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Morgan Management CEO indicted in mortgage fraud scheme
Criminal Defense
Prominent real estate developer and owner Robert Morgan was indicted on 114 counts in a mortgage fraud scheme that involved more than $500 million in fraudulently obtained loans.
The CEO of Rochester-based Morgan Management was charged with conspiracy to commit wire fraud and bank fraud, as well as money laundering. He pleaded not guilty to all the charges. The offenses carry a 30-year maximum prison sentence along with millions of dollars in fines.
Some of Morgan’s family members have already been charged in the mortgage scheme which involved thousands of properties across Upstate New York. His son and project manager Todd, company finance director Michael Tremiti, and Aurora Capital Advisors owner Frank Giacobbe were also charged. They pleaded not guilty in federal court and are awaiting trial.
The defendants allegedly exaggerated Morgan Management’s income to financial institutions and gave them fraudulent information in order to obtain loans. The lenders’ losses totaled an estimated $25 million.
The insurance fraud scheme involved Robert and Todd Morgan. They were accused of falsifying and inflating construction contracts to secure better deals. Insurance companies were defrauded out of around $3 million.
If you are facing fraud charges, contact the skilled criminal defense attorneys at Brill Legal Group. We will provide the aggressive legal representation necessary to protect your rights.