PHILADELPHIA, PA — Joseph Cole Barleta, also known as Joe Cole, has entered a guilty plea to one count of racketeering conspiracy. This admission comes as a part of the wider investigation into the fraudulent operations of Complete Business Solutions Group Inc., operating under the name Par Funding, which allegedly defrauded investors of over $100 million.
Barleta, 41, of Philadelphia, acknowledged his involvement before United States District Court Judge Mark A. Kearney on Wednesday, October 16, 2024, admitting to his role in the securities and wire fraud aspects of the criminal enterprise. The plea agreement indicates that the government is advocating for a prison sentence of up to eight years; however, the final decision rests with the court, which holds the authority to impose a different sentence.
The case against Barleta and his codefendants, Joseph LaForte and James LaForte, was strengthened by a second superseding indictment filed earlier this year. The indictment outlined the operations of an association-in-fact RICO enterprise, which included various predicate crimes against Par Funding’s investors, many of whom reside in the Philadelphia area.
Both Joseph and James LaForte had previously pleaded guilty to similar charges of racketeering conspiracy and securities fraud last month. Joseph LaForte is scheduled to be sentenced in January 2025, while Barleta and James LaForte will face sentencing in February 2025.
The extensive investigation was conducted by several federal and state agencies, including the FBI, IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and the Pennsylvania State Police. The prosecution team comprises Assistant United States Attorneys Matthew T. Newcomer, Samuel S. Dalke, Eric D. Gill, and Patrick J. Murray, with contributions from former Assistant United States Attorney Alexandra M. Lastowski. Additionally, the Securities and Exchange Commission in Florida played a crucial role in investigating and litigating the civil securities fraud charges that contributed to the criminal case against the defendants.
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