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 StoryREAD MORE: Newborn Twins Found Dead In Queens, Mother In Custody
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.READ MORE: COVID On Long Island: Oyster Bay Offers Saliva-Based COVID Testing As Town Continues On Road To Reopening
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.MORE NEWS: On Day Of Beloved Father's Funeral, Long Island Family Says They Learned Someone Else Was Buried In His Plot
Forcino faces a maximum of 15 months to four years in state prison on the top count.