HOUSTON, Texas – A brazen bank fraud scheme has come crashing down, with a 62-year-old Houston resident admitting to laundering funds from a massive 9-year long swindle that netted at least $35 million in fraudulent loan proceeds.
William Mills, a Houston resident, pleaded guilty to money laundering, admitting to conspiring with others in a scheme that involved dozens of loans between 2014 and 2023. As part of the plea deal, Mills acknowledged opening and maintaining shell companies and bank accounts to collect money from the scheme.
He then laundered the fraud proceeds by wiring them to bank accounts controlled by co-conspirators, a move that would put even the most seasoned money launderers to shame.
The scheme worked by preparing loan applications that contained false and fraudulent information and documents, including fake equipment sales invoices, income tax returns and financial and bank statements.
Mills, 62, faces up to 10 years in federal prison and a possible $250,000 maximum fine or twice the amount involved in the transaction when U.S. District Keith Ellison imposes sentencing on June 27.
Until then, Mills will remain in custody pending the hearing. Two other Houston residents, Jeremiah Almaguer, 45, and Bun Khath, 44, both previously pleaded guilty to money laundering in the same scheme and are awaiting sentencing.
Hugo Villanueva, 70, a fourth Houston resident charged in the case, is still on the run and wanted by authorities. Anyone with information about his whereabouts is asked to contact the FBI at 713-693-5000.
The investigation was conducted by the Federal Housing Finance Agency-Office of Inspector General (OIG), IRS Criminal Investigation, FBI and Federal Deposit Insurance Corporation-OIG. Assistant U.S. Attorney Belinda Beek is prosecuting the case.
Related Federal Cases
- William Guy Mortensen, Bank Fraud Scheme, TX, 2012 · Kansas
- Jason Jarin, Medicaid Fraud and Illicit Transition Procedures, Texas 2023 · Oklahoma
- Nancy Marie Stein Sentenced for Bank Fraud and Environmental Crime,… · Alabama
- W.A. MOORE, JR., Bank Fraud, OK, 2023 · Oklahoma
- Victor Earl Garrett, Bank Fraud Conspiracy, OK, 2023 · Oklahoma
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News