A Rockville Centre man was arrested last week and charged with stealing more than $1.6 million from two nonprofits that raise money for special-needs children, and two women for whom he acted as financial planner.
Drew Morgan, 42, the principal of DKM Financial Corp. and the owner of Rockstead Venture Capital LLC, was arrested by investigators from the Nassau County district attorney’s office on Oct. 3 and charged with first-degree grand larceny and three counts of second-degree grand larceny. He faces up to 25 years in prison if convicted.
“This defendant lived the high life at the expense of some of our community’s most vulnerable members,” District Attorney Kathleen Rice said in a release. “Mr. Morgan was trusted to enrich the lives of children and adults with special needs who rely on these charities for socialization, recreation, and an improvement to their quality of life. In the end, however, he revealed himself to be little more than a con man.”
According to Rice, from February 2008 through January 2013, Morgan embezzled $1,086,453 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. The fund is maintained by Anchor Program Fund Inc., a not-for-profit corporation that donates funds to Camp ANCHOR (Answering the Needs of Citizens with Handicaps through Organized Recreation), which is run by the Town of Hempstead. The year-round recreation program serves children and adults with special needs.
“I am appalled and saddened by allegations that Mr. Drew Morgan stole funds from the ANCHOR Building Fund, a private charitable organization that was founded to raise money to help children with special needs,” said Town Supervisor Kate Murray. She explained that the money was intended for the construction of a new recreation center for Camp ANCHOR, but the town managed to use government funds to build it.
“Our heart goes out to those who have donated to the fund,” Murray added, “and we hope that Mr. Morgan is prosecuted to the fullest extent of the law.”