FBI Accusses Gregory Loles of Defrauding St. Barbara Church in Organge, Conn.
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Greek American Gregory Loles, a member of the St. Barbara Greek Orthodox Community in Orange, Conn. was arrested by the FBI on charges of defrauding the St. Barbara Church and its parishioners. Mr. Loles attempted to commit suicide when the fraud accusations surfaced. Gregory P. Loles, 50, of Judd Road in Easton, Conn. was a member of St. Barbara’s Greek Orthodox Church in Orange, where he served on the board of the church’s endowment fund. It is alleged that since 2001, Loles has defrauded multiple investors, including his church, by not investing funds as he had represented. Loles owns Apeiron Capital Management Inc. According the federal prosecutors, Loles used invested funds for his own personal use, including to finance a high-performance car-racing team and service dealership in Danbury known as Farnbacher-Loles Motor Sports. If convicted, Loles faces a maximum term of 20 years in jail on each count.