The man allegedly made bad investments, and spent some of his victims' money.
A New Jersey man entrusted with investing money for 10 people instead swindled them out of more than $175,00, authorities said.
Jeffrey Loretta, 60, is charged with theft and 10 total counts of misapplication of entrusted property, theThe victims gave Loretta, of Manalpan, more than $500,000 between January 2020 and February 2021, officials said. Along the way, Loretta provided investors with false financial information to induce them to provide him with more money, according to prosecutors.
He ended up losing nearly $200,000 of the money by making bad investments on top of spending another $175,000 by writing checks to himself and withdrawing cash from ATMs, authorities allege.Attorney information for Loretta wasn’t immediately available.
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