top of page
white purple broker course (160 x 600 px).gif

James LaForte of Par Funding formally linked to the Gambino crime family

Updated: Feb 27

In 2018 I was working for a business loan broker company after being on the direct funding side for several years. One day we had a conversation in the office about a funder that we sent a deal to for review of the merchant's application for funding. In that conversation, the owner of our company said something to the effect of 'these guys were gangsters'.

I replied with basically a chuckle and yeah they were aggressive in several ways.

Then he said 'no, I really do mean they are actually gangsters.'

I still wasn't a hundred percent sure he somehow knew this and was telling the truth, after all, isn't being in the mafia supposed to be a secret?

That company was Par Funding! And 5 years later I know he was telling the truth as court documents have now shown.

James LaForte
James LaForte

Per the Philadelphia Inquirer, in a grand jury indictment released recently, federal prosecutors in Brooklyn have linked James LaForte, a former collector for Philadelphia's Par Funding, to the notorious Gambino crime family. LaForte was “‘made’ — or formally inducted — into the Gambino crime family” in a ceremony on Oct. 17, 2019. LaForte is accused of 'kicking up' over $1.5 million in profits from Par Funding to companies controlled by Gambino captain Joseph Lanni, purportedly to obscure the money's origin.

The indictment ties this to broader criminal activities involving racketeering, extortion, and violence. James LaForte, alongside others in the Gambino family, faces charges ranging from racketeering conspiracy to physical assault. These allegations place the activities of Par Funding, which was seized by a court-appointed receiver in 2020, under a harsher light. The company, officially known as Complete Business Solutions (CBFS), is accused of defrauding investors of over $500 million.

The severity of these allegations is underscored by LaForte's alleged actions, including assault, extortion of borrowers, and involvement in fraudulent financial schemes. These revelations paint a troubling picture of criminal activities intertwined with commercial finance, raising critical questions about oversight and the enforcement of legal and ethical standards in the industry.

Read the Full Story in our Forum

For our members, this FULL story is available in our Forum under the Exclusive Content category. The full article from the Philadelphia Inquirer(behind a paywall) delves deeper into the intricate details of this case. It's a compelling read, not only for its dramatic narrative but also for its implications on the finance industry's integrity and the importance of vigilant regulatory practices.




bottom of page