Embezzlement Investigation Focusing On Investment Manager

December 8, 2009

According to a breaking news report:

The investigation into a potentially massive embezzlement of St. Barbara Greek Orthodox Church funds is centering on the man placed in charge of the church’s investments, who has been identified by multiple sources as Gregory Loles.

Loles was in charge of managing the church’s building fund and endowment, and several church members allowed Loles to handle their personal retirement and college investments, several sources within the church community said.

As the federal investigators begin looking at the case, state Attorney General Richard Blumenthal said his office is reviewing facts to determine whether state laws were broken. But the U.S. Department of Justice has the lead in the investigation, he said.

Read the full story here:

Investment manager targeted in church loss

Read a related story here:

Fraud uncovered at St. Barbara’s in Orange

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