Grimy Times has learned that Gary Patton Hall, Jr., a 47-year-old resident of Tifton, Georgia, has pleaded guilty to conspiracy to commit bank fraud.
According to officials, Hall carried out the scheme while serving as President and CEO of the Tifton Banking Company from 2005 to 2010. He allegedly conspired with others to obtain money, funds, credits, assets, securities, and other property of the bank.
The plot involved replacing non-performing loans with new loans, including a Small Business Administration (SBA) guaranteed loan, to make the bank appear financially stronger than it was. This action resulted in monetary losses of approximately $2.8 million to the bank and SBA.
The scheme continued even as the bank applied for and received assistance from the Troubled Asset Relief Program (TARP), a government program established to help financial institutions during the financial crisis.
Under the plea agreement, Hall faces a sentence of 65 months in federal prison. The maximum possible sentence under the law is 30 years imprisonment, a maximum fine of $1,000,000.00, or both, a term of supervised release of up to five years, and a mandatory assessment fee of $100.00.
Sentencing is set for September 30, 2013. The case was investigated by the Federal Deposit Insurance Corporation, the Special Inspector General for TARP (SIG-TARP), the Federal Bureau of Investigation, the U.S. Small Business Administration, and the Tift County Sheriff’s Office. Assistant United States Attorney Robert D. McCullers is handling the prosecution for the Government.
For more information, contact Sue McKinney, Public Affairs Specialist, United States Attorney’s Office, at (478) 621-2602.
Mandatory Facts:
Defendant: Gary Patton Hall, Jr.
Crime: Conspiracy to Commit Bank Fraud
City and State: Tifton, Georgia
Date: 2010
Sentence: 65 months in federal prison
Dollar Amount: $2.8 million
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Key Facts
- State: Georgia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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