February 29, 2016

February 25, 2016

Gary Patton Hall Jr., former president and CEO of Georgia-based Tifton Banking Company, was sentenced to 84 months in prison and to pay $3,931,018 in restitution for his role in a conspiracy to commit bank fraud.  Hall admitted he engaged in a scheme to mislead the bank and its loan committee about loans TBC made to local individuals and businesses.  Hall hid past-due loans from the Federal Deposit Insurance Corporation (FDIC) and the TBC 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 TBC and others.  In November 2010, the Georgia Department of Banking and Finance closed TBC because of its poor financial condition.  DOJ

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