The ESL Federal Credit Union has filed a motion to foreclose on a property owned by Morgan Management.
Papers filed in court say the property is on Fairwood Drive off East River Road in Henrietta. ESL says it plans to foreclose on two liens against the property worth more than $17 million. The bank says Morgan Management defaulted on the payments.
Morgan Management CEO Bob Morgan and several of his company's top officials are facing federal wire fraud charges stemming from accusations that he tried to defraud banks and insurance companies through inflating the value of his properties.