COOPERSTOWN – Thomas Lagan, one of the investors in a 2015 effort to build a downtown hotel here, was sentenced to six and a half years in federal prison this morning for allegations arising from the disposal of an estate after the deaths of philanthropists Warren and Pauline Bruggeman, RPI benefactors, the Times Union is reporting.
In all, the Bruggeman and other estates involved the misallocation of $12 million, the newspaper reported.
Senior U.S. District Judge Lawrence Khan also ordered Lagan, 61, whose residence is Cooperstown, to pay more than $7.7 million in restitution to the victims, including beneficiaries of his former clients, churches and charities.
Lagan’s former business partner and co-conspirator, ex-Guilderland Town Justice Richard Sherwood, who also pleaded guilty in the case, is yet to be sentenced. Sherwood owes more than $5.5 million in restitution.