Man Pleads Guilty In Mortgage Fraud Scheme Involving $167M

The nephew of a New York real estate mogul has pleaded guilty to a misdemeanor charge in a mortgage fraud case involving $167 million. Kevin Morgan, former vice president of Morgan Management and Morgan Communities, pleaded guilty to bank larceny on Tuesday. Morgan admitted to submitting false documents to ESL Federal Credit Union for a construction loan. The charge carries a fine of $100,000 and one year in prison, though Morgan will serve no jail time due to his plea deal. It is expected he will be sentenced on Oct. 20. Morgan had previously pleaded guilty to felony conspiracy to commit bank fraud. The new plea is a lesser charge and supersedes his original admission. It is the result of…