Former Ashland Bank Executive Pleads Guilty to Fraud

On Monday, December 18, 2017, a former bank executive in Ashland admitted in federal court that he executed a 17-year scheme to defraud Town Square Bank of more than a million dollars. Martin Ross, 52, pleaded guilty to one count of bank fraud before United States District Court Judge Bunning. Ross admitted he developed and executed a scheme to defraud Town Square Bank, where he used to work, between May 2000 and July 2017, using fake names and documentation to obtain fraudulent loans. Over the past ten years, he obtained 15 loans, with an outstanding loss of $1,415,082. Ross was charged by way of information, waiving his right to indictment by a federal grand jury. He is scheduled to be sentenced on April 16, 2018. Ross faces up to 30 years in prison and a maximum fine of $1,000,000.

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