ASHLAND, Ky. (AP) — A former Kentucky bank executive has admitted to taking $1.4 million from Town Square Bank by processing loans to fake customers.

The Independent reports that Martin Ross, who was a senior vice president at the bank, pleaded guilty Monday. He admitted in a federal court plea bargain to creating a scheme, in which he crafted detailed identities.

Court records show he invented several fictitious customers and issued loans ranging from more than $45,000 to more than $240,000 between February 2007 and August 2017. Those loans represent accounts where a balance remains.

Ross' attorney, David Mussetter, says it's a case that didn't involve customer funds. Mussetter says Ross' scheme started as a "bad decision" to take out the initial loan, and spiraled out of control.

Ross is scheduled to be sentenced in April.

___

Information from: The Independent, http://www.dailyindependent.com