A former vice president of Fulton Bank and Virginia Commerce Bank pleaded guilty Thursday to an identity theft and fraud scheme that led to more than $3 million in losses.
Thirty-nine-year-old Kirk Russel Marsh of Oakton forged signatures of several senior bank officers, which led to small businesses being issued more than $1.25 million in loans, while he was vice president of Virginia Commerce Bank, according to court documents.
While vice president of Fulton Bank, Marsh utilized personal information of a former client to obtain a $1 million line of credit. The funds were later utilized to purchase Wave Software from another client and make a down payment on a home. From a $485,000 line of credit of another client, Marsh made unauthorized draws to pay the operating expenses for Wave Software, according to court documents.
Marsh pleaded guilty to multiple charges, including bank fraud, aggravated identity theft and wire fraud. He faced a maximum 30-year prison sentence, if found guilty of the charges. He sentence hearing is scheduled for November 17. He is innocent until proven guilty.