The founder of the alleged fraudulent scheme, arrested after FBI agents located multiple firearms in his Philadelphia home. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. Par Funding is a company known for honest and transparent financial solutions that work. Feds Lose The Passport He Surrendered. Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. 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. His brother was charged in a separate investigation. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. More Secretly Recorded Tapes Revealed and Another Confidential Source Surfaces, More Guilty Plea Hearings Set in FBIs Big Philly Mob Indictment. Philly Mob Update: More Damaging Tapes on Local Wiseguys, Mob Capo Dom Grande Released from Prison. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. Lawyers for his brother and sister-in-law did not return calls. 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. One businesswoman has accused him of threatening to blow up her house. United Nations Children's Fund. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . 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. I did all of this because I love my brother and sister-in-law and want to help them.. Joseph LaFortes lawyers has said the payments were proper. He could not be reached or comment. 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. Joseph LaForte has always worked to help the businesses he advises see increased financial growth. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. Odzers lawyer said he was victimized by Joseph LaForte. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. 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. For instance, he said that he had lined up two good friends and a cousin to put up their houses in Staten Island and the Poconos as security on Joseph LaFortes $2.5 million bail on the gun charges. 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. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. Whos Next? 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. Since most of the team members at Par Funding have extensive experience in small business operations, the company understands how important quick access to cash is for small businesses. Save my name, email, and website in this browser for the next time I comment. Feds Move to Block Release of Mob Underboss Steve Mazzone. 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. Authorities refused to comment on whether the search of LaForte's home is connected to the . Whats Ahead For Joey Merlino and The Philly Mob In 2022? His trial comes as Par Funding and other defendants recently agreed to stop fighting a civil case against them that was also set to go to trial in November 2021. 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. Postal address. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. We make sure that our agents work closely with our clients to customize products in a way that serves the client's business and makes their life easier. The trial was originally set for last May. 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. Carl Chianese, Associate in Philly LCN Drug Case, Gets 5 Years in Prison. A big share of the original payments was made by Par Fundings largest single borrower, an office supply firm called B&T Supplies Inc.. 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. 104 20 Stockholm, Sweden. Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. The SEC charged that Par Funding and others got the firms clients to invest almost $500 million. The receiver, who is now in charge of Par Fundings finances, said that couple used the scheme to hire lawyers to take on the SEC. 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Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, The Other Shoe Drops for Sonny DiCrecchio. Clients are not required to submit any complicated documents and can receive their funds in as fast as one business day. Feds Go 14 for 15 with Guilty Pleas, Breaking News: 2014 Federal Convictions and 30 Year Sentences of Nicky Scarfo Jr. & Salvatore Pelullo Upheld by Third Circuit Court of Appeal, Philly Mob Soldier and Convicted NJ Drug Trafficker Joey Electric Strikes Plea Deal in 2020 Philadelphia Mob Racketeering Conspiracy Case, Agrees to 10 Years Concurrent, Its A Wrap: One Time South Philly Mob Underboss Steve Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, others to Follow, Convicted NJ Drug Trafficker and Mob Soldier Joseph Joey Electric Servidio may take a Plea in 2020 Philadelphia Mob Racketeering Conspiracy Case, others to follow, Popular South Philly Wiseguy Sonny Mazzone Takes a Plea Deal on 2020 Racketeering Conspiracy Case, Brother Steve is next up, Looks Like the Philly Mob is Folding Its tent on 2020 Racketeering Conspiracy Case after Former Underboss, Popular Mob Captain and Soldier Decide to take Guilty Pleas, Breaking News: Teflon Dom No More, Popular Philly Mob Capo Dom Grande Pleads Guilty to Federal Racketeering Conspiracy/Drug Charges, Sources: Caught on Tape. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. 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 . "Every small business is unique and has its own way of doing things," states Joe LaForte. 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. NYPD arrests three men in murder of Bronx Pagans MC President, Fourth Arrest made in connection with Warlocks MC murder case of Delco man, Philly Mob Boss Joey Merlinos former driver and co-defendant released from prison, Sources: NY Pagans MC president gunned down in suspected hit. Par Funding helps small and midsize business owners with some of the largest obstacles they might be facing, like cash flow, consolidating high-interest MCA loans and invoice factoring, in order to help them grow and expand efficiently. LaForte could not put up his own residences, all of which are in his wifes name, because the judge in the civil case has frozen their assets. 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. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. 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. "-Sonn Law Group Client. 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