Man pleads guilty to $8 million swindle - including from a church
ASSOCIATED PRESS July 26, 2011 5:32PM
Updated: July 27, 2011 2:50PM
NEW HAVEN, Conn. — A Connecticut securities broker has pleaded guilty to federal charges that he swindled investors including members of a Greek Orthodox church out of more than $8 million.
Federal authorities said Tuesday that 51-year-old Gregory Loles (LOW-liz) of Easton pleaded guilty to fraud and money laundering charges in U.S. District Court in New Haven.
Prosecutors say Loles convinced officials and some parishioners at St. Barbara Greek Orthodox Church in Orange that he was an investment manager and misrepresented his successes. Prosecutors have said church members lost retirement and college funds.
Authorities say he used the money to support his auto racing businesses and for personal bills. He will be sentenced in October.
A phone number listed for Loles wasn’t in service Tuesday.