According to a report by the New Haven Register, Gregory Loles – the team principal behind the Farnbacher-Loles race team and its associated performance shop – has been fingered in an embezzlement scandal involving the St. Barbara Greek Orthodox Church of Orange, Connecticut.

The church's followers raised $6.3 million to fund a new building of which Loles was in charge of managing, and the Porsche tuner and racing magnate was also reportedly administering several member's college and retirement funds, with one person claiming to have lost as much as $4 million.

The federal authorities are involved, but haven't released a statement yet. Expect all the sordid details to be revealed in the coming days, so consider this developing...

[Source: New Haven Register via Axis of Oversteer via 0-60 | Image: Chris Graythen/Getty]

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