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Two Morgan Management employees sentenced for bank larceny

Ellicott Park Townhomes
Posted at 9:10 PM, Jul 21, 2022
and last updated 2022-07-21 21:10:41-04

BUFFALO, N.Y. (WKBW)  — Two former employees of the real estate and investment management company, Morgan Management, were sentenced Thursday for bank larceny.

The U.S. Attorney's Office announced that Chief U.S. District Judge Elizabeth A. Wolford sentenced Michael Tremiti to time served and a $500 fine. Frank Giacobbe was sentenced to one-year probation and a $500 fine.

The U.S. Attorney's Office said Tremiti , former Vice President of Finance at Morgan Management, admitted to submitting false documents to a Rochester credit union to obtain a construction loan. This loan was used for the construction of Ellison Heights Apartments.

According to the U.S. Attorney's Office, Giacobbe, a mortgage broker who worked on behalf of Morgan Management, falsely represented the purchase of a Morgan Management property to a Buffalo bank.

These sentences are a result of an FBI investigation into Robert Morgan, a real estate developer who plead guilty to mortgage fraud earlier this year.