Daily News | Where’s our jet? Dispute over seized plane reveals new details in criminal probe of Par Funding founders
Joseph LaForte, the founder of a Philadelphia cash advance company that raised a half-billion dollars from hundreds of investors before the government called it a fraud, says he isn’t asking federal authorities to return his $6 million private jet to him, or the millions in stocks they also seized 2½ years ago.
In a Dec. 23 court filing, LaForte and McElhone urged a federal judge in Philadelphia to compel U.S. Attorney Jacqueline C. Romero to turn over the assets to a court-appointed receiver charged with overseeing repayments to investors, or to hold her in contempt of court for “willful refusal” to do so.
But the exchange makes clear that both sides still disagree what to do with those assets in the meantime. And each is now accusing the other of using the plane and stock portfolio, which LaForte’s lawyers value at $18 million, as a negotiating tactic in the looming criminal case. For its part, the SEC, in a notice to the court filed the same day as LaForte’s and McElhone’s petition, called the move “the latest example of their outrageous conduct in this case, their relentless interference with the receivership, and their inability to tell the whole truth.”
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