Post by pavel on Feb 26, 2016 6:12:40 GMT -6
Self-dealing banker to pay $3.9 million; spend seven years in prison
The former president of a Tifton bank was sentenced Thursday to seven years in federal prison and ordered to pay more than $3.9 million in restitution for hiding bad loans - including one he had a personal interest in — that helped sink the bank in 2010.
Gary Patton Hall Jr., of Tifton, was sentenced in U.S. District Court in Valdosta for conspiracy to commit bank fraud and fraud against the U.S. government agencies that suffered losses as a result of Tifton Banking Co.’ s failure.
The bank still owed $3.8 million in federal bailout funds when it failed, said the special inspector general’s office for the federal TARP bank fund, known as SIGTARP.
Hall, 49, who was president and chief executive of the bank from 2005 to 2010, pleaded guilty in December. He had faced up to 30 years in prison for the charges.
Read more: www.ajc.com/news/business/self-dealing-banker-to-pay-39-million-spend-seven-/nqYJT/
The former president of a Tifton bank was sentenced Thursday to seven years in federal prison and ordered to pay more than $3.9 million in restitution for hiding bad loans - including one he had a personal interest in — that helped sink the bank in 2010.
Gary Patton Hall Jr., of Tifton, was sentenced in U.S. District Court in Valdosta for conspiracy to commit bank fraud and fraud against the U.S. government agencies that suffered losses as a result of Tifton Banking Co.’ s failure.
The bank still owed $3.8 million in federal bailout funds when it failed, said the special inspector general’s office for the federal TARP bank fund, known as SIGTARP.
Hall, 49, who was president and chief executive of the bank from 2005 to 2010, pleaded guilty in December. He had faced up to 30 years in prison for the charges.
Read more: www.ajc.com/news/business/self-dealing-banker-to-pay-39-million-spend-seven-/nqYJT/