New federal charges have been lodged against Rochester Developer Robert Morgan, his son Todd Morgan, and two other associates.
According to the U.S. Attorney's Office, the Morgans plus Frank Giacobbe and Michael Tremiti are charged on a 104-count indictment with conspiracy to commit wire and bank fraud. Federal prosecutors say it was a wide-ranging mortgage fraud scheme, and that Robert and Todd Morgan were also involved in defrauding insurance companies.
Similar charges against all four men were dismissed back in October. A statement by U.S. Attorney James Kennedy Jr. says the swiftness of the investigation may have led to those charges being thrown out by the court. He says the new indictments will make sure the defendants answer for their crimes.
Prosecutors say the defendants engaged in a scheme to defraud banks and government financing agencies like Fannie Mae. They allegedly provided inflated and false rent rolls to potential lenders, making it appear the properties were worth more than their actual value.
In the case involving insurers, the Morgans are accused of conspiring with Kevin Morgan and Scott Cresswell to present inflated invoices to insurance companies after damage to Morgan's properties.
The defendants were arraigned today and given conditional release.