BUFFALO, N.Y. (WKBW) - 30 year prison terms could now await four men indicted in a multi-million dollar mortgage fraud scheme.
43-year-old Frank Giacobbe of East Amherst, 34-year-old Patrick Ogiony of Buffalo, 42-year-old Kevin Morgan of Pittsford and 29-year-old Todd Morgan are charged with conspiracy to commit wire fraud and bank fraud.
Investigators say between March 2011 and June 2017 the group conspired to defraud financial institutions and engaged in a variety of conduct to induce mortgage lenders to issue inflated loans for apartment complexes.
The indictment alleges fraud at seven different properties which resulted in total loans issued of $167,591,000. Investigators say the men conspired to provide lending institutions with false rent information, claiming the properties had more occupied units, at higher rental rates and generated more income than they actually did.
Properties involved in this alleged scheme include, Morgan Ellicott Apartment and Amherst Garden, both in Buffalo.
Some of the defendants are expected to be arraigned on Wednesday, May 23 at 2:00pm.
A news conference is also scheduled for Wednesday morning.
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