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Easton Man Indicted for Fraud

Easton resident Gregory Loles, 51, was indicted by a federal grand jury last week for allegedly defrauding investors, including a church in Orange, out of more than $10 million.

The indictment alleges that Loles diverted investments from clients of his company, Apeiron Capital Management, to fund his racing business, Farnbacher Loles Racing, and to pay off personal debt. The indictment also claims that Loles created fictitious account statements and made periodic “lulling” payments to certain investors using other investors' funds.

Loles' investment firm lost its SEC registration status in 1998, but continued to be operational, the indictment states.

The indictment charges Loles with seven counts of mail fraud, 10 counts of wire fraud, nine counts of securities fraud, and six counts of money laundering. The mail fraud, wire fraud and four of the money laundering charges carry  maximum prison terms of 20 years. Two of the money laundering charges carry maximum terms of 10 years, and the securities fraud charges carry a maximum five-year sentence.

The case is being prosecuted by Assistant U.S. Attorney Michael S. McGarry. Christopher Caldwell of Norwalk is representing Loles.

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