5th sentencing delay in case of alleged embezzlement at Orange church

| October 2, 2012

ORANGE — Gregory P. Loles seems to be the man who just can’t get sentenced.

Yet another postponement marks the fifth time Loles’ sentencing date has been scrapped. Loles, 53, of Easton, was originally scheduled to be sentenced in October 2011 after he pleaded guilty in July 2011 to one count each of wire, securities and mail fraud. He is accused of embezzling more than $10 million, including $2.1 million from St. Barbara’s Greek Orthodox Church in Orange.

But his attorney, Jeremiah Donovan, said the sentencing date, which was scheduled for Oct. 5 in Hartford, has been postponed and won’t occur until either later this year or early next year. Donovan said another continuance is quite possible.

The delays are attributable to both Donovan and federal prosecutors trying to determine exactly how many victims there were and the total amount of money Loles embezzled. Loles was a financial adviser and served on the church’s Endowment Fund Board. He also built a highly successful auto-racing business.

Determining the exact amount of money Loles embezzled will determine the length of his sentencing, which is why both defense and prosecution attorneys are painstakingly sifting through the evidence, Donovan said.

Federal authorities have calculated Loles embezzled more than $10 million, but Donovan has said he believes the figure is less than $7 million.



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Category: Church Security

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