BEAUMONT, Texas– A man who was among those found guilty of an enormous fraud against a credit union has been sentenced to nearly five years in prison and ordered to pay more than $2 million in restitution.
Eulice Emerson Alvey, 50, who pleaded guilty to conspiracy to commit bank fraud was sentenced to 57 months in federal prison by U.S. District Judge Marcia A. Crone and also ordered Alvey to pay restitution in the amount of $2,075,458.57, according to the United States District Court for the Eastern District of Texas.
According to information presented in court, 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 Billy Ray Thomas, an assistant branch manager for NFCU. An investigation revealed Thomas was working with Alvey to commit bank fraud.”
How Scheme Worked
According to prosecutors, Alvey would fabricate fraudulent purchase invoices for tractors from his business, Oil City Tractor, LLC, and send the invoices to Thomas. Thomas would then use credit union members’ information to request a loan. Once the loan was approved, Thomas would share the proceeds with Alvey and they would use the money for personal and business ventures.
As the CU Daily reported earlier, in April 2025, Thomas was sentenced to 34 months in federal prison.
