ATLANTA -- Sidney L. Hall, of Atlanta, pleaded guilty to charges of bank fraud and aggravated identity theft on Monday in Albany, Ga.
According to an official of the United States Attorney Middle District of Georgia, Hall pled guilty to Counts One and Fourteen of a Fifteen Count Indictment.
Bank fraud could give Hall up to 30 years in prison, a $1 million fine and five years of supervised release following his term. For aggravated identity theft, Hall will serve a mandatory minimum prison term of two years, pay a $250,000 fine and follow with one year supervised release.
Hall, 63, admitted to obtaining 70 bank loans at seven different bank locations for an amount of $2.8 million. Hall told the court that he made a plan that would make the lending bank believe it would have a valid first position lien on an aircraft being financed.
The aircraft had already been put down as collateral to another bank. It was determined at the end of the scheme that Hall had not paid an estimated $2.7 million to the banks who loaned him money under false beliefs.
U.S. Attorney Michael Moore said investigations and prosecutions of fraud against lending institutions will continue.
Hall will be sentenced on February 21, 2013 before Judge W. Louis Sands in Albany.