A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. LaForte said he had quickly paid back the loan. 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. 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. Laforte was ordered to surrender his passport and prohibited from obtaining or possessing any firearms. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. Odzers lawyer said he was victimized by Joseph LaForte. 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 . LaForte was immediately ordered held at the federal detention center on Arch Street. Joseph is proud of his hands on approach and leads his team with the goal of helping clients navigate the complex process of small business finance. The major part of the City's resources - three-quarters - is passed on to the district councils. In James LaFortes statement, he said his network of friends had merely responded positively to his request for help for his brother. Guilty Plea Hearings Set. Faces stiff sentence. LaForte said the money was lent him by another Staten Island friend and business associate, Joseph Talamini. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. The company raised the funds from more than 1,200 investors by scheming and lying including making the false claim that their loans had a default rate of less than one percent when it was actually more than 10 percent, the complaint alleges. 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 This problem is even more magnified for small businesses that already have a dearth of resources. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. It has not yet been determined how much Par Funding will have to repay to those investors. Those FBI raids came two weeks after the Securities and Exchange Commission sued LaForte and his wife, Lisa McElhorne, in federal court in Miami along with several other people and entities for allegedly bilking over 1,200 investors who put their money into Par Funding. I know his history, Talamini said Saturday. Its a Road Trip for Philly/NorthJersey Mob Soldier Joey Electric as Feds Send Him Packing To Oklahoma, Anthony Gifoli, a/k/a Tony Meatballs, the First to Plead Guilty in South Philly Mob Case, Philly Sledgehammer Bandits Get Hammered in Philadelphia Police Sting Operation, Federal Prosecutors Claim Threats Being Made Against Witnesses in Latest Philly Mob Case, Federal Judge Delays Gun Trial for Par Fundings Joe LaForte, Philadelphia businessman under investigation by the FBI & SEC. 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. LaForte, whose grandfather, nicknamed Joe the Cat, and his uncle Buddy, were made men in the Gambino crime family, went to great lengths to hide his criminal past from potential investors using several aliases, according to Bloomberg and court papers. 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. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. 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. 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. One of those who did this was Staten Island businessman Vincent Bardong. 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. 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. That decision was urged by prosecutors, who said LaForte had told undercover FBI agents that he might flee in his private plane and hide his money beyond the governments reach in the Caribbean tax haven of Nevis. The FBI refused comment on the probe. Joseph is known for his. A federal judge ordered LaForte released to await his trial on firearms charges after family and friends put up their houses for his bond. Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. A delay in formalizing appraisals on six different properties posted by family and friends held up LaFortes release. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. Par Funding Jan 17, 2019, 08:30 ET. This new product will ensure that small business owners get access to working capital in the shortest possible time and in the most convenient way. James LaForte also says he helped his brother meet bail conditions as the brother faces firearms charges. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. As the director of sales at Par Funding, Joeseph laForte is one of the small business finance industry's most distinguished and accomplished leaders. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. 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. If you or your loved one experienced investment losses, we are here to help. 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. 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. *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. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. 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. Par Funding is a company known for honest and transparent financial solutions that work. I write about people and money in our community and beyond. The SEC says it made very little profit and had to pay older investors with money from newer ones. 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. "I spoke to Mr Sonn on a complex legal matter. 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. For a free consultation, please call us now at. 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. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. That included her $8 million jet, dozens of properties worth $59 million, and businesses most notably Par Funding, worth $250 million. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. 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. PHILLY MOB: Breaking News: Indicted Mob Captain Dom Grande Granted Bail Hearing on Monday. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. 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. Judge Wants Separate Trials for Philly Mobsters Steve Mazzone, Domenic Grande and 12 other Defendants on Racketeering Conspiracy Charges. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. He relies on intimidation as part of his actual business model. 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. Design: Retrospective population-based study. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. 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. Open to all tips: earvedlund@inquirer.com. Assistant U.S. Attorney Jonathan Ortiz said charges could include financial and securities fraud as well as making the threats. California residents do not sell my data request. The FBIs Big Philly Mob Indictment One Year Later. The faster we can do this, the more we can do for investors, Ruiz told the lawyers Wednesday. "Every small business is unique and has its own way of doing things," states Joe LaForte. 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. 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. Shortly after the SEC sued Par Funding, agents searched Joseph LaForte's houses on the Main Line, in the Poconos, and on the Gold Coast of Florida. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. James LaForte also said he had borrowed the money to pay the lawyers. Box 8161. In December 2018, the New Jersey Bureau of Securities issued a Cease and Desist Order against Par Funding. His brother was charged in a separate investigation. 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. Brother of. 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. Now Charged in $7.8 Million Fraud At Philadelphia Wholesale Produce Market. Its a tale of cash, expensive homes, even an $8 million dollar private jet along with allegations by federal authorities of handing out loans sometimes at 400% interest. Setting: Stockholm County. 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