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    Farnbacher Loles participation in 2010 ALMS

    Rumor mill has it that Farnbacher Loles shop located at Road Atlanta has closed and that their Connecticut shop may also be closing. It does not look good for a return to ALMS next year.


    --
    2006 987S, Artic Silver, Cocoa, Cocoa Top 2006 Cayenne S Lapis Blue New York

    Re: Farnbacher Loles participation in 2010 ALMS

    I heard the same thing! www.autoblog.com/2009/12/08/breaking-farnbacher-loles-principal-reportedly-embezzled-funds/

    Found this on Rennlist

    ORANGE — The investigation into a potentially massive embezzlement of
    St. Barbara Greek Orthodox Church funds is centering on the man placed
    in charge of the church’s investments, who has been identified by
    multiple sources as Gregory Loles.

    Loles was in charge of managing the church’s building fund and
    endowment, and several church members allowed Loles to handle their
    personal retirement and college investments, several sources within
    the church community said.

    As the federal investigators begin looking at the case, state Attorney
    General Richard Blumenthal said his office is reviewing facts to
    determine whether state laws were broken. But the U.S. Department of
    Justice has the lead in the investigation, he said.

    “Sadly and tragically, this potential fraud seems to be of massive
    magnitude — making the federal investigation and involvement very
    appropriate,” Blumenthal said. “We are reviewing whether there are
    potential violations of state statutes and how we can pursue them and
    aid the federal investigation. We understand the FBI is actively
    involved, and we would commonly defer to federal criminal authorities
    in their criminal investigation. But there may well be state statutes
    that merit our investigation.”

    Several parishioners at a private emergency meeting held Sunday
    afternoon to explain to parishioners the potential fraud asked, but
    were not told, how Loles came to be in charge of the money, which
    could total more than $1 million, according to two church members who
    spoke on condition of anonymity.

    Calls placed to Loles’ home in Easton, and a Porsche dealership and
    service center he owns in Danbury, were not returned.

    Joseph Martini, an attorney representing the church, remained
    tight-lipped about specifics Monday.

    “I have been very careful in saying we are a possible victim of a
    fraud here. The FBI has been contacted, and I think they should be the
    ones to investigate this,” Martini said. “We are also conducting our
    own investigation and will share information in any way that can help
    the FBI. Clearly, the FBI is doing its investigation, and we’re doing
    our own investigation to try to figure out what happened.”

    The church community had recently raised millions to help finance a
    $6.3 million building project.

    Asked what assurances parishioners have future donations will be safe,
    Martini responded: “It would be safe to say the church is going to do
    everything in its power to make sure any money and donations given to
    the church will be in safe hands.”

    The depth of the alleged fraud is believed to extend beyond church
    funds to individual church members.

    People at the emergency meeting said they had invested entire
    retirement savings and college funds with the man placed in charged of
    the church’s finances, state Rep. Themis Klarides, R-Derby, said after
    the meeting.

    One person at the meeting claimed to have lost $4 million, sources said.

    Assistant Police Chief Edward Koether said he has been in contact with
    the church’s lawyer and is leaving the investigation to the FBI,
    unless local police participation is requested.

    “It’s a case that best fits their (the FBI’s) expertise,” Koether said.

    Blumenthal said federal authorities have broader laws and jurisdiction
    that are likely more applicable to a potential financial fraud.

    “The reason for deferring to federal criminal authorities is they have
    stronger and broader laws that can produce more effective remedies in
    cases of fraud that may cross state lines, and clearly there is a
    multi-state aspect to this potential crime,” Blumenthal said. “We are
    prepared to investigate as long as it will not interfere with the
    federal inquiry, which we will seek to assist.”

    An FBI spokesman could not be reached for comment.

    In 1995, Loles registered a finance firm called Apeiron Capital
    Management Inc. with the secretary of the state. Ads for Apeiron
    Capital Management listing Loles’ name and a now non-working telephone
    number ran in church newsletters as late as 2007.

    But according to a 1997 Securities and Exchange Commission news
    release, Apeiron’s broker-dealer registration with the regulatory body
    was canceled that year for failing to “comply with applicable
    requirements of the Securities Investor Protection Corp.” or failing
    to “be a member of a self-regulatory organization.”

    SEC registration is required for handling more than $25 million of
    total investments. A search of state databases shows no record of
    Loles being a certified financial planner.

    Loles is also registered with the secretary of the state as the
    principal of Farnbacher Loles Motor Sports, LLC., a Porsche dealership
    and service center that has a racing team.

    The business is near Danbury Municipal Airport. Farnbacher Loles Motor
    Sports also has a racing team that operates on both sides of the
    Atlantic Ocean, according to the company’s Web site.

    Church members have been reluctant to talk publicly about the alleged
    embezzlement, and church officials told parishioners it is a private
    matter and should not be discussed with the press.

    Reached by phone, former church council President James Bitzonis said:
    “Our attorneys are handling it and I’ll leave it to them to speak.”


    Re: Farnbacher Loles participation in 2010 ALMS

    There website is down..so I am assuming the danbury, ct facility is also shut down. I live fairly close to Danbury so may take a drive by over the weekend.


    --
    2006 987S, Artic Silver, Cocoa, Cocoa Top 2006 Cayenne S Lapis Blue New York


    Re: Farnbacher Loles participation in 2010 ALMS

    Here's news on Danbury CT shop

     

    Posted: 16 Dec 2009 02:01 PM PST
    By now, the news is out that Farnbacher Loles Racing, based in Braselton Georgia, combined with Farnbacher Loles Motorsport on Miry Brook Road in Danbury Connecticut, are no more. Many folks I’ve spoken to are still in disbelief about the financial misconduct by the company founder and team principal.
    Over the past three or more years, members of the Porsche Club of America have enjoyed events at their Miry Brook Road facility, including the annual PCA Zone 1 Tech Tactics. We have become friends with members of the staff through participation at PCA Club Racing and Driver Education events and through services performed by the Motorsport shop. Considered by many to be one of the premier Porsche tuner shops in the Northeast due to the facilities and quality of workmanship performed, the absence of Farnbacher Loles Motorsports to the New York, Connecticut, and surrounding PCA Regions will be felt heavily.
    Additionally, the fans of Farnbacher Loles Racing have followed the birth and success of the team in the Grand-Am Rolex series. We celebrated their outstanding finish to the season when the 2009 Grand-Am Driver Championship was awarded to drivers Leh Keen and Dirk Werner. Along pit row, the view will not be the same without the imprinted awning that protected ‘Race Command Central’ from the sun and rain, along with the #87 and #86 Porsche 911 GT3 Cup cars bearing the name Farnbacher Loles Racing.
    So what now? The Georgia based race team has been completely dissolved. What happens to those left behind on Miry Brook? Do the lives and dreams of the employees come to a halt? In a word, no. Recently, I sat down with Spencer Cox, former manager of the Club Sport division in Danbury, to ask that question. Thankfully, all is not lost, at least for those of us who have come to respect the reputation and the workmanship performed by the men and women on Miry Brook Road.
    New Home on Triangle Road For Porsche Service Work
    Spencer greeted me with the same warm, friendly smile often seen at the track and at the shop. Despite efforts to grasp the impact of what has unfolded over the last 4 weeks; his disposition was one of calm and clear determination to move ahead. He guided me through the new location on Triangle Road in Danbury, a 10,000 square foot facility that was intended to be the new Farnbacher Loles BodyWerks Paint and Collision Center, along with a new Northeast home for the race team. When news of the demise of the race team hit, those plans became obsolete and Spencer immediately put together his own plan to regroup and rebuild. With the building now available, Spencer secured this location, at least for the short term, bringing along nine key technicians and support staff from the Miry Brook Road shop. After all, everyone had been affected and by now, they have become like family. Gathering up all their personally owned tools and equipment, Spencer’s aim was clear. “As long as I have these [hands] and my tools, I’ll continue to do what I love and provide the same quality work as before.
    SpeedSport Tuning Returns
    After 30 years in the business, starting as SpeedSport, long before joining Farnbacher Loles, we have built and maintained a loyal customer base that trusts our work and will continue with us. That’s all we need, and we will grow from here.” While the Farnbacher Loles brand was close to a house-hold name in the Porsche tuning and racing circles, it was originally built on the quality work and superb attention to detail performed by the technicians and staff of Spencer Cox and SpeedSport Tuning. Without the specialized skills and the sweat of the technicians, the reputation would not have grown as it has. “I will reinstate SpeedSport Tuning on Triangle Road. The name was untarnished for 15 years and is well known and respected by anyone who has been in this industry for more than five years.
     
    The new home of SpeedSport Tuning is all set up and ready to go
    The new facility for SpeedSport Tuning is ideal. The grounds offer ample parking, and the building hosts a comfortable customer reception area with plenty of room in the back to work magic. They will offer the same services as the previous shop; performance tuning and regular service on Porsche, Audi and VW, in addition to continued support for Club Sport clientele in Club Racing and D.E. The set-up of the facility is well thought out and the crew is ready to get into action. While I was there, the shop already had cars delivered for winter storage and work was being scheduled for off-season modifications. Plans are also underway to participate in the 2010 PCA Club Race at Sebring scheduled for February. Spencer and his crew are resolute that no moss will grow under their feet during this reorganization.
    With the shop open for business, Spencer and the crew welcome your calls and invite you to stop by and visit the new location on Triangle Road, Danbury, Connecticut. The web-site is up, but not yet updated (there focused on getting the shop up and running right now) and they can be reached at 203-917-9888

     


    --
    2006 987S, Artic Silver, Cocoa, Cocoa Top 2006 Cayenne S Lapis Blue New York

     
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