Investment Advisor, Race Team Owner Charged with Operating $10 Million Fraud Scheme

The United States Attorney for the District of Connecticut today announced that a federal grand jury sitting in Hartford has returned a 32-count indictment charging GREGORY P. LOLES, 51, of Easton, with securities fraud, wire fraud, mail fraud and money laundering offenses stemming from an alleged fraud scheme that defrauded several investors, including a Connecticut church, of millions of dollars.

The indictment was returned yesterday, November 30. LOLES has been detained since his arrest by the Federal Bureau of Investigation on December 15, 2009. The indictment alleges that LOLES owned Apeiron Capital Management, Inc., which was an investment adviser and broker dealer registered with the U.S. Securities and Exchange Commission from 1995 through 1998, at which point the registrations were cancelled. However, LOLES continued to operate Apeiron as an unregistered investment adviser and falsely represented Apeiron to be a registered investment management firm.

LOLES also was the majority owner and managing member of Farnbacher Loles Motor Sports, Farnbacher Loles Racing, Farnbacher Loles Street Performance, and various other Farnbacher Loles businesses, which were based in Danbury. Farnbacher Loles was engaged in the business of professional race team operations and servicing high-performance automobiles.

Full Report -> New Haven FBI]

 

at least he spent his ill gotten gains properly.

 

 

Time to get back into racing Loles always got the strongest Cup cars from Porsche because of his strong tie to a German Group. Damn! His kid can drive but stealing to fund racing SHEESH

mark

 

It sucks to see his stupidity made them go out like this. They were such a great team.