United States Attorney Kenneth Magidson announced that Patrick Cody Morgan, 46, of Alvin, has been sentenced to 27 years in federal prison for his convictions on multiple counts of bank fraud. A federal jury sitting in Houston found Morgan guilty on October 30, 2012, of conspiracy to commit bank fraud and nine counts of bank fraud following two days of trial and less than three hours of deliberation.
Today, U.S. District Judge Lynn N. Hughes, who presided over the trial, handed Morgan a total sentence of 324 months, to be followed by five years of supervised release. Morgan was also ordered to pay restitution in the amount of $25,277,802.
Within the overall scheme, there were more than 100 properties with a loan amount of more than $39 million. The loss amount was determined to be more than $25 million.
Co-defendants John Elias, 44; Reginald Anderson, 41; Viktor Ly, 43; and Christopher Pearson, 34, all of Houston, previously pleaded guilty to conspiracy to commit bank fraud and will be sentenced on various dates in March and April 2013. Minh Vu, 41, also of Houston, was sentenced to 60 months prison on February 19, 2013.
The case was investigated by the Internal Revenue Service-Criminal Investigation and the FBI and is being prosecuted by Assistant U.S. Attorneys Jennifer Lowery and Carolyn Ferko.
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