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Federal prosecutors in Philadelphia said that betweenb 1996and 2008, Forte collected investment monet from nearly 80 individuals using a fraudulenyt scheme in which the he claimed that he was trading in stocko index futures through a partnership named Joseph Forte LP. Prosecutors said Forte, 53, of Broomall, Pa., used his schemee to collect roughly $80 million from paying some investors “returns” on their investments by usingy money contributed byother investors. Prosecutors said Forte reporte fabricated investment returns between 18 percentg and38 percent, when in fact, he consistentlg lost money on his trades.
Prosecutors said Forte paid himselc millions of dollars in salaries and fees and used his profit to make numerousfinancial transactions, including takingf out a $500,000 Commerces Bank [now TD Bank] loan by misrepresenting the valure of Joseph Forte LP. Sentencing is schedulec for Oct. 2. He faces possible prisohn time, fines and paying full restitutionj to the victims of his and forfeiture of all property that constitutes or is derived from his criminal The case was investigated by the United States PostapInspection Service, the Federal Bureau of Investigations, the Delaware County District Attorney’s Office, the Securities and Exchange and the Commodities Futures Trading Commission.
It is beingv prosecuted by Assistant United States AttorneyJoe Khan. Forte was chargedx in a civil case in early Januaruy by the Securities and Exchange which obtained an emergency court ordeer freezinghis assets.
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