United States Attorney David Metcalf announced the sentencing of Joseph Cole Barleta, 41, from Philadelphia, Pennsylvania. Barleta was sentenced to 66 months in prison by United States District Court Judge Mark A. Kearney for his involvement in a racketeering conspiracy related to Complete Business Solutions Group Inc., operating as Par Funding.
Barleta was charged in February 2024 and pleaded guilty to the RICO charge in October of the same year. According to court documents, Barleta and co-defendants Joseph LaForte, James LaForte, and others were involved in a RICO enterprise that defrauded Par Funding investors.
Barleta’s role included manipulating financial statements under Joseph LaForte’s direction to mislead investors about Par Funding’s profitability. In January 2025, it was determined that the fraud scheme caused losses of approximately $404 million, later reduced to $288 million after accounting for seized collateral.
Co-defendants Joe LaForte and James LaForte had previously pleaded guilty to similar charges. Joe LaForte received a sentence of 15½ years, while James LaForte was sentenced to 11½ years.
“Barleta played a key role in the massive fraud scheme that was Par Funding,” stated U.S. Attorney Metcalf. “He participated in an extensive and destructive conspiracy that inflicted substantial harm on the community.”
Wayne A. Jacobs from the FBI’s Philadelphia Division commented on Barleta’s accountability for securities and wire fraud: “The FBI remains unwavering in our commitment to identify, investigate, and disrupt complex financial crimes.”
Patricia Tarasca from FDIC OIG emphasized their ongoing efforts: “The FDIC OIG will continue to work with our law enforcement partners to investigate and hold accountable those who participate in fraudulent schemes.”
The case involved investigations by several agencies including the FBI, FDIC OIG, IRS Criminal Investigation, Pennsylvania State Police, and was prosecuted by Assistant United States Attorneys Matthew Newcomer, Samuel Dalke, and Eric Gill. The SEC also investigated civil securities fraud charges related to this case.
