⏱ 2 min read
A 68-year-old former attorney from Southlake, Texas, has been sentenced to 9 years in federal prison for running an $8 million loan fraud scheme that preyed on small business owners. William Thomas Engle promised his victims multi-million-dollar loans in exchange for up-front funding, which he then used to fuel his own greed. The scheme, which lasted from 2020 to 2022, involved Engle sending his victims fake bank statements to make them believe their funds were being held in secure accounts.
Engle’s victims testified that they transferred upwards of $2 million to him, expecting their money to be kept safe until their loans were funded. Instead, Engle used the money to buy a Jeep Wrangler and several pieces of jewelry, which he has now been ordered to forfeit. The court also ordered Engle to pay $8,274,980 in restitution to his victims.
The sentence is a result of a joint effort by the FBI and the US Attorney’s Office for the Northern District of Texas to hold accountable those who defraud innocent Americans. According to US Attorney Ryan Raybould, Engle’s scheme was an elaborate one that preyed on people who were trying to build their futures. The FBI’s Dallas Special Agent in Charge, R. Joseph Rothrock, encouraged the public to be vigilant and report any suspicious activity to the authorities.
The case serves as a reminder to small business owners to be cautious when seeking financial help and to thoroughly research investment opportunities. Engle’s sentence is a warning to those who would seek to exploit others for their own gain.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Texas
- Location: TX
- Source: DOJ Press Release
