A former Maine bank loan officer has pleaded guilty to federal fraud and tax evasion charges, using his position to authorize over $14 million in fraudulent loans and lines of credit for 16 years.
Court documents say 56-year-old Walter Scott Fox, formerly of Cumberland, authorized the loans at Casco Northern Bank and its successor, KeyBank using people's identities without their knowledge or consent.
Prosecutors say Fox used over $5.8 million of the proceeds to keep the loans current and prevent the detection of his scheme. He used almost $8.2 million for personal expenses. The income wasn't reported to the Internal Revenue Service.
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