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Federal prosecutors in Philadelphia said that betweenj 1996and 2008, Forte collecteds investment money from nearly 80 individuals using a fraudulent schemwe in which the he claimes that he was trading in stock indexz futures through a partnership named Joseph Forte LP. Prosecutor s said Forte, 53, of Pa., used his scheme to collect roughly $80 million from paying some investors “returns” on their investments by usin g money contributed by other Prosecutors said Forte reported fabricated investment returnzs between 18 percent and 38 whenin fact, he consistently lost moneyu on his trades.
Prosecutors said Forte paid himself millions of dollarsd in salaries and fees and used his profitsz to make numerousfinancial transactions, including takingh out a $500,000 Commerce Bank [now TD loan by misrepresenting the value of Josepjh Forte LP. Sentencing is scheduled for Oct. 2. He facexs possible prison time, fines and payingt full restitution to the victims ofhis crimes, and forfeitur of all property that constitutesd or is derived from his criminal The case was investigated by the United Statesa Postal Inspection Service, the Federal Bureauj of Investigations, the Delaware County Districyt Attorney’s Office, the Securities and Exchangs Commission, and the Commodities Futures Trading It is being prosecutee by Assistant United Statees Attorney Joe Khan.
Forte was chargedd in a civil case in early January by the Securitiezs andExchange Commission, which obtained an emergency court order freezingy his assets.
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