3 of Bob Morgan’s co-defendants admit to bank larceny

ROCHESTER, N.Y. (WHEC) — Three Morgan Communities employees admitted to bank larceny Monday.

They’re all co-defendants of Bob Morgan, one of Rochester’s biggest developers.

Federal prosecutors say Morgan and his co-defendants, including his son Todd, broker Frank Giacobbe and finance director Michael Tremiti falsified documents inflating the value of properties to get bigger loans from the bank.

The bank larceny charge carries a maximum penalty of one year in prison and a $100,000 fine.