FBI raids workplaces of property developer Robert Morgan– The Buffalo News

FBI representatives early Monday began browsing the workplaces of Morgan Communities in suburban Rochester, the headquarters of real estate tycoon Robert C. Morgan, whose holdings include countless houses around Buffalo.The agents are carrying out "court-authorized activity at that location,"FBI spokesperson Maureen P. Dempsey said of the representatives'work to gather information from 1080 Pittsford Victor Road, an office park that functions as head office for Morgan Communities.Morgan could not be reached early Monday. However The Buffalo News reported in October that FBI agents were taking a look at monetary transactions by his business, which own some 36,000 units spread out across 14 states, primarily east of the Mississippi.In recent years, Morgan's business had pertained to own or handle 3,500 Buffalo-area homes, and in October he spoke of plans

to establish 1,000 more.At the time, he stated there was nothing suspect about the method his companies fund their purchases."I obtain cash the exact same way everyone else carries out in the United States, "he said." There's no hidden secrets. There's no story to inform."A number of local developers and landlords say they admire Morgan's drive and the way he constructed his empire after being shot during a heist and left paralyzed at the age of 33. Still, those same observers informed The News they worry a about the financial obligation he has taken on and the amounts he obtains."It makes me very, very, very incredulous regarding how these things get done,"said Joseph Janowski, a long-standing regional broker in the funding of realty, especially commercial realty and multifamily housing."I have no idea how you pull it off."