Dallas Brothers Bank Fraud: $3.25M Loss

PLANO, Texas – Two Dallas brothers are facing a lengthy stretch in federal prison after a jury found them guilty of a brazen bank fraud and money laundering scheme that cost PlainsCapital Bank (PCB) approximately $3.25 million. Thomas Hughes Page, 46, and Jon Phillip Page, Jr., 54, were convicted on February 13, 2023, following a six-day trial before U.S. District Judge Sean D. Jordan, U.S. Attorney Brit Featherston announced today.

The pair operated through their company, Page Capital Group, systematically deceiving PCB between 2010 and 2017. They secured multiple loans by falsely claiming they were backed by a brokerage account containing at least $2 million. The catch? The account was a phantom – never actually funded. The Pages then enlisted a third party, Clayton Wertz, to forge brokerage statements showing a substantial balance, presenting these fabrications to the bank as proof of collateral.

Once the ill-gotten funds – totaling around $3.6 million – hit their accounts, the Pages didn’t bother with legitimate business ventures. Instead, they squandered the money on personal and business expenses, living large on stolen capital. They even attempted a thin veneer of legitimacy by making occasional loan payments, a transparent effort to mask their criminal activity and keep the scam afloat. The scheme ultimately unraveled, leaving PCB with a staggering $3.25 million loss.

“These two brothers disguised and lied to financial institutions in order steal large amounts of money for their personal use, depriving others of the legitimate business use of the money,” stated U.S. Attorney Featherston. “Keeping all the balls (lies) in the air only lasts until the FBI comes knocking, then the balls come crashing down. The FBI and prosecutors in this case did an outstanding job investigating and prosecuting the case.” The indictment and subsequent conviction highlight the relentless pursuit of financial criminals by federal authorities.

James J. Dwyer, Acting Special Agent in Charge of the FBI Dallas field office, echoed Featherston’s sentiment. “The defendants knowingly used deceptive methods to obtain a loan from a financial institution that was used for their personal benefit, in order to keep their illicit scheme afloat,” Dwyer said. “Financial Institution Fraud not only hurts the lender, but also innocent borrowers who are seeking genuine loans for their businesses. The FBI is committed to pursuing anyone that attempts to defraud financial institutions, investors, or the public.”

The Pages now face up to 30 years in federal prison. While the maximum sentence is set by Congress, the final determination will rest with Judge Jordan, taking into account advisory sentencing guidelines and other relevant factors. A sentencing hearing will be scheduled following the completion of a presentence investigation conducted by the U.S. Probation Office. The case was investigated by the Federal Bureau of Investigation – Frisco Resident Agency and prosecuted by Assistant U.S. Attorneys in the Plano office.