Rockville Centre financial planner is sentenced to prison & ordered to pay full restitution to Camp A.N.C.H.O.R. and former investment clients
MINEOLA, N.Y. – Acting Nassau County District Attorney Madeline Singas announced that a Rockville Centre financial planner was sentenced to prison and ordered to repay his victims full restitution today, after he was convicted in a case of $1.8 million in embezzlement from two nonprofits that raise money for special needs children and two senior citizens for whom he provided financial services.
Drew Morgan, 44, was sentenced today to 3-1/3 to 10 years in prison by New York State Court of Claims Judge Philip Grella. He was also ordered to pay back, through civil judgments, approximately $1.3 million to two nonprofits that raise money for the Camp A.N.C.H.O.R. special needs camp and $475,000 to two sisters who were his clients. Morgan pleaded guilty to the top charge against him, Grand Larceny in the 1st Degree (a B felony), in March.
“Stealing is always wrong, but stealing from seniors and special needs kids is especially despicable," Acting DA Singas said. "For selfishly betraying the trust of his innocent victims, this defendant was ordered to pay a heavy price including up to 10 years in prison and the payment of full restitution. I'm grateful to the victims for coming forward and for our prosecutors' outstanding work.”
Acting DA Singas said that from February 2008 through January 2013, Morgan embezzled $1,159,953 from the Anchor Building Fund, Inc. while acting as its treasurer and a board member by using his position to withdraw cash from the fund’s accounts without authorization. This fund was maintained by Anchor Program Fund, Inc., the not-for-profit corporation that runs Camp A.N.C.H.O.R. (Answering the Needs of Citizens with Handicaps through Organized Recreation) in conjunction with the Town of Hempstead. This year-round recreation program serves children and adults with special needs.
Morgan stole an additional $130,558 between June 2010 and December 2012 from the Corporation for Socially and Exceptionally Challenged Kids, a non-profit corporation that was created in order to raise money for Camp A.N.C.H.O.R. and Impact OASIS. Morgan served as the corporation’s president and treasurer when he withdrew money from the corporation’s accounts without authorization. Impact OASIS is an organization that promotes the acceptance and inclusion of autistic individuals by establishing farming centers to promote healthy employment, housing, and community interaction.
These two thefts were uncovered by DA Investigators while examining Morgan’s bank records during a separate investigation into the theft of $475,000 from two sisters, age 70 and 71, for whom Morgan was working as a financial planner. Morgan, the principal of DKM Financial Corp. and owner of Rockstead Venture Capital LLC, is charged with stealing $250,000 that was supposed to be invested for a client between October 2008 and January 2010 and stealing $225,000 that was supposed to be invested for her sister between April 2008 and January 2010. In both cases, Morgan kept the money for himself.
Morgan used the stolen money to pay for a membership in the Hempstead Golf Club, airline travel and hotel stays, restaurants, credit and debit card purchases, appliances, home furnishings and personal expenses such as groceries and gasoline.
Morgan was arrested by DA investigators on Oct. 2, 2013.
Assistant District Attorney Peter Mancuso of Acting DA Singas’ Government and Consumer Frauds Bureau is prosecuting the case. Morgan is represented by Gary Farrell, Esq.