According to information released by the office of United States Attorney for the Middle District of Georgia, 63-year-old Sidney Hall, formerly of Albany, has been sentenced to 48 months imprisonment for bank fraud and identity theft.
Officials say that in December 2012, Hall pled guilty to two counts from a 15 count indictment. The two charges were bank fraud and aggravated identity theft.
Officials add that Hall admitted in his plea agreement that he obtained 70 bank loans at seven 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. In fact, the aircraft in question had already been pledged as collateral to another bank. The government estimated in the plea agreement that at the end of the scheme to defraud Hall had failed to repay approximately $2.7 million to the seven banks who had loaned him money under false pretenses.