BREWER - A Brewer loan broker will close his doors and pay a fine of $500 under a consent agreement reached with the state after regulators uncovered violations and other irregularities. The consent agreement signed by Francis Fox, operator of East Coast Funding Inc., a loan brokerage company, requires that Fox formally close his business by April 1 and prohibits him from applying for a state loan broker's license. A loan broker isn't licensed to make loans, but instead serves as a go-between for customers looking for a loan and lenders.
ELLSWORTH - A former Surry resident has been sentenced to serve five years behind bars for stealing from investors in his home loan business. Eric S. Murphy, 48, was convicted by a jury late Wednesday afternoon of two counts of theft by deception, one count of securities fraud and one count of forgery. Justice Kevin Cuddy, presiding in Hancock County Superior Court, then gave Murphy an overall sentence of nine years behind bars, with all but five years suspended, and four years of probation upon his release.
GARDINER - State regulators have revoked the license of an Ellsworth loan broker accused of a Ponzi-type investment and loan deal that bilked investors and employees out of hundreds of thousands of dollars. In an administrative order released Monday, William N. Lund, superintendent of the Bureau of Consumer Credit Protection, determined that Eric S. Murphy Jr., who did business under the name Murphy Home Loans in Ellsworth, committed 11 separate violations of the state's Consumer Credit Code. He also ordered Murphy to pay $21,500 in fines and fees.
Bryan Cave and one of its California lawyers are the subject of two legal malpractice lawsuits, including allegations that their advice led some 1,500 investors to suffer losses topping $100 million. The suits claim firm counsel Katherine Windler, currently in the firm's Los Angeles office, advised company leaders to operate in violation of state and federal laws. The lawsuits were filed April 28 in the central district of California by trustees in the bankruptcies of mortgage loan broker Estate Financial Inc. and its off-shoot company.
Developers are accusing a Long Island loan broker with connections to Agape World of keeping tens of thousands of dollars in upfront fees on projects that were never funded. The wannabe borrowers from across the country have complained that they each gave alleged swindler and Agape owner Nicholas Cosmo, along with loan broker, James Ludlow, due diligence payments of about $25,000. Though loans were never granted, the developers claim Agape World kept the money.
... Systemically Important Secondary Market Broker-Dealers (SISMBD Loan Program). 120.1830 - What ar...
The Better Business Bureau has issued an international alert about a fraudulent loan broker that is using the BBB name to market advance fee loans. The address given to potential customers by the loan broker is an apartment complex in Layton. According to a BBB statement, the agency has received complaints across the country about the business, which appears to be operating out of Toronto, Canada, while targeting consumers and businesses in the United States.
...PART 120: BUSINESS LOANS. Subpart K: Establishment of an SBA Direct Loan Pr... Systemically Important Secondary Market Broker-Dealers (SISMBD Loan Program). 120.1800 - Definit...
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