Prominent New York family charged with $3 million insurance fraud

Prominent upstate New York landlord Robert Morgan was charged Wednesday in a 114-count federal indictment with inflating property values in his expansive real estate portfolio to secure more than $500 million in loans.The indictment also named Morgan’s son, Todd Morgan, and two other principals of his Pittsford-based Morgan Management, LLC.The Morgans, along with broker Frank Giacobbe and former finance director Michael Tremiti, pleaded not guilty Wednesday.
Today’s charges allege Robert Morgan and the men he surrounded himself with in business worked hard with the desire to creatively subvert the integrity of the financial industry,FBI Special Agent-in-Charge Gary Loeffert said at a news conference.