Former Tifton Banking CEO indicted for fraud

Interesting this bank CEO has been indicted for fraud and not the big bank CEOs or board of directors!

WASHINGTON –Former Tifton, Ga., bank president Gary Patton Hall Jr. has been indicted by a federal grand jury on six counts of bank fraud and one count of major fraud against the United States, federal officials have announced.

Hall, 49, was charged Thursday for his role in a bank fraud scheme in which he is accused having hidden underperforming and at-risk loans from the bank and the Federal Deposit Insurance Corporation (FDIC), Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division and U.S. Attorney Michael J. Moore of the Middle District of Georgia, jointly announced.

Hall was indicted Thursday.

According to allegations in the indictment, Hall was the president/CEO of Tifton Banking Company from August 2005 until June 2010. During that time, prosecutors allege, Hall was engaged in a long running scheme to mislead the bank and its loan committee about loans the bank made to local people and businesses.

As part of the scheme, Hall allegedly hid past-due loans from the FDIC and the Tifton Banking loan committee, which resulted in the bank continuing to approve and renew delinquent loans and loans for which the collateral was lacking. Several of the borrowers eventually defaulted on the loans, resulting in millions of dollars in losses to the bank and others.

Read on.

One response to “Former Tifton Banking CEO indicted for fraud

  1. Reblogged this on Alina's Blog.

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