FBI arrest man in church $3 Million embezzlement www.privateofficer.com

ORANGE CT Dec 26 2009 – The FBI today arrested Gregory P. Loles, 50, of Easton, who is alleged to have embezzled more than $3 million from members of St. Barbara Greek Orthodox Church, and possibly millions of dollars from the church.

U.S. Department of Justice spokesman Thomas Carson said Tuesday afternoon that Loles was arrested this morning by the FBI on a federal criminal complaint charging him with mail fraud and wire fraud. Loles appeared before U.S. Magistrate Judge Holly B. Fitzsimmons in Bridgeport Tuesday afternoon, and is detained pending a detention hearing that is scheduled for Friday at 3.

Carson said. Loles was in charge of the church’s investments, and managing the church’s building fund and endowment. Several church members allowed Loles to handle their personal retirement and college investments, several sources within the church community said.

The church community had recently raised millions to help finance a $6.3 million building project.

According to federal documents Loles began embezzling money from the church and individual parishioners in November 2001 continuing to the day of his arrest. Loles admitted to federal agents that he embezzled the funds, according to arrest warrant affidavit. In court documents Loles states that none of the funds are left.

The church community had recently raised millions to help finance a $6.3 million building project.

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