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.
COOPERSTOWN – According to the Albany Times Union, Cooperstown investor Tom Lagan, 61, is in prison.
The newspaper’s Law Beat section reported Saturday that Lagan, who was a partner in the effort to building a downtown hotel here in 2015, and owns several other properties, surrendered to the federal Marshall’s Office at 445 Broadway in Albany last Monday, allowing him to begin serving time in a federal prison system considered less harsh than the state one.
“The reason he could do that is in August, Lagan pleaded guilty to federal money laundering conspiracy and filing false tax returns. He is scheduled to be sentenced for those crimes on Dec. 12 by Senior Judge Lawrence Kahn,” according to the newspaper.
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.
ALBANY – Albany area financial adviser Tom Lagan, who lives in Cooperstown and has investments in the area, pleaded guilty to a charge that could bring him 4-12 years in jail, state Attorney General Letitia James announced today.
Lagan pleaded guilty before Albany County Supreme Court Judge Thomas Breslin to grand larceny, first degree, a Class B felony, James said in a press release. Sentencing is scheduled for June 19.
Lagan was one of three partners in plans to build a downtown Cooperstown hotel in 2015, and was also an investor in the Paterno Brothers building on Main Street, the Elm Inn in Milford and other ventures.
Related Case Against Cooperstown Man Still Pending
ALBANY – The state Attorney General’s Office today announced the guilty plea of lawyer and former Town of Guilderland Judge Richard Sherwood for, with an alleged co-conspirator, extracting over $11 million from family trusts they were responsible for overseeing.
Sherwood pleaded guilty before Albany County Court Judge Peter A. Lynch to Grand Larceny in the Second Degree (a Class C felony). As a result of these charges, he previously resigned as Guilderland Town Judge. Sherwood faces up to three to 10 years in prison.
As detailed in the complaint, since at least 2006, Sherwood and alleged co-conspirator Thomas Lagan of Cooperstown provided estate planning and related legal and financial services to Capital Region philanthropists Warren and Pauline Bruggeman and Pauline Bruggeman’s sister, Anne Urban. In 2011, the Anne S. Urban Irrevocable Trust (AUIT) was created using some of the funds from the Bruggeman trusts with Sherwood named trustee and Lagan named successor trustee.
COOPERSTOWN – Attorney General Eric Schneiderman brought charges today against an Albany area town justice and Cooperstown developer Thomas Lagan for allegedly siphoning $4 million from the family trusts of a Capital Region philanthropist.
“As we allege, the defendants orchestrated a complex scheme to steal millions from trusts they were responsible for protecting,” said Schneiderman. “We have zero tolerance for those who try to game the system and violate the public trust in order to line their own pockets.”