Nesconset Man Gets 8 Years for Bank Fraud

Nesconset Man Gets 8 Years for Bank Fraud

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 65-year-old former investment manager from Nesconset was sentenced Tuesday to eight years in federal prison for defrauding lenders out of $93 million by hiding the poor fiscal health of his company.John Murphy, the former chief executive officer of Suffolk County-based Oak Rock Financial, had pleaded guilty to bank fraud in 2013 at Central Islip federal court.“By making fraudulent representations with respect to Oak Rock’s financial position, Murphy caused financial institutions and private investors to suffer millions of dollars in losses,” said Kelly Currie, acting U.S. Attorney for the Eastern District of New York.Prosecutors said Murphy, who was compensated $600,000 a year, misled banks by providing them with false documentation to make it appear that the company was making up to date payments on loans that were actually in default in 2009.last_img


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