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Pensacola, Florida Man and Son Sentenced for Bank Fraud and Money Laundering
A father and son duo from Destin, Florida, have been sentenced to prison for their roles in a bank fraud and money laundering scheme. Gary Wayne Thomas, 64, and his son Brian Keith Thomas, 40, both from Alabama, were sentenced by Chief U.S. District Court Judge M. Casey Rodgers in Pensacola, Florida.
Gary Wayne Thomas was sentenced to 72 months in prison, while his son Brian Keith Thomas received a 24-month prison term. Both men were convicted of conspiracy to structure cash withdrawals and structuring cash withdrawals to avoid the Currency Transaction Reporting (CTR) requirement, conspiring to commit bank fraud, and conspiracy to commit money laundering.
The evidence presented in court showed that between January 1, 2008, and November 1, 2008, Gary Thomas and Brian Thomas caused approximately $4,550,000 to be deposited into their domestic bank accounts and then wired to offshore bank accounts in the Cayman Islands and Belize.
After stopping payments on a $56 million loan from New South Federal Savings Bank, now known as Beal Bank, Gary Thomas began wiring approximately $2,150,000 from the offshore banks into several domestic accounts, including five accounts opened by Brian Thomas in Destin banks.
The father and son duo conspired to structure withdrawals of cash under $10,000 to avoid the CTR requirement and hide Gary Thomas’s interest in the funds from his creditor bank. The structured withdrawals were done on 194 occasions and totaled more than $1.6 million.
Gary Thomas used some of the funds to purchase five airplanes, numerous vehicles, and homes in Destin, Florida, and Fairhope, Alabama. The government has successfully forfeited the five airplanes, approximately $387,413 in cash, and a $60,000 Hyundai Equus. Monetary judgments of forfeiture have also been obtained against Gary and Brian Thomas in the amounts of $4,970,000 and $1,197,148, respectively.
U.S. Attorney Pamela C. Marsh credited the successful prosecution of the case to the joint efforts of the Internal Revenue Service – Criminal Investigation, the United States Marshals Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Assistant U.S. Attorney Tiffany H. Eggers prosecuted the case.
The case was prosecuted by Assistant U.S. Attorney Tiffany H. Eggers. The Internal Revenue Service – Criminal Investigation, the United States Marshals Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives were also involved in the case.
Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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