“State investigating deceased Harnett businessman” |
| State investigating deceased Harnett businessman Posted: 23 Sep 2010 11:06 AM PDT State regulators are investigating two companies run by a deceased Harnett County businessman who has been accused of running a Ponzi scheme. The administrator for the estate of Raymond Mulkey Jr. has notified the state Department of Insurance about questionable data that was uncovered during a review of Mulkey's estate, said department spokeswoman Kristin Milam. The department's Agent Services Division is conducting audits of two of Mulkey's insurance agencies. Those audits are ongoing, Milam said. Mulkey, 63, was found dead in his home in North Myrtle Beach, S.C., on Aug. 16. The Horry County coroner has said a cause of death has yet to be determined. Since Mulkey's death several small North Carolina banks he was involved with have discovered apparent fraud by borrowers on loan applications and paperwork involving the extension of loans. In a Securities and Exchange Commission filing made Wednesday, Four Oaks Bank said it expects to write off aabout $4 million in bad loans because of an apparent fraud by one of its customers. The bank did not name the customer. Dunn-based New Century Bank has already said it could write off $11 million in loans because of alleged fraud committed by one of the bank's former directors. Mulkey was a founding director of New Century, which has ties to a number of prominent Democrats. Former state Senate majority leader Tony Rand and former Secretary of Transportation Lyndo Tipped server on the bank's board. Mulkey was president of several finance and real estate firms, including Mulkey & Associates, Ray Mulkey Realty and NC Premium Finance Cos. His NC Premium Finance Cos., which included 45 Premium Finance entities and one called Budg-O-Matic Finance, financed auto insurance premiums for people with low income or poor credit. Fayetteville attorney Lonnie Player Jr. has said he represents seven clients who are trying to recover about $2.3 million they invested with Mulkey in recent years. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| You are subscribed to email updates from Content Keyword RSS To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 comments:
Post a Comment