An Easton securities broker has been indicted on federal charges for allegedly embezzling members of a Greek Orthodox church of about $10 million.
Federal authorities announced Wednesday that 51-year-old Gregory Loles of Easton faces 32 charges of securities fraud, wire fraud, mail fraud and money laundering.
Prosecutors say starting in 2001, Loles convinced officials at St. Barbara Greek Orthodox Church in Orange and its parishioners that he was investment manager. He allegedly misrepresented his successes and embellished his list of clients. The indictment says church members lost retirement and college funds.
Authorities say he used the money to prop up his auto racing businesses and for personal bills. Loles’ lawyer has said he is cooperating with authorities.
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