MANALAPAN NEW JERSEY MAN CHARGED WITH SCAMMING INVESTORS OUT OF $176K
" Jeffrey Loretta Has Been Charged With Stealing $176,000 From 10 Victims In Investment Scheme."
February 23, 2022 7:28 A.M. ET By Art Fletcher Reporting For: Englebrook Independent News,
FREEHOLD, NJ.- On Tuesday, February 22, 2022, Acting Monmouth County Lori Linskey announced that a Manalapan resident has been Arrested and Charged with stealing more than $175,000 from Ten Victims who had entrusted him to invest sums of money on their behalf.
Jeffrey Loretta, 60, has been Charged with One Count of Second Degree Theft; Three Counts of Second Degree Misapplication of Entrusted Property; and Seven Counts of Third Degree Misapplication of Entrusted Property.
An investigation by The Monmouth County Prosecutor's Office Financial Crimes and Public Corruption Unit determined that Ten Victims gave Mr. Loretta a total of just over a Half of Million Dollars at various times between January 2020 and February 2021, with the promise the money would be invested properly.
Further, the investigation uncovered, that Mr. Loretta provided multiple victims with inaccurate and false investment figures, inducing them to reinvest additional money.
Instead, Mr. Loretta lost nearly $200,000. of the money in bad investments and more than $175,000. of the money on himself, withdrawing thousands of dollars from ATM Machines, and making checks out to himself, payable in cash.
On Friday, February 18, 2022, Mr. Loretta surrendered to Authorities. After being Processed on The Charges, Loretta was released pending a First Appearance in Monmouth County State Superior Court.
" The Rules Of The Court Require Us To Include A Statement, Which States: The Charges Outlined In This Publication Are Merely Accusations And The Defendant And Or Defendants Are Presumed Innocent Unless And Until Proven Guilty Beyond Reasonable Doubt."
FILED UNDER FEBRUARY 23, 2022: LAW, MONMOUTH: