Lisa McElhone, 44, told a federal judge she dodged taxes owed in Pennsylvania by lying on tax forms about where she and husband, Joseph LaForte, lived.
The wife of embattled Par Funding founder Joseph LaForte admitted this week to helping him hide millions of dollars he earned through the business cash advance company that authorities say operated more like a Mafia-style criminal enterprise.
McElhone’s attorney, Alan S. Futerfas, did not respond to requests for comment following Monday’s hearing. Her plea agreement with prosecutors does not require her to cooperate against her husband or any of their codefendants. But as Par Funding became wildly successful at raising money, the setup resulted in McElhone — who actually spent her workdays running hip Old City nail salon Lacquer Lounge — amassing an eye-popping collection of assets in her name, includingAuthorities say that by obscuring LaForte’s involvement and promising wildly inflated returns, the company was able to bilk investors out of hundreds of millions of dollars — even as it was squeezing the small businesses that took advantage of its loans by...
In the specific count to which McElhone pleaded guilty Monday — tied to their 2018 taxes — the couple had been accused of underreporting their income to the state by $26.5 million, resulting in a tax loss to Pennsylvania of nearly $1 million.
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