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April 25, 2018

LAWRENCE CO., KY MAN SENTENCED TO 4 YEARS IN FEDERAL PRISON FOR BANK FRAUD AT ASHLAND BANK WHILE HE WAS ITS SENIOR VICE EXECUTIVE

Originally facing decades imprisonment, ex-bank official has to pay back nearly a $1.5 million he swindled since the start of the millennium 2000s

APRIL 25, 2018 - written by WADE QUEEN

Martin RossMartin Ross
MARTIN ROSS

A former Ashland bank executive from northern Lawrence County accused of defrauding a bank of more than a million dollars, has been sentenced to 51 months ( 4 years, 3 months ) in a federal prison.

Martin Ross, the former senior vice president at Town Square Bank, was sentenced Monday, April 16, in US District Court in Ashland after pleading guilty in December 2017. Ross was remanded into custody following his sentencing in federal court.

Ross was accused of inventing fake customers and processing loans to accompanying fake accounts. Ross was also accused of creating detailed identities for the fake accounts that included several things such as fictitious tax returns and credit reports.

Ross was accused of creating detailed identities for the fake accounts that included ficticious tax returns, credit reports, applications, brokerage account statements, property deed filings, certificates of insurance and Uniform Commercial Code filings, according to records.

Ross’ scheme existed since 2000 and lasted until August 2017, according to court records.

Ross’ attorney, David Mussetter, said his client’s plan started as a bad decision that spiraled out of control. Mussetter said Monday at the court sentencing Ross “deeply regrets his actions, and accepts full responsibility.” Ross “stood up and acknowledged his wrongdoing” from the beginning, Mussetter said.

Martin Ross, who had no prior offenses, had faced a 30-year maximum sentence.

When Martin Ross completes his 51-month sentence, he is required to pay back the money owed to the bank and will have to undergo a period of supervised release similar to probation when he completes the sentence.

The total loss that Martin Ross caused at Town Square Bank, for that he will have to repay, was $1,415,082, according to court records.

 

Comments  

0 #1 Jim Perry 2018-04-27 06:02
Sure will take a long time if he remains straight to make restitution while earning minimum wage at fast food! He'll be years at re-inventing himself.
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