stickyimage

Fraud Friday — Bank VP Steals Small Biz Borrower Identities to Make Himself Loans

August 18, 2017

By Bob Coleman
Editor, Fraud Friday

Fraud Friday — Bank VP Steals Small Biz Borrower Identities to Make Himself Loans

Kirk Russel Marsh, 39, forged the signatures of senior bank officers to approve over $1.25 million in fraudulent loans to small businesses.

While employed as a vice president at Virginia-based Fulton Bank, Marsh used the name and personal identifying information of a former client to fraudulently obtain a $1 million line of credit.

He used the proceeds to purchase another client’s software company, Wave Software, and make a down payment on his house.

Marsh also made unauthorized draws on a $485,000 line of credit of another client, which he used to pay Wave Software operating expenses.

After being fired by Fulton Bank, and while purportedly cooperating with the United States, Marsh pretended to buy a company that sold beauty products, Revive You Media.

He requested financial information as part of a purported due diligence. However, Marsh used that financial information to hold himself out as the owner of Revive You Media and seek over $10 million in financing.

As part of those attempts to secure financing, Marsh also used the identities of other former clients and family members.

On Wednesday, Marsh pleaded guilty to wire fraud, bank fraud, and aggravated identity theft.

He faces a maximum penalty of 30 years in prison when sentenced on November 17.

1 month ago by in . You can follow any responses to this entry through the | RSS feed. You can leave a response, or trackback from your own site.