Daily News | Brother of Par Funding owner says he raised millions to pay lawyers in long-running SEC fight
So it helped that the brother of the man accused of orchestrating the alleged Par Funding fraud says he had a lot of generous friends willing to bankroll the defense in a battle with the U.S. Securities and Exchange Commission., founders of the shuttered Philadelphia lender, of having “diverted” and “laundered” cash that ought to have gone to their investors. The receiver, who is now in charge of Par Funding’s finances, said that couple used the scheme to hire lawyers to take on the SEC.
HIs statement was attached to a legal filing by Joseph LaForte and McElhone that also attacked the receiver’s allegation that the couple had schemed to have a variety of firms to step in and collect from Par Funding debtors in order to pass money through to them — money that should have gone to the receiver to pay back investors.
Adding to Joseph LaForte’s woes, the FBI searched his houses days after the SEC filed its lawsuit in 2020 and. He was charged with illegal possession of firearms by a felon. James LaForte, owner of two bars five miles apart in Brooklyn, could not be reached for comment. Lawyers for his brother and sister-in-law did not return calls.
However, Bardong, 50, in a separate affidavit in the case, said he had met Joseph LaForte once and had never met Lisa McElhone. “I am a close friend of James LaForte and put my house up for his brother Joseph’s bail as a favor to James,” he said. He could not be reached or comment.
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