who is robert morgan attorney in rochester ny

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Attorney Overview

ROBERT MORGAN SCHILD is an attorney registered with New York State, Unified Court System, Office of Court Administration, admitted in 1975. The current status is Currently registered. The business address is 1 S Washington St Ste 240, Rochester, NY 14614-1134.

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What was the case against Morgan and Moser?

Filed in state Supreme Court in Saratoga County four years ago by Morgan and Moser, the action claims Brovitz failed to adequately guide the partners through workout deals on $128.2 million in defaulted loans that Morgan and Moser had arranged to refinance for an eight-state portfolio of 17 recreational vehicle parks. The partners contend that Brovitz’s alleged failure to properly advise them unnecessarily put Morgan and Moser personally on the hook to pay $8.65 million of their own money to close out defaulted loans for which they thought they had no personal liability. Legal fees factored in resulted in a damage claim “in excess of ten million dollars.”

Why did LNR keep the $5 million?

LNR’s decision to keep the $5 million and demand another $3.65 million came in part because Morgan and Moser violated agreements they inked with the loan servicer whose terms Brovitz had adequately explained to them. According to Brovitz, Morgan’s and Moser’s breaches of the loan covenant, in addition to comingling funds, included keeping cash the foreclosed properties generated during the six-month extension period that they were supposed to turn over to LNR.

How much did Morgan and Moser pay LNR?

To make matters worse, Morgan and Moser assert, LNR, “emboldened by its stranglehold on (Morgan’s and Moser’s) $5 million (and) disinclined to negotiate further,” insisted on payment of an additional $3.65 million to secure the release of LNR’s recourse claims against the partners, bringing Morgan’s and Moser’s out of pocket costs to $8.65 million.

What breach did Morgan and Moser commit?

According to Brovitz, Morgan’s and Moser’s breaches of the loan covenant, in addition to comingling funds, included keeping cash the foreclosed properties generated during the six-month extension period that they were supposed to turn over to LNR.

Did Morgan and Moser know what they agreed to?

Besides, adds Hulslander, as sophisticated investors well familiar with terms such as the loan covenants they signed, which were in fact identical to covenants they had signed previously, Morgan and Moser knew or should have known what they agreed to.

Did Brovitz deny any wrongdoing?

In answering papers filed in 2015, Brovitz denies any wrongdoing and contests Morgan’s and Moser’s version of events.

Did Brovitz lay out the $5 million?

Nevertheless, as Morgan and Moser tell it, Brovitz convinced them to lay out the cash, inaccurately leading them to believe the $5 million was a sort of security deposit that would be returned to them if they did not impede the foreclosure. As it turned out, the cash collateral agreement was not that simple.

What did the defendants do with false information?

The defendants provided false information to financial institutions and government sponsored enterprises overstating the incomes of properties owned by Morgan Management or certain principals of Morgan Management . The false information induced financial institutions to issue loans: (1) for greater values than the financial institutions would have authorized had they been provided with truthful information; and (2) that the financial institutions would not have issued at the time of issuance had they been provided with truthful information. These properties included:

What is the penalty for Todd Morgan?

Todd Morgan and Robert Morgan are also charged with wire fraud conspiracy to defraud insurance companies. The charges carry a maximum penalty of 30 years in prison and a fine in the amount of double the loss caused by the crimes, which is currently estimated to exceed $25,000,000. During the course of the conspiracy:

Who is the superseding indictment?

All three defendants are awaiting sentencing. The superseding indictment is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Gary Loeffert, and the Federal Housing Finance Agency, Office of Inspector.

Who is Todd Morgan?

In the wire fraud conspiracy to defraud insurers, Todd Morgan and Robert Morgan are accused of conspiring with Kevin Morgan and Scott Cresswell to present false and inflated contracts and invoices for repairs to insurers after damages to properties in Robert Morgan’s real estate portfolio.

Who were the defendants in the mortgage fraud case?

Kennedy, Jr. announced today that a federal grand jury has returned a 114-count superseding indictment charging Robert Morgan, Frank Giacobbe, Todd Morgan, and Michael Tremiti, with conspiracy to commit wire fraud and bank fraud for their roles in a half billion dollar mortgage fraud scheme.

Who is the acting Deputy Inspector General for Investigations for the Federal Housing Finance Agency?

Richard Parker , Acting Deputy Inspector General for Investigations for the Federal Housing Finance Agency, Office of Inspector General (FHFA-OIG), said, “the financing of multifamily loans is a significant segment of Fannie Mae’s and Freddie Mac’s portfolio. As these charges demonstrate, FHFA-OIG will work with our partners in law enforcement to investigate and hold accountable those who seek to victimize the entities regulated by FHFA.”

Is a defendant presumed innocent?

The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.