97 to 168 months in jail for stealing at least $8.7 million

[NNN0LHI]

http://www.newstimes.com/news/article/Investment-manager-admits-to-stealing-millions-to-1602994.php

Investment manager admits to stealing millions to fund Danbury racing business

Michael P. Mayko, Staff Writer
Updated 08:07 a.m., Wednesday, July 27, 2011

The millions flowed into Gregory Loles' checking accounts from St. Barbara Church in Orange where he passed himself off as an investment adviser and gained control of their building and endowment funds.

It came from parishioners who trusted him with their retirement and college education funds. snip

The 6-foot defendant who, according to his lawyer, lost 30 pounds while jailed the past eight months, pleaded guilty to single counts of mail, wire and securities fraud as well as money laundering, which could land him in prison for anywhere from 97 to 168 months.

Assistant U.S. Attorney Michael McGarry also is seeking restitution from the $17 million the government believes Loles has access to in overseas accounts.

However, Christopher Caldwell, Loles' court-appointed lawyer, said none of that money exists.

[WCGreen]

1. And how much time did democrat Martha Stewart get for tangentially being connected

to a small case of stock fraud?

[WhiteTara]

2. What a short amount of time.

I hope he learns the many lessons he needs to in that short amount of prison time. But at least he goes to prison; and I hope the government finds the money.

[atreides1]

3. What lesson would that be?

The next time he does it...don't get caught? Because that's probably the only lesson he'll learn, and when he gets out early...for good behavior his first stop after seeing his parole officer, will be to a country with no extradition treaty with the US.

[WhiteTara]

5. Oh, I was thinking of more basic lessons

about humanity. But, you're probably right; he'll learn those instead.

[NNN0LHI]

6. The lesson here is never steal anything ... small

[lonestarnot]

4. Wow, nice rate of return and a state sponsored weight loss program to boot.