Bank Fraud Conspiracy Rocks Texas Community
A Winnie man has been sentenced to federal prison for bank fraud conspiracy in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.
Billy Ray Thomas, Jr., 40, pleaded guilty to conspiring to commit bank fraud and was sentenced to 34 months in federal prison by U.S. District Judge Marcia A. Crone on April 29, 2025.
Thomas was also ordered to pay restitution of $1,363,825.18. This massive sum reflects the devastating impact of Thomas’s crimes on the victims, who trusted him implicitly.
According to information presented in court, on September 6, 2018, a Neches Federal Credit Union (NFCU) member contacted the credit union and reported there were loans reflected on their account that they did not request. Shortly thereafter, another member notified the Credit Union that they also had loans on their account that were not theirs.
This type of notification then became common over the next few weeks, involving as many as 30 members, all associated with Thomas, an assistant branch manager for NFCU. An investigation revealed Thomas was working with another individual to commit bank fraud by using family members and acquaintances as the identified borrowers.
Thomas’s victims stated either they did not sign the documents, or they did sign the documents but did so electronically when Thomas would bring them a tablet for signature. In other circumstances, the victims stated they did physically sign some paper documents. However, in most circumstances, the victims stated they did not know what they were signing as they trusted Thomas implicitly.
Thomas was originally employed on May 16, 2005, with NFCU at the Pearl Street Branch in Beaumont. At some point, Thomas was promoted to the position of assistant branch manager and some of Thomas’s responsibilities included serving as a loan officer.
Thomas resigned from his employment as the assistant branch manager on September 18, 2018. As a result of Thomas’s fraudulent activities, losses are estimated at over $1 million. This case serves as a stark reminder of the importance of trust and vigilance in our financial institutions.
The investigation was led by the FBI’s Beaumont Field Office and the Beaumont Police Department, with Assistant U.S. Attorney Reynaldo P. Morin handling the prosecution.
Related Federal Cases
- Victor Earl Garrett, Bank Fraud Conspiracy, OK, 2023 · Oklahoma
- Shannon Tecoko Mays, Conspiracy to Commit Wire Fraud, Texas, 2012 · Oklahoma
- Eduardo Ravelo, Racketeering Conspiracy, Texas 2013 · Oklahoma
- Jason Jarin, Medicaid Fraud and Illicit Transition Procedures, Texas 2023 · Oklahoma
- Mark C. Simpson, Child Support Fraud and Drug Conspiracy, Atlanta G… · North Carolina
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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