(Last year, President Donald Trump pardoned Odzer for his 2004 conviction in a $16 million bank fraud.). 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. 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. Joseph LaForte believes that the new product by Par Funding is perfect for businesses that are facing short-term cash flow problems and want an affordable way out and need it quickly. I did what I could to help Joe make bail, James LaForte, 45, says in his affidavit. A New Brand Of Philly Organized Crime: ATM Bombing Trio Indicted by Federal Grand Jury in 2020 Crime Spree. Breaking News: Popular Philly Mob Captain Domenic Grande Set for Change of Plea Hearing. Small business owners have been looking for a financial product that is easy, convenient and fast. The SEC also claimed that Par Funding threatened borrowers who failed to pay up. The firm's business model was to raise investor money to make high-interest loans to cash-strapped merchants. He is assigned to the Philadelphia FBI Field Office, specifically Squad One, which normally investigates organized crime and gang activity. Par Funding has funded thousands of businesses with quick processing times and exceptional customer service. By financing individuals with immediate capital up to 100% LTV of the purchase price, Par Funding hopes to help . Many of those borrowers have kept making loan payments ever after the SEC filed its lawsuit. They asked the judge to release LaForte on house arrest and offered to post four properties belonging to friends. 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. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. To send us an e-mail, simply complete and submit the online form below. One of the biggest struggles facing business owners even in a strong economy is cash flow hurdles. 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. Those appraisals were made official and the judge ordered LaForte released. Sie knnen Ihre Einstellungen jederzeit ndern. 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. Sources: Conanout, Big Bob in, as New National President, Finally Free: Philly Mob Boss Joey Merlino Free of All Federal Restrictions after 3 Years. Before we send you to , pleasesubscribe to our daily newsletter. Laforte, who is a convicted felon, is prohibited from possessing firearms. Joseph LaForte (left) and his wife, Lisa McElhone. This problem is even more magnified for small businesses that already have a dearth of resources. 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. The complaint stated that LaForte and McElhone are in the business of making opportunistic loans to small businesses, some of which charge more than 400% interest, through their company Par Funding. Agents seized $2.5 million in cash, $10 million in bank accounts, his jet and properties. Could Damaging FBI Tapes Separate Top Ranking Philly Mobsters Steve Mazzone and Domenic Grande in Upcoming Racketeering Conspiracy Trials? In rebuttal pleadings, Joseph LaForte's lawyers argued the cash was properly passed into Par Funding corporate books. Weve got I dont know, what do you want?, LaForte: Weve got gun rooms up there, yea.. 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. There is no emphasis on credit checks or other reports. The founder of Par Funding, Joseph LaForte, was arrested on weapons charges after FBI agents searched his Philadelphia home and located seven loaded guns. Big Vic DeLuca, Son of a Philly Mobster, gets 10 Years on Philly Mob Related Drug Case that included a derailed Murder Plot. 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. According to the order, Par Fundings unregistered agents were receiving commissions of 5% to 25%, depending on the interest rate promised to investors. Joseph Laforte At Par Funding Announces Short-term Funding Deal That Saves C&D Coal Company from Bankruptcy News provided by. The FBIs Big Philly Mob Indictment One Year Later. Laforte, who is a convicted felon, is prohibited from possessing firearms. 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. Mob Watchers: Keep an Eye Out for Philly Mob Boss Joey Merlino, Getting Off Supervised Release and Headed to the Jersey Shore? AR-15s.Weve got uh, sawed off shotguns, rifles. Design: Retrospective population-based study. California residents do not sell my data request. 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. 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. 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. James LaForte also offers explanations for other financial transactions questioned by the receiver and the receivers team, lawyers Timothy Kolaya and Gaetan Alfano. Froccaro argued his client was not trying to flee, had no passport and had all his assets frozen by federal investigators. It has not yet been determined how much Par Funding will have to repay to those investors. The SEC claims the LaForte and others lied to investors and hid his prior criminal convictions through several aliases used by LaForte. 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. Imprisoned Former Philly Mob Boss John Stanfa, 80, Transferred to Federal Prison Medical Center, Changing of the Guard for the Pagans MC. Defense Wants trial in Fall 2021 and Speedy Release of Discovery, Philly Mob Update: Indicted Mob Underboss Steve Mazzone Released on Bail, House Arrest. Joseph LaForte of Par Funding Announces Expedited "No Document" Financial Solution for Small Businesses. In court Tuesday in Philadelphia, prosecutors told Judge Tucker that they are building a larger criminal case against LaForte and others. Feds Move to Block Release of Mob Underboss Steve Mazzone. Business owners will not have to go through the hassle of collecting documents or endure rigorous credit checks. The company has received raving reviews and remarkable testimonials from clients who keep coming back. Philly Mob Associate Stephen Sharkey Finally Reports to Federal Prison in Mortgage Scheme, Philly Mob Boss Joey Merlino Cant Catch A Break. 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. 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. The FBI also claimed LaForte has allegedly been trying to move his monies to offshore bank accounts to avoid detection by investigators.. FBI Agents reported finding seven guns, including a high powered AR-15 style rifle in LaFortes home under a bed. Warlocks MC Murder Case Update: A Second Cemetery Search for Victims Bodies. Your email address will not be published. of Banking and Securities for violating state securities laws regarding the use of unregistered sales agents. municipal tax and the City's common budget. A federal judge, Rodolfo Ruiz II, is expected to rule soon in Florida, on how much the defendants must pay back investors. The FBI said in court papers they could not determine if any of the threats were carried through to fruition. Accused Embezzler Sonny DiCrecchio Now Scheduled for Sentencing in July. However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. Joseph's younger brother, James, says he raised money to help the couple defend themselves in the Par Funding civil case. 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. In addition to the securities charges, the SEC alleged that LaForte failed to disclose his criminal history to potential investors. Joseph Laforte is a leader at Par Funding, a Miami B2B capital provider. "Therefore, every financial product should also be tailor-made to meet their unique needs of the business it aims to help. Several published reports have stated that LaForte is the grandson of the late former Gambino Crime Family Capo Joe The Cat LaForte. Hes allowed to leave the home with permission to go to work, his lawyers offices, his doctor or other court approved locations. FBI Agents raided LaFortes Haverford home and former Par Funding business location on Third Street in Old City Philadelphia in July 2020 as part of an ongoing undercover FBI investigation. Lawyers for his brother and sister-in-law did not return calls. His first conviction in New York State involved a $14 million financial scam with his brother, James LaForte, of Staten Island in 2006. The company offers honest and transparent financial options through an exceptional customer support platform. 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. The 50 year old LaForte is a twice convicted felon and not permitted to own or possess guns. 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. The couple, based in Philadelphia, used unregistered sales agents to raise cash for which they were investigated by Pennsylvania securities regulators in 2018. He could not be reached or comment. I report and edit investigative projects, covering political corruption, charitable abuses, police misconduct, and business scandals. LaForte, according to court documents, is a twice convicted felon. The FBI refused comment on the probe. After that, Judge Ruiz will decide whether to hold Joseph LaForte and McElhone in contempt and rule on how much the couple will have to pay back investors. Now James LaForte Jr., Joseph LaFortes younger brother, is saying the receiver got it all wrong. However, accounting records that are part of the court file list only. 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. In the gambling case, his five codefendants in Brooklyn were Mafia members, including an acting mob boss, federal officials said. Buckhead Tower, Suite 400 3399 Peachtree Rd. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. Laforte, who is a convicted felon, is prohibited from possessing firearms. Higher sales means producing higher volumes, which often requires additional investment. Open to all tips: earvedlund@inquirer.com. 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. 104 20 Stockholm, Sweden. He is now awaiting trial in Philadelphia on the gun charges. Joseph LaForte and his team at par Funding saw the unmet need and worked with his team to create a solution with the unique aim to support small businesses. Still, neither LaForte nor anyone connected to Par Funding has been charged with criminal counts in connection with that probe. He knows that small business owners already have a lot on their plate, which is why he believes that getting access to working capital should be as simple as possible. For more information on Joseph LaForte please visit http://josephlaforte.com/. Postal address. 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. Par Funding is a company known for honest and transparent financial solutions that work. 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. And, the receiver said, Financial Mutual paid $2 million to the defense lawyers fighting the SEC. LaFortes lawyer said this woman owed Par Funding $12 million and had 12 million reasons to lie.. Together with the team at Par Funding, Joseph LaForte helps clients grow and expand their businesses at times when capital is needed. In fact, Joseph LaForte and his team close deals within 24 hours after receiving all the important information from the client. He said it was paid because he provided B&T with anti-coronavirus masks. Unfortunately, no other product in the market was able to meet their demands and solve their problems. 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. Save my name, email, and website in this browser for the next time I comment. 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. Is He Just Touching Base with Old Friends? Par Funding disputes that. 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. If convicted, he could face up to 10 years in prison. 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. Danny DAmbrosia, one-time South Philly Mob Associate, hit with federal Wire Fraud and Tax Evasion indictment. 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. He was charged with illegal possession of firearms by a felon. 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. Convicted Drug Dealer/Philly Mob Soldier Joseph Joey Electric Servidio will now be tried with former Mob Underboss Steve Mazzone, Sal Piccolo, Reputed South Jersey Mobster and Convicted Drug Dealer, Moved from Pennsylvania Prison to Texas Federal Prison, The Forgotten Defendant Jailed in Phillys Big Mob Racketeering Case Pleads Guilty, Faces 10 Years in Prison, Plus New Details on The Mob/Drug Hit Halted by the FBI. Authorities refused to comment on whether the search of LaFortes home is connected to the ongoing investigation into Par Fundings alleged fraudulent activities. I 'm Jeff Sonn, an attorney concentrating on securities fraud and class. High-Interest loans to cash-strapped merchants hid his prior criminal convictions through several aliases used by LaForte lawyers Timothy and. Rigorous credit checks to cash-strapped merchants woman owed Par Funding, joseph LaForte at Funding. 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