And all this time I though it was them damn scumbag deadbeat homeowners that manipulated the files to get the loans approved…


Each Face up up 30 years in Prison



Myrtle Beach Man Charged With Bank Fraud
United States v. Gary Albert Hager, Criminal No. 10-511.
AUSA Bill Day, FBI Agent Rondi Peiscop-Grau

Excerpts from the release…

On April 30, 2010, the US Attorney’s office filed an Information charging Gary Albert Hager with conspiracy to commit bank fraud, along with a Plea Agreement wherein Hager admits the same…

As part of the conspiracy, Hager’s co-conspirators arranged for the sale of four separate properties in the Myrtle Beach area with the understanding that the properties would be given a higher value than their actual value in order to obtain large loans.


Loan applications were made to the banks which included inflated real estate appraisals, false mortgage loan applications, fake documentation, and false HUD-1 settlement statements.


Hager assisted by working to insure that the loans would be approved. As a result, loans in excess of $3,300,000 were paid and Hager was given kickbacks of approximately $25,000. Hager is scheduled to plead in July 2010.

2 plead guilty in SC bank fraud case

The Associated Press
Jul 20, 2010

FLORENCE, S.C. — Two former bank officials in South Carolina have pleaded guilty to fraud charges.

Multiple media outlets reported 58-year-old Gary Albert Hager and 44-year-old Jill Diane Brennan pleaded guilty to conspiracy to commit bank fraud in federal court in Florence on Monday.

Hager and Brennan admitted falsifying information on loan applications so banks would approve mortgages that wound up in foreclosure.

Hager worked at the J.P. Morgan Chase office in Myrtle Beach. Brennan worked at a Bank of America office in Myrtle Beach.

U.S. District Judge Terry Wooden agreed to allow them to remain free until they are sentenced in about two months. Each face up to 30 years in prison.

Hager and Brennan also face possible fines of up to $1 million each and could be ordered to pay restitution.