Kevin Morgan is a top executive with a development company behind 3 Canandaigua projects
ROCHESTER — A top executive at a local development company pleaded guilty Friday to a charge of conspiracy to commit bank fraud.
Kevin Morgan, the nephew of Morgan Communities President Bob Morgan, is accused of, in some cases, going to extreme measures to say how much money certain properties were bringing in, in order to secure loans they otherwise wouldn't have qualified for.
Kevin and Todd Morgan are the vice president and project manager at Morgan Communities.
Federal prosecutors said with the help of two mortgage brokers, Frank Giacobbe and Patrick Ogiony, they were able to lie to banks to secure $175 million in funding for a half-dozen developments in New York and in Pennsylvania.
The charge carries a maximum penalty of five years in prison and a $250,000 fine. If Kevin agrees to cooperate with officials it is likely that his sentence would be reduced.
Bob Morgan, the president of the Pittsford-based Morgan Communities and the uncle and father to the Morgans, has not been charged but the investigation is still ongoing.
Morgan Communities is behind numerous area projects including three in Canandaigua: Pinnacle North Apartments at 20 North Shore Blvd.; CenterPointe Apartments and Townhomes at 5570 Centerpointe Blvd; and The Links at CenterPointe Townhomes at 2227 Brickyard Road.