ELLSWORTH — A former loan broker has been ordered to spend five years in a Maine prison and pay restitution of $358,000 for running a scheme that duped investors out of their money.
A Hancock County Superior Court jury on Wednesday found 48-year-old Eric Murphy Jr., who operated Murphy Home Loans in Ellsworth, guilty of securities fraud, forgery and theft by deception. He was sentenced immediately after the verdict.
Securities officials said Murphy took about $450,000 from four investors under false pretenses from 2006 to 2008. Instead of using the money to fund mortgage loans for consumers, he was charged with using it for business and personal purposes.
Murphy was charged last year after state regulators revoked his loan broker’s license.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.