PORTLAND, Maine (AP) – A former Maine man is facing up to 30 years in prison for fraudulently obtaining $14 million, part of which was spent on vacations, his children’s education and a house for his mistress.
Walter Scott Fox, a business owner and former bank officer, pleaded guilty Tuesday to bank fraud and tax evasion in federal court in Portland. He’s due to be sentenced in May.
The Portland Press Herald reported that the 56-year-old Fox lived in Cumberland, worked at the KeyBank’s Maine headquarters and owned The Boathouse in Falmouth. According to court documents, Fox used the identities of four people to originate loans and credit lines from 1995 to 2012.
His attorney, Thom Hallett, said Fox is taking responsibility for his actions. Fox now lives in Canton, Ga.