Rochester, N.Y. - Four people have been indicted after a raid on the headquarters of the owner of 13 Apartment complexes in Onondaga County.
Prominent Rochester-based developer Rob Morgan had his offices raided by the FBI earlier this month. A Federal Grand Jury has since indicted his son, Todd; nephew, Kevin; and two men working for a Buffalo mortgage broker.
They are accused of conspiring over six years to defraud mortgage lenders out of $160 million-in loans by lying about the value of apartment complexes in Syracuse, Buffalo, Avon, and Pennsylvania, owned by Morgan's companies.
Most of the loans were sold to Fannie Mae or Freddie Mac.