June 14, 2019 05:08 PM
ROCHESTER, N.Y. (WHEC) -- Some good news came for one of the most prominent real estate developers in the Rochester area and in western New York.
Bob Morgan of Morgan Management is facing a slew of federal charges but News10NBC learned the Securities and Exchange Comission (SEC) has agreed to no longer pursue a freeze of his assets.
According to an order filed Friday, Morgan and the SEC reached a settlement about the oversight of Morgan-created investment funds as the SEC action proceeds.
The SEC had wanted to freeze his assets to protect investors. Instead, the court will appoint a receiver to handle the funds.
In May, Morgan was indicted on 45 counts including charges of conspiracy to commit wire and bank fraud and money laundering.
Created: June 14, 2019 05:08 PM
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