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Credit union moves to foreclose on Henrietta property owned by developer Bob Morgan

Bob Morgan Bob Morgan

June 03, 2019 02:51 PM

ROCHESTER, N.Y. (WHEC) — A financial institution has moved to foreclose on a property owned by mega-developer Bob Morgan. 

According to court paperwork, ESL Federal Credit Union has filed a notice of foreclosure on a property at 50 Fairwood Dr. in Henrietta. 

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Last month, Morgan, along with his son Todd Morgan, former Morgan Management financial director Mike Tremiti and broker Frank Giacobbe, are accused in a 114-count federal indictment. Not every defendant is charged with every count. 

The charges accused the defendants of lying and forging documents to inflate the value of some Morgan properties in order to get larger bank loans. Bob Morgan is also accused of inflating storm damage to some of his properties in order to get a larger insurance reimbursement. 

The Morgans, Tremiti, and Giacobbe pleaded not guilty to the charges. 

The 114-count indictment came a week after Scott Cresswell, the former COO of Morgan Management, pleaded guilty to conspiracy to commit wire fraud. Mortgage broker Patrick Ogiony and Morgan's nephew Kevin Morgan, a vice president at the company, both admitted to conspiracy to commit bank fraud last year.

The next hearing in federal court is scheduled to begin in April of 2020.

WHECTV

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