Myrtle Beach Man Pleads Guilty to Conspiracy to Commit Bank Fraud

United States Attorney William N. Nettles stated today that Gary Albert Hager, age 58, of North Myrtle Beach, SC, pled guilty today in federal court in Florence to conspiracy to commit bank fraud, a violation of Title 18, United States Code, Section 1349. Evidence presented at the change of plea hearing established that Hager was employed as a loan officer for J P. Morgan Chase Bank in Myrtle Beach, SC. As such, he became acquainted with Jeremy Eason, a mortgage broker employed by Dunes Mortgage. Eason arranged for the separate sale of four properties in the Myrtle Beach area. The sales generated mortgage loans submitted by Hager in the amount of $3,300,000.00 to J. P. Morgan Chase and Plantation Federal. The loan packages that contained applications with false information, false HUD 1 Settlement Statements, as well as inflated appraisals. Hager and others were then able to receive excess proceeds at closing to divide amongst themselves, unbeknownst to the banks. Hagar also received approximately $25,000.00 in kickbacks from Jeremy Eason from August to October 2008. Posted in: Collusive Networks