Walter Scott Fox, Fixture in Portland Sailing, Guilty of $14m Fraud

Scott Fox pleads to $14m bank fraud

Walter Scott Fox III, better known as Scott Fox, was a fixture in the Portland sailing community for at least the last 20 years. The 56 year old was a longtime member of the Portland Yacht Club, owner of expensive racing sailboats, and a great advocate of junior racing.

He owned The Boathouse, a boating supply store in Falmouth's Handyboat complex where he appeared to do a good business of outfitting junior sailors with racing dinghies and associated gear. Scott Fox looked to be a successful businessman and a role model for the many youth that he helped support. As it turns out, his whole life was built on a fraudulent loan scheme that ran from 1995 to 2012 and netted Fox about $14,000,000.