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.

Comments
Previous articleHempstead Man Charged With Killing Partner, Tot in Crash
Next article‘Everybody Wants Some’ Van Halen at Jones Beach
Timothy Bolger is the Editor in Chief of the Long Island Press who’s been working to uncover unreported stories since shortly after it launched in 2003. When he’s not editing, getting hassled by The Man or fielding cold calls to the newsroom, he covers crime, general interest and political news in addition to reporting longer, sometimes investigative features. He won’t be happy until everyone is as pissed off as he is about how screwed up Lawn Guyland is.