$176K Stolen By Manalapan Man Via Investment Scheme: Cops

MANALAPAN, NJ — A Monmouth County resident has been charged with stealing $176k from 10 people who had entrusted him to invest on their behalf, according to Acting Monmouth County Prosecutor Lori Linskey.

Jeffrey Loretta, a 60-year-old Manalapan resident, was involved in an investment scheme and 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 Prosecutor’s Office’s Financial Crimes and Public Corruption Unit revealed that Loretta had been given slightly more than half a million dollars at various times between January 2020 and February 2021 by 10 different alleged victims.

According to Public Information Officer Mark Spivey, all the victims were told that Loretta would be responsibly investing their money and some were even sent inaccurate gains figures, convincing them to reinvest more money.

Loretta turned himself in to authorities on Friday after losing nearly $200k of the funds via poor investments and spending over $175k on himself. If convicted of a second-degree crime, Loretta would face up to 10 years in state prison.

This case was assigned to Monmouth County Assistant Prosecutor Lawrence Nelsen, Director of the Financial Crimes and Public Corruption Unit. They have not announced the initial court date.