A federal judge has sentenced a Jefferson County man to prison and ordered him to pay over $2 million in restitution for his role in a bank fraud conspiracy in the Eastern District of Texas.
Eulice Emerson Alvey, also known as Trey, 50, pleaded guilty to conspiracy to commit bank fraud and was sentenced to 57 months in federal prison by U.S. District Judge Marcia A. Crone on June 5, 2025. Judge Crone also ordered Alvey to pay restitution in the amount of $2,075,458.57.
The investigation revealed that Alvey was working with Billy Ray Thomas, an assistant branch manager for Neches Federal Credit Union (NFCU), to commit bank fraud. Alvey would fabricate fraudulent purchase invoices for tractors from his business, Oil City Tractor, LLC, and send the invoices to Thomas. Thomas would then use credit union members’ information to request a loan. Once the loan was approved, Thomas would share the proceeds with Alvey and they would use the money for personal and business ventures.
Thomas was also sentenced to 34 months in federal prison in April 2025. This case is being investigated by the FBI’s Beaumont Field Office and the Beaumont Police Department. This case is being prosecuted by Assistant U.S. Attorney Reynaldo P. Morin.
The case began in September 2018 when a Neches Federal Credit Union member contacted the credit union and reported that 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.
The case highlights the importance of vigilance in preventing bank fraud. Credit unions and banks must work together to identify and prevent these types of schemes. The sentence imposed on Alvey should serve as a warning to others who would engage in similar activities.
Defendant Information:
Eulice Emerson Alvey, 50, of Nome, Texas, was sentenced to 57 months in federal prison and ordered to pay restitution in the amount of $2,075,458.57 for his role in a bank fraud conspiracy.
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Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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