ROCHESTER, N.Y. (WROC) — Three people pleaded guilty to bank larceny Monday, in connection with a development project managed by Morgan Management, LLC.

According to prosecutors, Todd Morgan, Frank Giacobbe, and Michael Tremiti face up to one year in prison and a $100,000 fine. 

Prosecutors say Tremiti was the vice president of finance and Morgan was a project manager at Morgan Management. They admitted to submitting false documents to ESL Federal Credit Union. They did so in order to get a construction loan for the Ellison Heights Apartment complex in Penfield.

Prosecutors say Giacobbe worked as a mortgage broker for Morgan Management through his own company, Aurora Capital Advisors, LLC. They say he, working with Tremiti and Morgan, submitted false information to Evans Bank in order to obtain a loan for a Buffalo property, and to mislead the bank about the use of those funds under the loan agreement.