Sidney L. Hall, a 63-year-old from Atlanta, and formerly of Albany, Georgia, has been sentenced to 48 months imprisonment for bank fraud and aggravated identity theft. Hall was sentenced by United States District Court Judge, W. Louis Sands, in Albany, Georgia.
Hall pleaded guilty to counts 1 and 14 of a 15 count indictment on December 10, 2012. Count 1 charged Hall with bank fraud, which carried a maximum possible sentence of 30 years imprisonment, a $1,000,000 fine, and five years of supervised release after imprisonment. Count 14 charged Hall with aggravated identity theft, which carried a mandatory minimum term of imprisonment of two years, a $250,000 fine, and one year of supervised release.
According to the plea agreement, Hall obtained 70 bank loans at 7 different banks in the total amount of $2.8 million. Hall devised a scheme to lead the lending bank to believe it would have a valid first position lien on the aircraft being financed. However, the aircraft in question had already been pledged as collateral to another bank. The government estimated that at the end of the scheme, Hall had failed to repay approximately $2.7 million to the seven banks who had loaned him money under false pretenses.
Hall was ordered to pay restitution in the amount of $1,979,291 to the seven different banks in Southwest Georgia who loaned monies to him under fraudulent pretenses. Hall must also serve five years of supervised release after serving his sentence. Hall remains on bond pending surrender to the Bureau of Prisons.
The investigation was conducted by the Federal Bureau of Investigation, and Assistant United States Attorney Jim Crane handled the prosecution. Inquiries regarding the case should be directed to Sue McKinney, Public Affairs Specialist, United States Attorney’s Office at (478) 621-2602.
United States Attorney for the Middle District of Georgia, Michael J. Moore, announced the sentencing of Hall. The case highlights the ongoing efforts of law enforcement to combat bank fraud and identity theft in the region. The sentence handed down to Hall serves as a warning to those who would engage in similar criminal activity.
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Key Facts
- State: Georgia
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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