Federal prosecutors say three employees of Morgan Management in Rochester have pleaded guilty to bank larceny.
Todd Morgan, Frank Giacobbe and Michael Tremiti all worked for Morgan Management LLC, a real estate management company that dealt with more than 100 apartment buildings. Tremiti was Vice President of Finance and Morgan was Project Manager. Together, they admitted to submitting false documents to ESL Federal Credit Union for a construction loan to build the Ellison Heights Apartments in Penfield.
Giacobbe owned Aurora Capital Advisors LLC, brokering loans for borrowers seeking to build real estate developments. He worked on behalf of Morgan Management to purchase apartment properties in Buffalo known as Morgan Ellicott Apartments. Morgan Ellicott sought a loan from Evans Bank, submitting documents that overstated the purchase price of the buildings.
The guilty pleas are part of an FBI investigation and Federal Housing Finance Agency investigation.