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. I know his history, Talamini said Saturday. Share this article. The SEC says it made very little profit and had to pay older investors with money from newer ones. NE Atlanta, GA 30326 *by appointment only. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. All rights reserved. Court papers appear to suggest FBI agents went undercover posing as potential investors in Par Funding during their investigation. Odzers lawyer said he was victimized by Joseph LaForte. However, accounting records that are part of the court file list only. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. LaForte, who helped run Par Funding on Third Street in Old City Philadelphia, is facing trial on gun charges after FBI agents discovered a number of weapons during a search of his Main Line home last Summer as part of a widespread investigation into Par Funding. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. 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. Breaking News: Camden Authorities Arrest Local Man in Double Murder at Camden Wheels Of Soul MC Clubhouse. I write about people and money in our community and beyond. 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. 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. 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. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. The company was built on the foundation of helping small businesses gain access to funding solutions necessary for day-to-day operations and growth. However, the judge ordered LaForte held without bail until his trial. LaForte claims to be the owner of Par Funding and runs the day-to-day operations. 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. 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. Expected to Plead Guilty to 2020 Federal Racketeering Conspiracy & Drug Charges, Another Defendant in Philly Mob Related Drug Case, Daniel Bucceroni, Pleads Guilty. LaForte, who helped run Par Funding on Third Street in Old City Philadelphia, is facing trial on gun charges after FBI agents discovered a number of weapons during a search of his Main Line home last Summer as part of a widespread investigation into Par Funding. I cover public corruption, white collar crime and the criminal misuse of power. Read more about Par Fundings debt and possible eviction from a Haverford home in The Philadelphia Inquirer. Joseph Laforte Of Par Funding Discusses How Business Can Evolve During Times of Crisis. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. 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. One of those who did this was Staten Island businessman Vincent Bardong. Twitter View on Twitter. 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. We fight to level the playing field between large corporations and the public investor. The firm allegedly gave high interest loans to small businesses and business owners. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. The FBI refused comment on the probe. 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 real estate assets have an estimated value of at least $55 million. 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. They help business owners with the challenges they have to face in order to grow and expand, mainly focusing on cash flow . 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. Joseph LaFortes lawyers has said the payments were proper. California residents do not sell my data request. Could Others Follow? 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. 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. But that doesnt make him a bad person.. United Nations Children's Fund. The Jackals. Joseph is known for his. "Every small business is unique and has its own way of doing things," states Joe LaForte. The fraudulent scheme operates behind multiple veils of secrecy built on the defendants lies, the complaint charges. Mob Boss Joey Merlino Back To His Roots in Philly This Week. The Old City businessman was ordered confined to his luxurious Haverford home along with electronic monitoring by the federal probation department. Joseph LaForte and his team have successfully closed over $500 million in small business funding, his hands on approach and quick turnaround has earned him a reputation as the number one option for small business seeking short term cash flow solutions. Par Funding disputes that. If you or a family member has suffered losses investing, we want to discuss your case. Whats Ahead For Joey Merlino and The Philly Mob In 2022? His brother was charged in a separate investigation. (Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). He said it was paid because he provided B&T with anti-coronavirus masks. In his private life and in his business life, Mr. LaForte has indicated he is willing to take any means necessary to get what he wants, Ortiz said in court. 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. Guilty Plea Hearings Set. Analysts say this is by far the most aggressive product introduced by Joseph LaForte and Par Funding to date. The complaint accuses the couple and their agents of violating federal securities law and wants the court to freeze their assets, impose civil fines and appoint a receiver to protect investors. LaForte and McElhone couldnt immediately be reached for comment. 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. In a loop, they said, BG Sky had paid nearly $500,000 to the lawyers for Joseph LaForte and his wife. 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. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. 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. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Pete Tuccio, Philly Mob Boss Joey Merlinos Pal, Gets 10 Years in New York Arson/Extortion Scheme, Philly Police, Feds Take Down Violent Carjacker on 2 Murders, Several Carjackings Tied to Local Ring, Sonny DiCrecchio Reports To Federal Prison to Serve 10 years in $7.8 Million Fraud At Philadelphia Wholesale Produce Market, Former Philly Mob Boss Ralph Natale Passes Away at 87 Years Old. Federal officials say a convicted felon with mob ties and his wife fraudulently raised more than half a billion dollars from investors for their company, which loaned cash to small businesses at interest rates as high as 400 percent. Joseph LaForte's aim is to find innovative ways to help businesses get the financial resources they need to focus on growth and success. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. Buckhead Tower, Suite 400 3399 Peachtree Rd. Questions? Philly 1990s Meth Kingpin Nick The Greek Gets a Big Break from Life Term. Joseph served three and half years in prison. How Small Businesses Can Navigate the COVID19 Pandemic. 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. 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. Thanks for contacting us. With the summer just around the corner, small businesses across the country are preparing for a strong spring and summer season. Businesses can plan for a booming summer without worrying about cash flow crunch or getting bank funding. 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. Laforte, who is a convicted felon, is prohibited from possessing firearms. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. He now faces gun charges. We've received your submission. The Sonn Law Group is currently investigating allegations that Par Funding founders Joseph LaForte and Lisa McElhone committed fraud. 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. 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. 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. How much each district council receives depends on its individual . Established in 2013, Par Funding is the leading provider of short-term financing to small- and medium-sized businesses throughout the United States. He is now awaiting trial in Philadelphia on the gun charges. Dealmaker, factoring expert, Sales leader at Par Funding , Passionate about helping small business grow and succeed. Reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed of... 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