A Rochester man charged in a multi-million dollar mortgage fraud scheme was arraigned on Thursday. 

Todd Morgan, 29, appeared in Buffalo federal court where he pleaded not guilty to wire and bank fraud charges.

Federal prosecutors say Todd Morgan, along with co-defendants, Kevin Morgan, Frank Giacobbe and Patrick Ogiony deceived creditors to secure bank loans totaling more than $167 million dollars. 

Todd and Kevin Morgan are employed by Morgan Communities, a large real estate business owned by developer Bob Morgan. The company operates apartment buildings in Buffalo and Rochester.

The FBI conducted a raid at its Perinton headquarters last week. 

Both Todd and Kevin Morgan have been suspended without pay.

The charges carry a maximum penalty of 30-years in prison and a $1 million fine if convicted.