Alleged Thief of Orthodox Funds Arrested by FBI

December 19, 2009  []

BOSTON — Gregory Loles, an investment adviser from Easton, was arrested by the FBI Tuesday and charged with swindling clients, including the church he attends, the St. Barbara Greek Orthodox Church of Orange, Connecticut, and his fellow parishioners. The Hartford Courant reports that “Loles, 50, was charged with using the U.S. mail and federally regulated communication lines to orchestrate phony investment deals and that U.S. Magistrate Judge Holly B. Fitzsimmons ordered the accused held for a bail hearing in Bridgeport on Friday.”

According to The New Haven Register, which cited the church’s attorney and federal court documents, “Loles allegedly made off with more than $2 million from three parishioners, and likely millions more from the Orange church.” The Courant revealed that “Federal prosecutors said Loles used investor funds for his personal use and diverted a portion to Farnbacher-Loles Motor Sports, a Danbury-based automobile racing team in which he has an interest.”

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