Updated: January 16, 2020 12:06 PM
Created: January 16, 2020 12:05 PM
ROCHESTER, N.Y. (WHEC) — Those who invested millions into projects handled by developer Bob Morgan may soon be repaid.
Morgan, one of the biggest developers in the Rochester area, is facing federal charges, including money laundering and bank fraud. He’s set to face trial on Jan. 11, 2021.
The court-appointed receiver of Morgan's investment accounts, Robert Knuts, submitted paperwork requesting a judge's permission to pay more than $63.2 million to investors.
Last year, the U.S. Securities and Exchange Commission sued Morgan, alleging he defrauded banks, insurance companies, and the government out of millions of dollars. Since then, Morgan has sold off a large amount of his real estate to pay back investors.
In court paperwork, Knuts says both the SEC and Morgan have communicated their consent to the transfer of funds to investors.
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