Former Primis Bank manager sentenced to federal prison $2.4M embezzlement scheme

RICHMOND, Va. - A Weems man was sentenced today to four years and three months in prison for designing and executing a scheme over the course of 15 years to defraud his employer, a local financial institution, by issuing fraudulent loans to other individuals and using the loan proceeds for himself.

According to court documents, James Stevens, 47, was employed at Primis Bank (formerly known as Sonabank, Eastern VA Bank, and Southside Bank) from 2000 to June 2023 as a Commercial Lender, Branch Manager, and Assistant Branch Manager. As a Commercial Lender for Primis, Stevens had the authority to issue loans on behalf of the bank, as well as the ability to open and access customer accounts and transfer funds into and out of customer accounts.

Beginning in 2008, and continuing through June 2023, Stevens exploited his position of trust at Primis Bank to issue numerous fraudulent loans-on behalf of his unwitting bank employer-in the names and using the identities of numerous other individuals. Stevens would often create fraudulent documentation to support these loan applications, using the personal information of multiple Primis Bank customers in the process. Stevens would then use proceeds of these fraudulently issued loans to make payments on other previously-issued fraudulent loans, to pay himself, or to pay others. Through this loan scheme, Stevens caused a loss to Primis Bank of more than $2.3 million.

Stevens also exploited his personal relationship with one Primis Bank customer to access the customer's personal savings and checking accounts and to withdraw funds from the customer's accounts. Stevens used his access to the customer's accounts to change the mailing address on the accounts so that the bank customer remained unaware of the thefts, which eventually totaled more than $97,000. Altogether, the frauds and thefts perpetrated by Stevens resulted in a total loss to Primis Bank of $2,477,643.

Jessica D. Aber, U.S. Attorney for the Eastern District of Virginia, and Stanley M. Meador, Special Agent in Charge of the FBI's Richmond Field Office, made the announcement after sentencing by Senior U.S. District Judge Robert E. Payne.

Assistant U.S. Attorneys Thomas A. Garnett and Robert Day prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney's Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 3:24-cr-10.