GARDINER (AP) – State regulators have revoked an Ellsworth loan broker’s license for five years for mishandling clients’ money and failing to demonstrate financial responsibility.

Officials said Tuesday that Eric Murphy Jr., who operated under the name Murphy Home Loans, was also assessed penalties and costs of $21,500 under terms of an administrative order.

William Lund, superintendent of the Bureau of Consumer Credit Protection, said Murphy was both a loan broker and an investment facilitator and shuffled funds from one investment project to another, making payments to earlier investors using funds from subsequent investors.

Murphy has 30 days to appeal the administrative order.

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