The outside of the Federal Courthouse in Philadelphia, Pa., along Sixth and Market Street on Tuesday, Nov. 10, 2020. Read more TYGER WILLIAMS / Staff Photographer

by Chris Palmer Published June 2, 2025, 1:51 p.m. ET

The former chief financial officer of a now-defunct Philadelphia-based lending company was sentenced Monday to 5½ years in prison — a penalty that a federal judge said was reflective of the man’s role in helping perpetuate one of the biggest frauds in Pennsylvania history.

Joseph Cole Barleta, formerly a top official at Par Funding , was a key player in helping the cash advance business run for years as a criminal enterprise . He created bogus financial statements and concealed important metrics to hide the firm’s perilous financial health, prosecutors said,

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