A Pennsylvania man pleaded guilty last week to defrauding a local bank, resulting in losses of over $700,000, according to the U.S. Attorney’s Office, Eastern District of Virginia.

Bernard Stromberg Jr., 40, of Morrisville, Pa., pleaded guilty to conspiracy to commit fraud and wire fraud charges on Jan. 25 in U.S. District Court in Newport News.

Stromberg was indicted by a federal grand jury last Oct. 13 on conspiracy to commit bank and wire fraud charges, engaging in monetary transactions with proceeds derived from unlawful activity, and false statement on a loan application. Stromberg faces a maximum penalty of 30 years when he is sentenced on May 1.

According to court documents, Stromberg was the chief financial officer of Atomica, a Pennsylvania design company that had a working relationship with Chesapeake Bank of Gloucester. In 2009, at Stromberg’s direction, over 250 false invoices were submitted to the bank to cover various Atomica shortfalls. The invoices r...