HARTFORD, Conn. (AP) — A former Connecticut securities broker been sentenced to 25 years in prison after pleading guilty to federal charges that he swindled investors, including a Greek Orthodox church, out of more than $27 million.
Fifty-four-year-old Gregory Loles of Easton pleaded guilty in 2011 to single counts of mail fraud, wire fraud, securities fraud and money laundering. He was sentenced Wednesday.
Prosecutors said Loles stole from more than 50 victims over nearly a decade. He allegedly took about $14 million from a family in Greece and about $2 million from St. Barbara church in Orange, whose investments he managed. Prosecutors said Loles’ broker registration had been cancelled but he convinced the victims he was an investment manager and misrepresented his successes.
Authorities say he used the money to support his auto racing businesses and for personal bills.