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Jeffrey Loretta, of Manalapan, is charged with second-degree theft and 10 counts of misapplication of entrusted property, according to Acting Monmouth County Prosecutor Lori Linskey
An investigation by the Prosecutor’s Office’s Financial Crimes and Public Corruption Unit revealed that the 10 alleged victims gave Loretta a combined total of slightly more than half a million dollars at various times between January 2020 and February 2021, in exchange for promises that the funds would be responsibly invested, Linskey said on Tuesday, Feb. 22.
On several occasions, Loretta allegedly provided multiple victims with inaccurate and false gains figures, inducing them to reinvest additional money, Linskey said.
Instead, Loretta lost nearly $200,000 of the funds via bad investments and spent more than $175,000 of the funds on himself, taking out thousands of dollars at a time in ATM withdraws and making checks out to himself, payable in cash, the prosecutor said.
Loretta turned himself in to authorities on Friday, Feb. 28, and was released pending a first appearance in Monmouth County Superior Court.
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