The Jupiter home of alleged predatory lender and fraudster Lisa McElhone sold out of receivership for $12.2 million.
The sale is part of a years-long federal case brought against McElhone and her husband, convicted fraudster Joseph LaForte, who was sentenced to 15.5 years in prison for RICO conspiracy, tax crimes, securities fraud and other related charges, according to a press release from the U.S. Department of Justice.
The couple founded Par Funding, a Philadelphia-based merchant cash advancement (MCA) lender that allegedly defrauded victims of $404 million between 2015 and 2020, the release shows. Small business advocates describe the MCA industry as modern day loansharks who prey upon business owners that have fewer protections than individual consumers. Federal prosecutors alleged McElhone and LaForte enriched themselves to the tune of $120 million in fraudulent proceeds, using the money to buy homes, artwork, jewelry, a private jet, a boat and real estate investments, the release shows.
“Joe LaForte is a career grifter,” U.S. Attorney David Metcalf said in the release. “He has spent his adult life lying, cheating, and stealing his way to a lavish lifestyle paid for with other people’s money.
The Jupiter home played a role in their alleged fraud as well. McElhone bought the house at 107 Quayside Drive for $5.8 million in 2019, according to property records. The couple falsely claimed residency in Florida to evade Pennsylvania property taxes, a fraud scheme McElhone pleaded guilty to in April of last year, according to the DOJ.
Records show the buyers of the 6,000-square-foot Quayside Drive home are Carter Mario, an injury attorney, and his wife, Eleanor Mario. Built in 2019 on 0.4 acres, it has five bedrooms, six bathrooms, one half-bathroom, 100 feet of waterfront, a pool and a dock, records and the listing show.
Robert Thomson with Waterfront Properties and Club Communities represented both the buyers and the court-appointed receiver.The home is in Admirals Cove, a favorite gated community among Jupiter’s luxury buyers. Its high-profile residents include Donald Trump Jr. and Kimberly Guilfoyle, Major League Baseball’s Max Scherzer and BlackRock’s Rick Rieder. In November, Seed magnate Ronald Holden and his wife, Arlene Holden, sold their 1.1-acre waterfront estate for $34 million, marking the most expensive home ever sold in the neighborhood.
