Friday, July 13, 2012
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ALBANY A licensed aircraft broker from Carrollton was released on his own recognizance following an initial court appearance Friday in federal court on bank fraud and ID theft charges.
Sidney Hall, the owner and proprietor of "Sid Hall Enterprises," has been named in 15-count indictment in which the U.S. Attorney's office alleges he conspired to defraud seven different Southwest Georgia banks of loans totaling $3.1 million.
According to the indictment, Hall is alleged to have gone to each of the seven banks and taken out thousands of dollars worth of loans to purchase aircraft, many of which he had already but down as collateral at several of the other banks.
For example, count six of the indictment alleges that Hall took out a loan with Americus-based SB&T Bank for a $41,750 loan for a particular plane without disclosing to the bank that he had already pledged that same plane as collateral for at least four other loans with different banks.
Additionally, count 13 of the indictment alleges that Hall knowingly negotiated a $46,150 loan with First State Bank of Blakely based on a purchase price he told bank officials was $46,000 when prosecutors contend that he had bought for $17,000.
The U.S. Attorney's office also contends that on two different occasions, Hall used the identification of banking officials to prepare documentation to release liens placed on two aircraft with the Federal Aviation Administration.
In court Friday, the former Marine entered two not guilty pleas to the charges in the indictment and was released on his own recognizance after surrendering his passport.