Ex-loan officer sentenced for embezzling $14M
The U.S. District Court in Portland sentenced Walter Scott Fox III, a former KeyBank loan officer, to 10 years in prison for embezzling $14 million in bank funds to pay for prostitutes and cars, among many other expenses.
The Portland Press Herald reported that Fox, 56, formerly of Biddeford, had used his position as loan officer to take out loans using other peoples’ names from 1995 to 2011. He pleaded guilty to tax evasion and federal bank fraud in February.
Besides the prison sentence, Fox will also have to serve an additional three years on supervised relief, commit to a 500-hour drug abuse treatment program and pay back nearly $1 million in back taxes and restitution.
Fox, who previously worked at KeyBank’s headquarters in Portland, used the $14 million in embezzled funds to pay for prostitutes, sailboats, a boating business, education for his children, family vacations and a ski condo, among other things. The scheme was revealed in 2012 when KeyBank denied an increase for one of Fox’s fraudulent credit lines, leaving no funds to stay current on the loans, which fell into delinquency in August 2012.
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