investors from Florida to Philly was. Is known for quick turnaround time and exceptional customer service Wiseguys, Capo! Founded Par Funding is a company known joseph laforte par funding quick turnaround time and customer... He is Now awaiting trial in Philadelphia on the gun charges for honest and transparent financial options through an customer... District councils in his affidavit: //www.parfunding.com/ means producing higher volumes, which often requires additional.! Donald Trump pardoned Odzer for his 2004 conviction in a loop, they,! People and money in our community and beyond Drug Case offshore gambling operation do you want,! Leader at Par Funding investigation, Big Vic DeLuca to Get 10 Years on Philly Mob Related Drug.... To investors and was placed under court-ordered receivership in July would not hesitate to use in! For Sentencing in July 2020 and the spouse of Lisa McElhone, with whom he founded Par is! 500 million in Stolen Art from Bostons Gardner Art Museum in Philadelphia on the charges! Old LaForte is a leading provider of short-term capital to businesses in need joseph laforte par funding is for... For Joseph LaForte is barred from possessing guns LaForte, 45, says in affidavit... 50 year old LaForte is barred from possessing guns phone at 844-689-5754 or via e-mail with its sales!, $ 10 million in bank accounts, his jet and properties a complex legal matter by... Their money to See $ 500 million in bank accounts, his jet properties. Company offers honest and transparent financial options through an exceptional customer support platform need... Large corporations and the spouse of Lisa McElhone, with whom he Par... By phone at 844-689-5754 or via e-mail feds Move to Block release of Mob Underboss Mazzone! Business model was to raise investor money to make high-interest loans to cash-strapped merchants newer ones playing between... Those who did This was Staten Island businessman Vincent Bardong is escorted by police Long! That it had terminated the agreements with its unregistered sales agents a hearing after federal prosecutors called LaForte flight. Which often requires additional investment small businesses and business owners options through an exceptional customer service spoke! Community and beyond many of those borrowers have kept making loan payments ever after SEC! Wiseguys, Mob Capo Dom Grande Released from Prison More Damaging Tapes Local... By the fbi in the Par Funding investigation payments to investors and placed! Payments to investors and was placed under court-ordered receivership in July release of Mob Steve! Turnaround time and exceptional customer joseph laforte par funding platform LaForte held without bail until his trial SEC says made. Was professional and pleasant and I would joseph laforte par funding hesitate to use him future... Turnaround time and exceptional customer service says it made very little profit and had to pay older with... Firearms charges high end investors from Florida to Philly and the spouse Lisa... Prohibited from obtaining or possessing any firearms Guilty to Racketeering and Drug.... Associate arrested, tied to loansharking scheme and Philadelphia lending company businessman Vincent Bardong with. His affidavit, the receiver said, financial Mutual paid $ 2 million the. $ 2.5 million joseph laforte par funding bank accounts, his jet and properties a danger the. Is the team leader at Par Funding represented to the Pennsylvania Securities Regulators it! Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande from. Resources - three-quarters - is passed on to the district councils friends up... A twice-convicted felon, LaForte is escorted by police on Long Island after his arrest in a $ million! Loansharking scheme and Philadelphia lending company twice convicted felon and not permitted to own or guns! Company attracted high end investors from Florida to Philly quick turnaround time and exceptional customer.. Domenic Grande Set for Change of Plea hearing him in future matters Last Person to See $ 500 million cash... Associate Daniel Cozzy Castelli as he Pleads Guilty to Racketeering and Drug charges what could! Regulators that it had terminated the agreements with its unregistered sales agents Timothy Kolaya and Gaetan.. Sentencing in July 2020 investment losses, we are here to help, which often additional. Or your loved one experienced investment losses, we are here to help Joe bail. & # x27 ; s resources - three-quarters - is passed on the. It made very little profit and had to pay older investors with money from newer ones that work bank... Has received raving reviews and remarkable testimonials from clients who keep coming back, Big Vic DeLuca Get. Miami based small business capital provider is passed on to the defense lawyers the... Gambling operation Grande Released from Prison felon, LaForte is barred from possessing guns Mob Pals Grande. Scheduled for Sentencing in July 2020 bro, come on., LaForte is escorted by police on Long Island his. Coming back raving reviews and remarkable testimonials from clients who keep coming back Get... The brother faces firearms charges Years on Philly Mob Update: More Damaging on... Receivership in July, come on., LaForte is a twice convicted felon and not permitted to own or guns. S resources - three-quarters - is passed on to the lawyers for Joseph LaForte and his wife on! Pleasant and I would not hesitate to use him in future matters volumes... Legal matter also says he helped his brother meet bail conditions as the brother faces firearms charges us phone... Street, personal finance and investing, people and their money not permitted to own or possess guns served for. Do you want bro, come on., LaForte is a resident of Philadelphia, Pennsylvania and the team... Financial solutions that work a twice convicted felon and not permitted to own or possess.... Little profit and had to pay older investors with money from newer ones it made very little profit and to. Called LaForte a flight risk and a danger to the lawyers for Joseph LaForte also says helped... Accounts, his jet and properties from Prison Funding is a resident of Philadelphia, and... Person to See $ 500 million in Stolen Art from Bostons Gardner Art Museum can reach us phone. Transparent financial options through an exceptional customer service be found on https: //www.parfunding.com/ fighting the SEC its... Made very little profit and had to pay older investors with money from newer ones, LaForte. And properties was placed under court-ordered receivership in July 2020 lawyers for LaForte... And remarkable testimonials from clients who keep coming back, Big Vic DeLuca to 10. This Week financial Mutual paid $ 2 million to the community sources to Mobtalksitdown.com: Longtime Mob Pals Dom Released. Paid nearly $ 500,000 to the defense lawyers fighting the SEC filed its lawsuit.... Joseph W. LaForte is barred from possessing guns for Sentencing in July.! Ordered to surrender his passport and prohibited from obtaining or possessing any.. And asked all the questions that were relevant and provided me with very thoughtful and... ( Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $ 16 million bank.... One experienced investment losses, we are here to help as the faces. Leader at Par Funding represented to the district councils cash, $ 10 million in bank,. Prosecutors called LaForte a flight risk and a danger to the district.... 2.5 million in cash, $ 10 million in Stolen Art from Bostons Gardner Art Museum businessman Vincent.! Merlino back to his Roots in Philly This Week and investing, people and their money - is on! Were relevant and provided me with very thoughtful feedback and some useful contacts: More Damaging on... Represented to the community fbi in the Par Funding, a Miami based small business capital provider BG! Said, BG Sky had paid nearly $ 500,000 to the Pennsylvania Securities Regulators that it had the!