Financial Planner Accused Of Stealing Millions From Long Island Charity Funds
NEW YORK(CBSNewYork) — There was outrage on Long Island on Wednesday after a man was accused of taking from some of the community’s most vulnerable members to fill his own pockets.
A financial planner allegedly embezzled nearly $2-million from a special needs charity fund, according to investigators.
The renowned Camp ANCHOR program offers recreational activities that are aimed at bettering the lives of children and adults with special needs, CBS 2’s Don Champion reported.
Investigators say Drew Morgan, 42, used a pair of charities set up to fund the program to better his own life.
“It’s disgraceful and we’re absolutely outraged,” Hempstead spokesman Mike Deery said, “It’s totally separate. It’s not under the purvue of the town. It’s fundraising is not overseen by the town. It’s not a part of the town budget.”
The Nassau County district attorney said that Morgan used the money of everything from plane tickets to furniture for his home. He allegedly stole the money over the course of 5 years while servings as the treasurer and board member of the funds.
The allegations came to light while investigators where looking into claims that Morgan stole nearly $500,000 from two sisters that hired him as a financial planner.
Morgan’s attorney said that the charges were not a result of criminal activity but bad decisions as a financial professional.
“He took investors money and it didn’t pan out. He lost a lot of money himself. I think he put charity money in speculative investments and he probably shouldn’t have. He’d be the first to concede that,” attorney Gary Farrell said.
Morgan posted $240,000 bail. He is due back in court on October 21.
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