Financial planner admits to embezzling millions

RVC man pleads guilty to Camp ANCHOR theft

Faces up to 10 years in prison

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Drew Morgan, 44, a Rockville Centre resident and financial planner, plead guilty on March 20 to embezzling nearly $1.3 million from two different nonprofits servicing those with special needs and an additional $475,000 from two sisters he was acting as a financial planner for. One of the victims was Anchor Program Fund, Inc., the not-for-profit corporation that runs Camp ANCHOR in Lido Beach, a special needs camp run in conjunction with the Town of Hempstead. Morgan served as the fund’s treasurer.

Acting Nassau County District Attorney Madeline Singas announced last Friday that Morgan pleaded guilty to first-degree grand larceny, a felony, and received a sentencing commitment of 3 1/3 to 10 years in prison from presiding New York State Court of Claims Judge Philip Grella. Morgan is expected to be order to pay a full restitution to his victims for the combined $1.7 million he stole and is due back in court for sentencing on May 22.

The Rockville Centre man is the principal of DKM Financial Corp. and owner of Rockstead Venture Capital LLC, and used the stolen money to pay for a membership at the Hempstead Golf and Country Club, airline travel and hotel stays, restaurants, credit and debit card purchases, appliances, home furnishings and personal expenses such as groceries and gasoline. 

“Drew Morgan used his position as treasurer and president of two nonprofit organizations to steal money that should have been used to enrich the lives of children and adults with special needs,” Acting DA Singas said in a statement. “But those were not his only victims. The two sisters who handed over their money to a trusted advisor, only to have it stolen from them, are to be commended for helping to bring Mr. Morgan to justice.” 

Morgan was arrested by DA investigators on Oct. 2, 2013.

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