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…