Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. 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.. 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. In letters made public in court filings, two of LaFortes sisters and his wifes parents all appealed for his release. Joseph Laforte is the team leader at Par Funding, a Miami based small business capital provider. FBI Grabs Reputed Mob Soldier, 4 Others in Latest Mob Sweep in South Philadelphia, Merlinos Lawyers Shoot Down Story About Alleged Presidential Election Scheme as Ridiculous and Fictitious, The Gino DiPietro Hit 10 Years Later: One in Prison, the Shooter still not charged. 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. If you or your loved one experienced investment losses, we are here to help. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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 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. Postal address. 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. 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. 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. 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. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). 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. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. "Every small business is unique and has its own way of doing things," states Joe LaForte. LaForte is a resident of Philadelphia, Pennsylvania and the spouse of Lisa McElhone, with whom he founded Par Funding. If you or a family member has suffered losses investing, we want to discuss your case. More information about the company can be found on https://www.parfunding.com/. 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 . The trial was originally set for last May. Objectives: To investigate the association between inpatient care expenditure (ICE) and income group and the effect of demographic factors, health status, healthcare and social care utilisation on ICE in the last year of life. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. 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. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. 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. One of those who did this was Staten Island businessman Vincent Bardong. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. No charges have been filed by the FBI in the Par Funding investigation. His in-laws, James and Margaret McElhone, described him as a good family man. Their daughter, McElhone, joined LaForte in founding Par Funding a decade ago shortly after he had served time for a $14 million mortgage fraud and a gambling conviction. What do you want bro, come on., LaForte: Weve got everything. This exciting new product created by Joseph laforte and his team at Par Funding is aimed at helping rehabbers and developers get access to reliable capital that they can use to remodel and rehab homes or flip them for a profit. I know his history, Talamini said Saturday. The company offers honest and transparent financial options through an exceptional customer support platform. LaForte said he had quickly paid back the loan. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. His brother was charged in a separate investigation. LaForte, according to court documents, is a twice convicted felon. Before we send you to , pleasesubscribe to our daily newsletter. 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. Those appraisals were made official and the judge ordered LaForte released. 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 LaFortes lawyers has said the payments were proper. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. For more information on Joseph LaForte please visit http://josephlaforte.com/. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. 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. Contact our office today to discuss your case. Its costly to fight a federal government lawsuit. Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. *Our firm, in some cases, advance costs and expenses of the case, and in that event, are recovered from the gross recovery of any settlement or verdict. Biker World Sources: Old Guard Philly Pagans form new 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. 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. 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. 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. 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. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. Reputed Philly Mob Boss Joey Merlino finally free, well, sort of. Agents seized seven handguns and rifles. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. The SEC is also seeking an asset freeze, an order requiring the defendants to preserve any records related to the lawsuit, and disgorgement of all ill-gotten gains. Designed Specifically for Small Businesses. Participants: Decedents 65 years in 2015 (N=13 538). In January 2018, Par Funding learned it was under investigation by the Pennsylvania Dept. 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. Par Funding Jan 17, 2019, 08:30 ET. 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. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. 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. As a result, Par Funding tries its best to help clients in a timely fashion. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. 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. 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