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Two Morgan Management employees sentenced for bank larceny

BUFFALO, N.Y. (WIVB) — Two Morgan Management employees were sentenced for bank larceny convictions on Thursday, the United States Department of Justice Western District of New York said.

Frank Giacobbe was sentenced to one year or probation and ordered to pay a $500 fine, while Michael Tremiti was sentenced to time served and a $500 fine.

The court stated that Giacobbe submitted documents and information to Evans Bank that overstated a contract purchase price of Morgan Ellicott Apartments, a limited liability company created to purchase a multi-family apartment complex on William St. The court said that Giacobbe falsely represented the obligations associated with Morgan Ellicott, misrepresented the actual price of the property and made misrepresentations designed to conceal that he and others were not using the loan proceeds to purchase and maintain the property.

Tremiti, the court said, admitted to submitting false documents to the ESL Federal Credit Union to obtain a construction loan, which was used to construct Ellison Heights Apartments in Penfield, N.Y. Tremiti worked for Morgan Management as its Vice President of Finance.

Aidan Joly joined the News 4 staff in 2022. He is a graduate of Canisius College. You can see more of his work here.

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