ALBANY, NEW YORK – A notorious fiduciary has been charged with money laundering and tax charges relating to the theft of approximately $11.8 million from estates. Thomas K. Lagan, a 60-year-old resident of Cooperstown, New York, was arraigned today on the charges.
The announcement was made by United States Attorney Grant C. Jaquith; New York Attorney General Barbara D. Underwood; James N. Hendricks, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation; and James D. Robnett, Special Agent in Charge of the New York Field Office of IRS-Criminal Investigation.
A federal indictment charges that Lagan, between November 2011 and February 2018, conspired with Richard J. Sherwood to launder the proceeds of a fraud conspiracy. Lagan is also accused of failing to report more than $5.3 million in income to the Internal Revenue Service in 2013 and 2015.
In a separate indictment being prosecuted by the New York Attorney General’s Office, Lagan is charged in Albany County Court with grand larceny in the first degree, criminal possession of stolen property, and a scheme to defraud.
Lagan appeared today before United States Magistrate Judge Daniel J. Stewart, who ordered him released on his own recognizance.
If convicted on the federal charges, Lagan would face up to 20 years in prison, a maximum fine of $250,000, and up to 3 years of post-imprisonment supervised release.
Lagan’s alleged co-conspirator, Sherwood, pled guilty in June 2018 to federal and state charges. Sherwood, an attorney since 1988, practiced primarily in the area of trusts and estates.
The investigation was led by Investigator Mark Spencer of the Attorney General’s Investigations Bureau, under the supervision of Deputy Chief Investigator Antoine Karam. The Investigations Bureau is led by Chief Dominick Zarrella. Meaghan Scovello, Associate Forensic Auditor, provided the financial analysis.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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