WHITE PLAINS, NY (WCBS 880) – Former North Castle Republican chairwoman Loronda Murphy has been indicted for mortgage fraud.
WCBS 880’s Catherine Cioffi With The Story
Westchester County District Attorney Janet DiFiore says Murphy, along with her business partner Scott Forcino, ran a mortage closing company called Settle One Corporation that was actually a home mortage fraud Ponzi scheme.
Instead of paying off a homeowner’s old mortgage with a new mortage, the DA’s office said the victims were left with multiple mortages for one home.
Among the alleged victims was Murphy’s father.
Murphy faces a total of 19 counts and Forcino faces three.
Bail for Murphy has been set at $100,000 bond. Bail for Forcino was set at $5,000 cash.
Their next court appearance will be on Sept. 15.
Murphy faces a maximum of five to 25 years in state prison on the top count.
Forcino faces a maximum of 15 months to four years in state prison on the top count.