A former banking executive has been found guilty of a brazen identity theft and fraud scheme that left a trail of destruction in its wake. Kirk Russel Marsh, 39, of Oakton, pleaded guilty to wire fraud, bank fraud, and aggravated identity theft.
Marsh’s scheme, which took place between his stints at Virginia Commerce Bank and Fulton Bank, resulted in over $3 million in losses. He forged signatures of senior bank officers to issue over $1.25 million in loans to small businesses at Virginia Commerce Bank. At Fulton Bank, Marsh used the name and personal identifying information of a former client to fraudulently apply for a $1 million line of credit.
The fraudulent line of credit was used to purchase Wave Software, a software company, and make the down payment on Marsh’s house. Marsh also made unauthorized draws on a $485,000 line of credit of another client, using the funds to pay Wave Software operating expenses.
Marsh’s scheme didn’t stop there. After being fired from Fulton Bank, he pretended to buy a company that sold beauty products, Revive You Media. He then requested real financial information as part of due diligence, using that information to hold himself out as the owner of Revive You Media and seek financing.
Marsh’s attempts to secure financing led him to use the identities of other former clients and family members. The attempted loss from his scheme is over $10 million. Marsh’s guilty plea comes as a welcome relief to the victims of his scheme.
Marsh faces a maximum penalty of 30 years in prison when he is sentenced on November 17. A federal district court judge will determine his sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors. Marsh’s crimes were uncovered by the U.S. Attorney’s Office for the Eastern District of Virginia, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and the FBI’s Washington Field Office.
Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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