Robert Morgan, Three Others Indicted In Multi-Million Dollar Mortgage Fraud Scheme
Last edited Sat May 25, 2019, 02:37 AM - Edit history (1)
BUFFALO, N.Y.--U.S. Attorney James P. Kennedy, Jr. announced today that a federal grand jury has returned a 114-count superseding indictment charging Robert Morgan, Frank Giacobbe, Todd Morgan, and Michael Tremiti, with conspiracy to commit wire fraud and bank fraud for their roles in a half billion dollar mortgage fraud scheme. The defendants each face various additional charges such as wire and bank fraud, and money laundering. Todd Morgan and Robert Morgan are also charged with wire fraud conspiracy to defraud insurance companies. The charges carry a maximum penalty of 30 years in prison and a fine in the amount of double the loss caused by the crimes, which is currently estimated to exceed $25,000,000.
During the course of the conspiracy:
• Robert Morgan was the managing member and chief executive officer of Morgan Management. In addition to his role with Morgan Management, he controlled and managed owned a substantial portfolio of real estate holdings;
• Frank Giacobbe owned and operated Aurora Capital Advisors, identified himself as the Principal, and employed others to assist him in brokering, and attempting to broker real estate loans;
• Todd Morgan was employed at Morgan Management, and worked as a Project Manager at the company; and
• Michael Tremiti was employed at Morgan Management, and worked as Director of Finance for the company.
Assistant U.S. Attorneys John D. Fabian and Douglas A.C. Penrose, who are handling the case, stated that according to the superseding indictment, between 2007 and June 2017, the defendants conspired with Kevin Morgan, Patrick Ogiony, Scott Cresswell, and others to fraudulently obtain moneys, funds, credits, assets, securities, and other property from financial institutions such as Arbor Commercial Mortgage, LLC and Berkadia Commercial Mortgage, LLC, and government sponsored enterprises, including Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae).
Read more: https://www.justice.gov/usao-wdny/pr/robert-morgan-three-others-indicted-multi-million-dollar-mortgage-fraud-scheme
Earlier thread:
Another Morgan Management Employee Pleads Guilty For His Role In Multi-Million Dollar Fraud Scheme
https://www.democraticunderground.com/106824660
