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Breaking News: Farnabacher-Loles Principal involved in financial scandal

Breaking News: Farnabacher-Loles Principal Involved in Financial Scandal

The principal behind the Farnbacher-Loles race team has been identified as the person allegedly behind a massive financial fraud involving embezzlement of funds from a Connecticut church, according to the New Haven Register.

Gregory Loles was in charge of managing the Saint Barbara Greek Orthodox Church’s building and endowment funds as well as some church members retirement and college funds.

“…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.

“Sadly and tragically, this potential fraud seems to be of massive magnitude — making the federal investigation and involvement very appropriate,” Blumenthal said. “We are reviewing whether there are potential violations of state statutes and how we can pursue them and aid the federal investigation. We understand the FBI is actively involved, and we would commonly defer to federal criminal authorities in their criminal investigation. But there may well be state statutes that merit our investigation.”

You can read more here. We suspect this is only the beginning.

Farnbacher-Loles are officially supported by Porsche Motorsport and were the 2009 Grand-Am Rolex GT Champions as well as past class winners in the Daytona 24hrs. They are based in Danbury Connecticut.

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