Say goodbye to Farnbacher Loles racing

Discussion in 'General Chat' started by Nathan, Dec 9, 2009.

  1. Nathan

    Nathan Founder

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    One of the premier Porsche racing teams is now done. Seems as one of the principles was allegedly financing the team with ill gotten gains.

    It seems owner Gregory Loles has been caught up in a financial fraud scandal on a massive level, with federal involvement. Loles, an investment manager, is alleged to have embezzled funds from a Connecticut church and several church members, one claiming to have lost $4 million.

    Looks like this team was sponsored by faith.
     
  2. Mike

    Mike New Member

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    Arrgh, sport brings out both the best and the worst in people!
     
  3. farkus

    farkus Active Member

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    Shades of the IMSA drug smuggling scandal from the 80's with John Paul Jr and Sr, the Whittington Bros, and Randy Lanier, the 1984 IMSA GTP champion who is serving a life without parole sentence.

    [ame=http://en.wikipedia.org/wiki/Randy_Lanier]Randy Lanier - Wikipedia, the free encyclopedia[/ame]

    [​IMG]
    The Chevrolet-powered March that beat the Group 44 Jags and Al Holbert/Derek Bell's Lowenbrau Porsche 962 for the championship...with drug money.
     
  4. ScottinBend

    ScottinBend Space Cowboy
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    But it was only pot.............:D

    To bad about Loles, but I hope he gets the max. I can not abide people like that. Abusing the trust people put in you to take care of their money.
     
  5. Steve

    Steve Administrator
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    You can always find a bit of corruption here and there if you're willing to peer behind the curtains. In this case, it appears race series organizers did not, and the story of Loles involvement (or maybe orchestration?) in the embezzlement comes from elsewhere. He's been accused but I don't think he's been charged yet...fed investigation ongoing...so nothing certain yet re the outcome and team. They were planning to expand into the Grand-Am KONI (now Continental Tire) series next year. M3s though, so GS class and therefore not in competition with the RSR MINIs.
     
  6. howsoonisnow1985

    howsoonisnow1985 New Member

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    Wow apparently they are uncovering a lot more at Danbury shop.
    Rumors of Gregory Loles suicide attempt? Jesss, this is full of crazy drama.
     
  7. Nathan

    Nathan Founder

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    The hits keep on coming

    Pratt and Miller Engineering and Fabrication, Inc. v. Farnbacher Loles Motorsports, LLC.
    Plaintiff: Pratt and Miller Engineering and Fabrication, Inc
    Defendant: Farnbacher Loles Motorsports, LLC, Farnbacher Loles Racing, LLC and Gregory Loles

    Case Number: 2:2009cv14784
    Filed: December 8, 2009
     
  8. BThayer23

    BThayer23 Well-Known Member

    Jun 12, 2009
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    Farnbacher Loles at VIR, April 2009

    [​IMG]

    Would you expect to see a BMW tech tuning the cars before the race?

    [​IMG]
     

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