Report: Cooperstown Investor
Free Pending Later Sentencing
COOPERSTOWN – Cooperstown investor Tom Lagan, 61, pleaded guilty in federal court in Albany today to allegations he and a partner benefited from processing the estate of Warren and Pauline Bruggeman, Albany area philanthropists and RPI benefactors, the Times Union is reporting.
Lagan, who was an investor in the 2015 downtown Cooperstown hotel project that was eventually abandoned, entered his plea before Senior U.S. District Judge Lawrence Kahn. He remains free pending sentencing, the newspaper reported.
As part of his plea agreement, he will pay $6 million in restitution and forfeit some assets. Lagan will be allowed to hold onto two properties he owns as long as he pays $255,000 to the federal government, the report said.
His former associate, attorney and Guilderland Town Justice Richard Sherwood, admitted his role last June, has been cooperating in the investigation against Lagan, and is facing 40 months to 10 years in prison based on his guilty plea to second-degree grand larceny charges, the newspaper reported.