DAYTONA BEACH – Noting that the judicial process has yet to run its course, Dominik Farnbacher nonetheless is disturbed at the damage wrought on his family name in the wake of the FBI on Dec. 14 leveling Federal fraud charges (Tile 18, U.S. Code, Sections 1341 and 1343) against Gregory P. Loles, as owner of Apeiron Capital Management Inc., and who also operates Easton Capital Management, Inc., such fraud having been alleged as begun in November 2001 and continuing to until at least the day of his Dec. 11, 2009, arrest.
The FBI said Loles operated a nonexistent fund, Knightsbridge Holdings ARB, and after promising investors - including St. Barbara's Greek Orthodox Church in Orange, Conn. – of returns between 7- percent and 7.75-percent, Loles generated false statements and paid out so-called "interest payments" derived strictly from incoming or on-hand principal that wasn't actually invested.
Further, the FBI alleges Loles diverted investor funds for personal use as well as into sportscar team Farnbacher-Loles Motorsports, in which Loles had an interest.
“It hurts to see my father (Horst Farnbacher) and my family name so maligned in connection to this incident,” driver Dominik Farnbacher said after concluding Friday's first day of Rolex 24 At Daytona testing at Daytona International Speedway's Roar Before The 24.
“We didn’t know what was happening until it started to unravel .”
Though the FBI has yet to allege, much less show any connection between the Farnbachers and Loles' alleged financial misdealing, the allegations against Loles still has had a negative effect upon Farnbacher on his family merely through the racing family's team connection to Loles.
“My father worked hard for many years, especially in Europe, to build a business in racing and in other activities that was based on honesty and trust," Dominik Farnbacher said.
"As many people in Europe know, my father is a fair man and honest man. It's very sad that he and our family are connected to something in which we were not involved."
In a stunning Rolex Sports Car Series debut that introduced Dominik Farnbacher to Daytona International Speedway, he and teammates Wolf Henzler, Shawn Price and Pierre Ehret drove the team's Farnbacher Loles No. 71 Porsche to a three-lap GT class victory in the 2005 Rolex 24 At Daytona.
"The whole race was pretty phenomenal, I couldn't believe we won" . . . "I am going to give my (winning Rolex) watch to my father because he made it possible for me to be here," Farnbacher said after the 2005 win.
This weekend, Farnbacher is in the No. 23 Foametix/Battery Tender Porsche GT fielded by Alex Job Racing, which got off to a quick start by claiming Friday's second-fastest GT times.
"At the end of the day we had the fastest (GT) run going until Patrick (Long and his No. 67 Flying Lizards TRG Porsche) took it on his last lap," team owner Alex Job said.
Switching gears to speak about the Farnbachers, Job said, "I don't know that anyone is giving Dominik or Horst a hard time over this Loles deal, but I fear human nature might lead some to do so; they're way off base if that's the case."
"Both Dominik and his Horst are among the best people I've known in racing and neither deserve any of a bad rap that others may have created."
Later,
DC
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