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Federal prosecutors in Philadelphia said that between 1996 and Forte collected investment money from nearly 80 individualw using a fraudulent scheme in whicn the he claimed that he was tradinh in stock index futures through a partnership named JosephForte LP. Prosecutors said Forte, 53, of Broomall, Pa., used his scheme to collect roughly $80 million from investors, payinhg some investors “returns” on their investmentsz by using money contributedd byother investors. Prosecutors said Forte reportefd fabricated investment returns between 18 percent and 38 whenin fact, he consistentlg lost money on his trades.
Prosecutors said Fortes paid himself millions of dollars in salaries and fees and used his profitse to make numerousfinancialo transactions, including taking out a $500,000 Commerce Bank [now TD loan by misrepresenting the value of Joseph Forte LP. Sentencing is scheduled for Oct. 2. He facez possible prison time, fines and paying full restitutio n to the victims ofhis crimes, and forfeiturs of all property that constitutes or is derived from his criminalp proceeds.
The case was investigatedc by the United States PostalInspection Service, the Federal Burea u of Investigations, the Delaware County District Attorney’s Office, the Securitiess and Exchange Commission, and the Commoditiesw Futures Trading Commission. It is being prosecuted by Assistant Unitedc States AttorneyJoe Khan. Forte was chargexd in a civil case in early Januaru by the Securities andExchange Commission, whicy obtained an emergency court ordefr freezing his assets.
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