Joseph LaForte, an operator of a fraudulent investment scheme in Philadelphia, PA, was sentenced to 15 and a half years in prison on March 26 for defrauding investors, conspiring to defraud the IRS, filing false tax returns, employment tax fraud, wire fraud, and other charges.
Additionally, LaForte was ordered to forfeit various assets, including a private jet and an investment account worth approximately $20 million. He also received a $120 million forfeiture money judgment, was required to pay $314 million in restitution, and was fined $50,000.
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