A 40-year-old Winnie man has been sentenced to 34 months in federal prison for bank fraud conspiracy in the Eastern District of Texas, according to Acting U.S. Attorney Abe McGlothin, Jr. Billy Ray Thomas, Jr. pleaded guilty to the charges and was sentenced by U.S. District Judge Marcia A. Crone. Thomas was also ordered to pay restitution totaling $1,363,825.18.
Thomas, an assistant branch manager for Neches Federal Credit Union (NFCU), reportedly colluded with another person to commit bank fraud by falsely securing loans under the names of family members and acquaintances. The fraud came to light on September 6, 2018, when an NFCU member alerted the credit union about loans they did not request. Shortly after, another member reported similar issues. This pattern continued, ultimately involving around 30 members linked to Thomas.
The investigation revealed various methods by which Thomas facilitated the fraud. Victims claimed they either did not sign the loan documents, signed them electronically when presented with a tablet by Thomas, or signed paper documents without understanding them due to their trust in Thomas. Thomas initially joined NFCU on May 16, 2005, and eventually became an assistant branch manager, a role that included loan officer responsibilities. He resigned on September 18, 2018, amid the fraud allegations. The estimated financial damage from his actions exceeds $1 million.
The FBI's Beaumont Field Office, in collaboration with the Beaumont Police Department, conducted the investigation. Assistant U.S. Attorney Reynaldo P. Morin led the prosecution.