Southlake man sentenced to nine years in prison for $8 million loan fraud scheme

FT WORTH, Texas — United States Attorney for the Northern District of Texas, Ryan Raybould, announced that William Thomas Engle, 68, of Southlake, Texas was sentenced to nine years in federal prison on July 30 for defrauding individuals out of more than $8 million by promising them assistance in obtaining loans for their small businesses. The former attorney was also ordered to pay $8,274,980 in restitution and forfeit a Jeep Wrangler and several pieces of jewelry. “William Engle built an elaborate scheme that preyed on small business owners seeking legitimate financial help,” said U.S. Attorney Ryan Raybould. “These victims were working to build their futures, and instead of the promised support, Engle fed them repeated lies and forged documents while siphoning off millions from them to fuel his own greed. This sentence demonstrates our commitment to protecting the public and holding accountable those who defraud Main Street Americans.” “The sentence imposed in this case is a result of our commitment to hold accountable those who abuse their positions for personal gain,” said FBI Dallas Special Agent in Charge R. Joseph Rothrock. “We encourage the public to thoroughly research investment opportunities and to contact us immediately if they suspect fraudulent activity.” Court documents reflect that from 2020 to 2022, Engle engaged in a scheme to defraud customers by promising them multi-million-dollar loans for their businesses so long as they provided up-front funding in the form of “Good Faith Accounts.” At trial, victims testified that Engle promised them that their funds would be held in secure accounts and would be returned to them regardless of whether the loan was funded. Customers testified that they transferred upwards of $2 million to Engle, expecting their money to be kept in these accounts until their loans were funded. Engle, in turn, sent the customers bank statements purporting to show their funds housed in these secure accounts. Evidence presented at trial showed the bank statements were fraudulent, and Engle had transferred the customer funds to his personal bank accounts. Engle used customer funds to purchase personal luxury items such as a yacht, vehicles, and jewelry. None of the money was ever returned to the victims. Instead, Engle provided the victims with false excuses to explain why the loans had never been funded. Engle used the fraudulently obtained funds to purchase several pieces of luxury jewelry Defendant purchase Rolex with fraudulently received money Yacht also purchased with the money stolen from small business owners Engle was charged in September 2025 with wire fraud, conspiracy to commit wire fraud, and transactional money laundering. The defendant proceeded to trial in January 2026, but after two days of testimony from several victims, Engle pleaded guilty to one count of wire fraud. U.S. District Judge Mark T. Pittman sentenced him to 108 months in federal prison. The FBI’s Fort Worth Resident Agency conducted the investigation. Assistant U.S. Attorneys Brandie Wade from the Violent Crimes Section and Marty Basu from the Fraud Section prosecuted the case.