- Associated Press - Thursday, June 26, 2014

PORTLAND, Maine (AP) - A former Maine man who pleaded guilty to stealing $14 million and spending it on vacations, his children’s education, prostitutes and a house for his mistress is going to prison for 10 years.

Walter Scott Fox, a business owner and former bank officer, was sentenced Thursday in federal court in Portland.

Assistant U.S. Attorney Halsey Frank said Fox used his position at KeyBank to take out loans in other people’s names and used the loans to make payments on other loans. The Portland Press Herald reported that Fox told the judge that he lived a lie for “so long, it became reality.”

Defense lawyer Thom Hallett said Fox’s scheme was different from other fraud cases in that there were no individual victims deprived of their life savings, only the bank.

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