In all, the Connecticut-based Ponzi scheme cost investors $26 million. One wealthy Greek family alone lost $14 million. But also suffering a devastating blow was an Orange church known for its charitable efforts.
Federal prosecutors say the man behind the scheme, Gregory Loles, siphoned $2.1 million from St. Barbara Greek Orthodox Church. Scholarship endowment funds created in the 1960s and worth close to $1 million were all but wiped out. The church lost another $1 million from its capital improvements account.
