State News

State launches criminal probe of dead Dunn businessman

Posted October 13, 2010

— The state Department of Insurance has begun a criminal investigation into the businesses of a Harnett County businessman who killed himself two months ago.

Raymond Lee Mulkey Jr., 63, was found dead in North Myrtle Beach, S.C., on Aug. 16. Authorities ruled his death a suicide.

His estate filings show he signed his will a week before his death.

Dozens of individuals and businesses, including several banks, have since filed more than $40 million in claims against his estate.

A Fayetteville attorney who represents several creditors has accused Mulkey of running a Ponzi scheme and says it will be difficult for most to recover the money they invested with Mulkey.

The estate listed $8 million in assets.

The debts caused the DOI to audit Mulkey’s insurance businesses in Dunn and Fayetteville. Department spokeswoman Kristin Milam said the criminal investigation began after the audit was finished.

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  • tgodsclay Oct 13, 2010

    Sad... some have been foreclosed on their loans with New Century bank... loans that the payments were current- they can just write off 11 million for someone like Mr. Mulkey but have no compassion or cannot just renew a loan for a hard working, honest person- it is so sad... I hope that everyone that has been hurt by this... will come forward and stop the greed!! They are now stopping at nothing... to keep paying those CEO's with big lifestyles! Ms. Beverly Purdue if you read this- do your part and call for a deeper investigation!!PLease, Please!

  • dixieboy Oct 13, 2010

    How about spending time and resources on issues that offer the possibility of productive outcome.

  • NCgyrl Oct 13, 2010

    Guess that explains why New Century is emptying out those offices in downtown Dunn!

  • kristy3 Oct 13, 2010

    He was on the BOD for some of the banks & "rumor" has it that NO app was required! Also, he owned alot of the companys that he "was in debt to".....

  • superman Oct 13, 2010

    How did the banks loan him all that money. Didnt they know he loans at other banks? When he filled out the loan application-- that is if they required one-- didnt he have to list exising loans? Wouldnt a credit check show up some of these outstanding loans. I think perhaps the banks just gave him the money.

  • Sherlock Oct 13, 2010

    And just how are you going to collect or even go to trial with the case? It sounds like th eguy worked for the gover Bev