In a federal courtroom in Philadelphia, Joseph Cole Barleta, 41, has pled guilty to one count of racketeering conspiracy concerning his role at Par Funding, a company now exposed as a fraudulent investment scheme. United States Attorney Jacqueline C. Romero announced the guilty plea, which took place before United States District Court Judge Mark A. Kearney. The scheme is suspected to have garnered over $100 million at the cost of numerous investors, many hailing from the Philadelphia area, as reported by the U.S. Attorney's Office, Eastern District of Pennsylvania.
It emerged that the finances of many Philadelphians were entrusted to a deceptive operation, only to be methodically depleted. The plea implicates Barleta as part of a broader RICO enterprise aiming to perpetrate securities and wire fraud alongside Joseph LaForte, James LaForte, and other defendants. This update comes after the announcement that the LaForte brothers also pled guilty last month to similar charges, according to the U.S. Attorney's Office.
The sentencing dates have been set with Joseph LaForte to face his judgment on January 13, 2025, and both James LaForte and Joseph Cole Barleta are slated for February 20, 2025, as detailed by the U.S. Attorney's Office, Eastern District of Pennsylvania. While Barleta's plea agreement suggests a sentence of up to eight years in prison, the court holds the discretion to impart a potentially lesser or greater sentence based on its judgment.
The unraveling of Par Funding is a result of extensive collaborative efforts from federal agencies, including the FBI, IRS Criminal Investigation, the FDIC Office of Inspector General, and the Pennsylvania State Police. The team of Assistant United States Attorneys Matthew T. Newcomer, Samuel S. Dalke, Eric D. Gill, and Patrick J. Murray have led the prosecution, with Alexandra M. Lastowski, former Assistant United States Attorney, also playing a critical role. Aside from the criminal proceedings, the SEC in Florida had also previously conducted investigations to subsequently litigate civil securities fraud charges, which eventually helped to solidify the base of the ongoing criminal prosecution.
