The SEC barred Gregory P. Loles, of Easton, Connecticut, from the securities industry on Tuesday for acting as an unregistered investment adviser and defrauding numerous investors (including officials and parishioners at St. Barbara Greek Orthodox Church in Orange) out of $8.7 million. Loles was the owner and operator of Apeiron Capital Management, Inc., located in Westport.
Aperion was a registered investment adviser and broker dealer from 1995 through 1998, after which the firm lost its registration status. Loles, nevertheless, continued to falsely represent Aperion as a registered investment management firm and to solicit investors on the firm's behalf.
Shortly after Thanksgiving 2010, he was indicted on 32 counts of securities fraud, mail fraud, wire fraud, and money laundering in connection to a $10 million investment scheme. He pled guilty in July. (For more information about the criminal case and Loles' plea, click here.)
Tuesday's Order permanently barred Loles "from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization."