Investment manager targeted in church loss

Shut down does not mean "Seized by the FBI" which is what you clearly posted and was not true period.

The FBI did not shut down Farnbacher-Loles nor have they seized any of Farnbacher-Loles
assets nor has anyone seized any of Farnbacher-Loles assets nor has Farnbacher-Loles been shut down.

The Authorisied Manager of Farnbacher-Loles closed their Georgia facility and moved the contents of that facility to Danbury.

I happened to stop by in Danbury this morning saw the contents that had been relocated from Georgia and spoke the the Manager who confirmed the above.

They are hoping to be at the 24 Hours of Daytona next January with their car which I saw this morning.

Whether or not that happens and or whether they remain a going concern is certianly questionable at this point but your statement that their assets had been seized by the FBI
is totally untrue.

In addition your statement:

"Farnbacher Loles crooked!"

is also totally untrue. Once again there is no allegation what so ever that "Farnbacher Loles" is "crooked" or has committed any crimes. "Farnbacher Loles" is not the the same thing as one of it's principles "Loles" and may turn out to be a victim of Loles as well.

 

good news! thanks for seeking out the truth, Jim

they are a great team (and tuner), let's hope they find a way to carry on.

 

Let's cut to the chase Jerome

"The FBI seized Farnbacher-Loses Race Team's assets"

True or False?

You know for a fact that Farnbacher-Loses operated on "ill-gotten gains"?

Yes or No?

You standing by your statement?

"Farnbacher Loles crooked!"

 

Once again no where in the article you cited does it state that "The FBI has seized the assets of Farnbacher-Loses" as you very clearly posted.

 

Jerome

I agree that this is a very sad situation.

I simply think it's important to keep things factual.

There is a very interesting article in SCM about a $5mm lawsuit against Cavallino Magazine and FML who published an advertisement that the bringer of the lawsuit feels was recklessly false and damaging to him.

These are strange and litigious times and I think FCHAT acted properly in changing the original header of this thread.

Cheers

 

Especially in these tough times to run a race team or get sponsorship.

Better Days!

 

http://993c4s.com/porsche-motorsports/farnbacher-loles-future-up-in-the-air/



Agree on now not being a bad time to start a race team - if the funding is there. Equipment for sale, people looking for jobs.

Edit - FL's website is gone.

 

The FBI believes funds were diverted to the race team/NBC Connecticut:

"Loles is charged with mail and wire fraud. The FBI says he used some of the stolen money for his car racing business."

From the arrest affidavit (in which Loles is said to have confessed):

"15. Additionally, my investigation revealed that LOLES was also using a portion of the invested funds for his own personal use, including diverting a portion of the funds to his car racing business, operated and doing business as Farnbacher-Loles and Farnbacher-Loles Motor Sports a high-performance car racing team."

Another scam based on the promise of a steady, relatively modest return. Affidavit and story here:

http://www.nhregister.com/articles/2009/12/16/news/milford/doc4b27dec1c03a5382522372.txt

The story interests me because, like almost everyone with even the slightest brush with racing, I know lots of people who had to walk away because of the sport's appetite for money.

 

FWIW, all of their sites no longer exist....

www.farnbacherlolesracing.com
www.farnbacherloles.com
www.farnbacherloles.com/index_street.htm

 

Very tough time for racing teams for sure. I still think it's important to keep in mind that while Loses was/is a share holder in Farnbacher-Loses there is no allegation that the other shareholders were aware that Loses' capital contributions may have been as alleged in the indictment of Loses or that "Farnbacher-Loses" as opposed to "Loses" is alleged to "be crooked".

I know neither Loses or Farnbacher, or have any stake in any of this what so ever, but especially in light of the $5mm lawsuit brought against Cavallino and FLM which claims that an advertisement they ran was not true and damaged the plaintive it's very important to be extremely accurate when posting and not to post things that are simply not true or alleged.

"Loses" is "Loses" he is not "Farnbacher-Loses".

 

Agree on the need for accuracy in posting, mine rely on published news stories and the FBI affidavit. [Hey Jim, this is America, only guilty people get arrested! ;-)] In the suit mentioned, I think poor judgment was exercised in the decision to publish the advertisements in question, but that's hindsight.

Loles arrested after a hospital stay, suicide attempt rumored. Attorney suggests church made money. According to Loles' attorney, Loles feels the pain of the church community.

http://www.newstimes.com/news/article/Danbury-racing-team-owner-faces-federal-fraud-288235.php

Edit - haven't seen any suggestion that anyone other than Loles was involved in the alleged fraud - what it means, I suspect, is that still more auto/racing industry people will be out of work, in this case just before the holidays. Dealership employee mentions getting pink slips.

 

A mess 4 sure.

Cheers!

 

At this juncture, since there is only individual apparently actively involved, there's no reason to "indict" the entire team or partnership in the court of public opinion.

To do otherwise would be tantamount to "indicting" an entire team for the actions of one individual, principal or otherwise.

Should it come to pass that the team emerges minus this one individual there remains a possibility, however plausible one may perceive it to be or not that that "reflections" posted on this site could reflect poorly on the site itself. Under such circumstances, it would we wise to curb our tongues.

So, if there is no harm committed by the team and there is no harm committed by the site's membership, there is no foul. With the long view in mind, I'm recommending the thread and subject matter be closed pending the results of legal proceedings.

 

closed pending review

DM