BEAUMONT, Texas – Billy Ray Thomas, Jr., 40, a former employee of Neches FCU, has been sentenced to 34 months in federal prison for stealing more than $1.3-milion from members.
Thomas pleaded guilty to bank fraud the case and was sentenced by U.S. District Judge Marcia A. Crone in the Eastern District of Texas.
According to announced Acting U.S. Attorney Abe McGlothin, Jr., on Sept. 6, 2018, a Neches Federal Credit Union (NFCU) member contacted the credit union and reported there were loans reflected on their account that they did not request.
“Shortly thereafter, another member notified the credit union that they also had loans on their account that were not theirs,” the U.S. Attorney said. “This type of notification then became common over the next few weeks, involving as many as 30 members, all associated with Thomas, an assistant branch manager for NFCU.
What Else Was Discovered
“An investigation revealed Thomas was working with another individual to commit bank fraud by using family members and acquaintances as the identified borrowers,” the U.S. Attorney continued. “The victims stated either they did not sign the documents, or they did sign the documents but did so electronically when Thomas would bring them a tablet for signature. In other circumstances, the victims stated they did physically sign some paper documents. However, in most circumstances, the victims stated they did not know what they were signing as they trusted Thomas implicitly.”
The U.S. Attorney said Thomas was originally employed on May 16, 2005, with NFCU at the Pearl Street Branch in Beaumont, Texas.
Promotion to New Role
“At some point, Thomas was promoted to the position of assistant branch manager and some of Thomas’ responsibilities included serving as a loan officer,” the U.S. Attorney stated. “Thomas resigned from his employment as the assistant branch manager on September 18, 2018. As a result of Thomas’ fraudulent activities, losses are estimated at over $1 million.”
Thomas was also ordered to pay restitution of $1,363,825.18