Lawyer and former town of Guilderland Judge Richard Sherwood has admitted his role in stealing more $11 million from estates for which he served as an attorney and fiduciary, New York Attorney General Barbara Underwood announced on Monday.
Sherwood pled guilty to second-degree grand larceny and is facing three to ten years in prison.
United States Attorney Grant C. Jaquith announced that Sherwood also pled guilty in federal court to money laundering and filing false federal tax returns.
Sherwood was charged for his role in the plundering of more than $11 million from family trusts. He and Thomas Lagan are charged with the alleged theft from the trust funds of prominent Albany philanthropists Walter and Pauline Bruggeman.
Lagan was also arrested in February on the same charges as a co-conspirator. Lagan owns a home in Cooperstown and was a member of the town's Economic Development and Sustainability Committee. According to the New York Attorney General's Office, the case against Lagan is ongoing.
The two allegedly transferred from an estate fund earmarked for charities to separate accounts in their names.
Sherwood agreed to forfeit $3,742,211.65 as well as a residence on Galway Lake that previously belonged to the Bruggemans.
The complaint charges Lagan and Sherwood with two counts of first-degree grand larceny, one count of scheme to defraud in the first degree and one count of criminal possession of stolen property in the first degree. Sherwood and Lagan were also charged with criminal possession of stolen property in the first-degree.
This case is being prosecuted by Assistant Attorneys General Christopher Baynes and Matthew Peluso of the Attorney General’s Public Integrity Bureau.