An Atlanta man was sentenced Tuesday to 48 months in federal prison after receiving 70 fraudulent loans from seven banks in southwest Georgia totalling $2.8 million, authorities said.
Sidney L. Hall, 63, was convicted of bank fraud and aggravated identity theft in the United States District Court in Albany, according to U.S. Attorney Michael Moore.
In a plea agreement on Dec. 10, 2012, Hall admitted guilt on two counts of an original 15-count indictment, Moore said.
“Hall devised a scheme to lead the lending bank to believe it would have a valid first position lien on the aircraft being financed,” Moore said. “In fact, the aircraft in question had already been pledged as collateral to another bank.”
Hall also admitted to using the forged signature of a bank officer in order to commit bank fraud, Moore said.
In addition to prison time, Hall must pay restitution of more than $1.9 million and serve five years under supervised release, Moore said.
He remains on bond pending surrender to the Bureau of Prisons.
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