Southlake man sentenced for $8 million loan‑fraud scheme, using stolen funds to buy a yacht and luxury items
A Southlake man who promised to secure multi‑million‑dollar loans for small‑business owners pocketed more than $8 million and used it to buy luxury items, including a yacht, prosecutors said.
The scheme recently earned 68‑year‑old William Thomas Engle a 108‑month – or nine‑year – federal prison sentence, according to the U.S. Attorney's Office for the Northern District of Texas.
Prosecutors say Engle, a former attorney, told victims their upfront funds – deposited into so‑called "Good Faith Accounts" – would be held securely and returned regardless of loan approval, and sent fraudulent bank statements showing nonexistent accounts. Trial testimony indicated clients transferred upwards of $2 million to Engle, expecting the money to remain in those accounts until their loans were funded.
Engle then diverted the money to personal purchases, including a yacht, vehicles, jewelry, and other luxury items, authorities said.
While the scam ran from 2020 to 2022, Engle was charged in 2025 with wire fraud, conspiracy to commit wire fraud, and transactional money laundering. His trial began in January, and he pleaded guilty to one count of wire fraud after two days of victim testimony.
In addition to the sentence, Engle was ordered to pay $8,274,980 and forfeit a Jeep Wrangler and jewelry.
In a news release, U.S. Attorney Ryan Raybould said the sentence shows his office's commitment to holding accountable those who defraud "Main Street Americans."
"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," Raybould said.
FBI Dallas Special Agent in Charge R. Joseph Rothrock encouraged investors to "thoroughly research investment opportunities" and to contact his office immediately if fraudulent activity is suspected.
CBS News Texas will provide updates should more information become available.
