Douglas Morgan: Former Chairman of St. Louis County Planning Commission Indicted for Fraud

Categories: Crime
douglas morgan.jpg
Missouri Employers Mutual
Douglas Morgan
The United States Attorney's Office announced today that a grand jury has indicted Douglas Morgan on a bank fraud charge, involving a series of loans obtained through Commercial Bank of St. Louis.

Morgan, the long serving chairman of the St. Louis County Planning Commission until his removal earlier this year, was a shareholder and member of the advisory board for Commercial Bank, a board member of Missouri Employers Mutual (the state's worker's compensation insurer), as well as a member of the Civilian Board of the Major Case Squad.

According to the indictment, from 1999 through 2010 Morgan obtained a series of loans from Commercial Bank based upon his submission of false and deceptive personal financial statements. Morgan obtained approximately fifteen loans in his own name, while personally guaranteeing other loans in the names of his children.

The personal financial statements falsely represented that Morgan personally held millions of dollars in funds, assets, and real estate -- which he did not. Further, Morgan falsely represented that the Internal Revenue Service (IRS) had frozen and placed holds on purported trust funds valued in excess of $10 million, when, in fact, he held no such trust funds, and the IRS had not, in fact, taken action against his funds. The outstanding balance on his falsely obtained loans is approximately $1.5 million.

A federal grand jury indicted Morgan, 65, of Chesterfield on one felony count of bank fraud. He appeared in federal court today.

If convicted, the count of bank fraud carries a maximum penalty of 30 years in prison and/or fines up to $1 million.

This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Hal Goldsmith is handling the case for the U.S. Attorney's Office.

Sponsor Content

My Voice Nation Help
colorado disability lawyer
colorado disability lawyer

 threre will be about 1 million new veterans added to the 22 million American veterans as active-duty service members leave the military over the

next five years.This increase in veterans to serve means a larger budget for the Department of Veterans Affairs. President Barack Obama's proposed

budget includes $140.3 billion for the VA to cover the 2012 fiscal year beginning Oct.

colorado disability lawyer
colorado disability lawyer

 If a motorcycle accident happened and the victim suffered injuries and damages due to the accident, he could pursue a claim for compensation against the insurance company of the other party. The first step is the preparation of a demand letter. In this letter, the victim needs to write down his strongest arguments pertaining to the liability of the other party, injuries he suffered due to the accident, medical treatment that he underwent and would require in the future, the costs of the medical treatment, amount of lost income and other damages.

Now Trending

St. Louis Concert Tickets

From the Vault