Some of you may have already read that the Team Principal for the Le Mans and Grand Am racing team, Farnbacher Loles, has possibly embezzled up to 1.2 million dollars. But what many people don’t know is this has been going on for some time…

I talked to an anonymous source inside the team that told me that, basically, Greg Loles, the team principal, had been doing some shady stuff for a little while now. Outside of being a former investment guy who people trusted with their money, he was allegedly some pressure by his “silent” European partner who was coming stateside to audit the team, seeing that something may have possibly been a little off when the team  seamed to not have any orders from Porsche for the 2010 ALMS season. Now, this may not mean much, since Farnbacher Loles is more of a primary team in Grand Am Series, and only recently became an American Le Mans GT2 team.

Now, all I can tell you is that, Greg Loles is in the hospital. He was taken to the hospital after being found lifeless next to his son in his home. Some have said it may have been a heart attack, but most are saying that it’s a suicide attempt. Some are speculating that he actually faked a suicide attempt to throw off the people looking for their money.

As far as I’ve been able to gather, the silent partner is owed about 2 million dollars on top of the 1.2 million that has reportedly been embezzled.

But as of right now, my source tells me, Farnbacher Loles is done. No word from anyone on whether the team will go up for sale, but every shop, including the speed shop they had in Connecticut, is closed.

I have been informed that the private investor in Farnbacher Loles will make a statement some time next week on the growing situation. But as of right now, the FBI is heavily involved and have been trying to keep information leaked to an extreme minimum.

My thoughts go out to all of the great men and women that served the company well. This is a tragic thing, especially in the current economy.


“Happy Motoring!”

[Source: NH Register]