State regulators are investigating two companies run by a deceased Harnett County businessman who has been accused of running a Ponzi scheme.
The administrator for the estate of Raymond Mulkey Jr. has notified the state Department of Insurance about questionable data that was uncovered during a review of Mulkey’s estate, said department spokeswoman Kristin Milam.
The department's Agent Services Division is conducting audits of two of Mulkey's insurance agencies, Mulkey & Associates and Southeastern Insurance Services.
Those audits are ongoing, Milam said.
Mulkey, 63, was found dead in his home in North Myrtle Beach, S.C., on Aug. 16. The Horry County coroner has said a cause of death has yet to be determined.
Since Mulkey’s death several small North Carolina banks have discovered apparent fraud by borrowers on loan applications and paperwork involving the extension of loans.