A Cooperstown man faces federal money laundering and tax return charges relating to the theft of approximately $11.8 million from estates for which he served as a fiduciary. Prosecutors say Thomas Lagan conspired with Richard J. Sherwood to launder the proceeds of a fraud conspiracy over a six-and-a-half year period. If convicted on the federal charges, Lagan would face up to 20 years in prison, a maximum fine of $250,000, and up to 3 years of post-imprisonment supervised release. Lagan is also facing state charges.

Sherwood pled guilty in June to federal and state tax charges.