Small-business owners transferred millions of dollars to William Thomas Engle after he promised to help them obtain large commercial loans and assured them that their upfront deposits would remain untouched.
Instead, federal prosecutors said Engle moved the money into personal bank accounts and spent it on a yacht, vehicles, jewelry and other luxury purchases.
Engle, a 68-year-old former attorney from Southlake, Texas, was sentenced July 30 to 108 months in federal prison. He was also ordered to pay $8,274,980 in restitution and forfeit a Jeep Wrangler and several pieces of jewelry.
The Money Was Supposed to Stay in Secure Accounts
Southlake man sentenced for $8 million loan-fraud scheme, using stolen funds to buy a yacht and luxury items https://t.co/jcFQyzUYtt
— CBS News Texas (@CBSNewsTexas) August 1, 2026
From 2020 through 2022, Engle offered to help customers obtain multimillion-dollar loans for their businesses, according to the U.S. Attorney’s Office for the Northern District of Texas.
Before the financing could be arranged, he required the business owners to provide upfront money for what he called “Good Faith Accounts.” Engle promised that the funds would remain in secure accounts until the loans were completed.
He also told customers that their deposits would be returned regardless of whether the financing was ultimately approved. At trial, victims testified that they transferred upward of $2 million to Engle while waiting for the promised loans.
Fraudulent Statements Made the Deposits Appear Safe
Engle sent customers bank statements that appeared to show their money sitting in the promised secure accounts. Evidence presented in federal court established that the statements were fraudulent and that the supposed accounts did not contain the victims’ deposits.
Prosecutors said Engle had instead transferred the money into personal bank accounts under his control. None of the promised loans was funded, and none of the money was returned to the victims. When customers questioned the repeated delays, Engle supplied false explanations rather than disclosing that their deposits had already been diverted.
Engle used the customers’ money to buy personal luxury items, including a yacht, vehicles and jewelry. The Justice Department released photographs of jewelry, a Rolex watch and the yacht purchased with proceeds from the operation.
Victims Testified for Two Days Before Engle Pleaded Guilty
Federal prosecutors charged Engle in September 2025 with wire fraud, conspiracy to commit wire fraud and transactional money laundering.
He initially proceeded to trial in January 2026. Several victims spent two days testifying about the deposits they had made and the financing they never received. Engle then stopped the trial and pleaded guilty to one count of wire fraud.
U.S. District Judge Mark T. Pittman sentenced him to nine years in federal prison and ordered him to pay $8,274,980 in restitution in addition to surrendering the Jeep Wrangler and jewelry.
A Bank Statement Supplied by the Broker Is Not Independent Proof
Before transferring a large commercial-loan deposit, a business owner can contact the bank or escrow institution directly through independently obtained information and confirm whether the account exists, who controls withdrawals and under what conditions the money can be released.
The account agreement should identify the financial institution, account holder, beneficiary, refund terms and any third party authorized to move the funds. A screenshot or statement forwarded by a consultant does not independently verify those details.
The Federal Trade Commission warns that promises of financing in exchange for substantial upfront payments are a common feature of advance-fee loan scams.