A Cooperstown man is facing federal charges for alleged money laundering and filing false tax returns, according to a news release from U.S. Attorney Grant Jaquith.
Sixty-year-old Thomas Lagan was arraigned Friday on money laundering and tax charges in connection to the theft of $11.8 million from estates that he served as a fiduciary for.
According to the news release, a federal indictment accuses Lagan of conspiring with Richard Sherwood to launder the proceeds of a fraud conspiracy between Nov. 2011 and Feb. 2018. Lagan is also accused of failing to report more than $5.3 million in income to the IRS between 2013-2015.
In a separate indictment through the state Attorney General’s Office, Lagan is charged with first-degree grand larceny, criminal possession of stolen property and scheme to defraud in Albany County.
Lagan’s alleged co-conspirator, Richard Sherwood, pleaded guilty to federal and state charges in June 2018. Sherwood worked as an attorney specializing in trusts and estates, and as part of his guilty plea, Sherwood admitted that he and Lagan conspired to steal and launder millions of dollars from several people’s estates after their deaths.
The federal case is being investigated by the FBI and IRS Criminal Investigation division.