FORT WORTH, Texas — A Southlake man was sentenced to nine years in federal prison after admitting he defrauded small-business owners of more than $8 million through a loan scheme, federal prosecutors said.
William Thomas Engle, 68, also was ordered to pay $8.27 million in restitution and forfeit a Jeep Wrangler and several pieces of jewelry, according to the U.S. attorney’s office for the Northern District of Texas.
Prosecutors said Engle, a former attorney, promised business owners that he could help them obtain multimillion-dollar loans if they first deposited money into what he called “good-faith accounts.”
“William Engle built an elaborate scheme that preyed on small business owners seeking legitimate financial help,” said U.S. Attorney Ryan Raybould. “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. This sentence demonstrates our commitment to protecting the public and holding accountable those who defraud Main Street Americans.”
From 2020 to 2022, victims transferred money to Engle after being told their funds would remain in secure accounts and would be returned even if the promised loans were not approved, according to court records.
Some victims transferred as much as $2 million.
Engle provided customers with bank statements that appeared to show their money was being held as promised.
Evidence presented in court showed the statements were fraudulent and that Engle had transferred the money into his personal accounts, prosecutors said.
Authorities said Engle used the money to buy luxury items, including a yacht, vehicles, jewelry and a Rolex watch. None of the money was returned to the victims.
When the promised loans failed to materialize, Engle gave customers false explanations for the delays, according to prosecutors.
A federal grand jury indicted Engle in September 2025 on charges of wire fraud, conspiracy to commit wire fraud and transactional money laundering.
His trial began in January 2026, but he pleaded guilty to one count of wire fraud after two days of testimony from several victims.
U.S. District Judge Mark T. Pittman sentenced Engle to 108 months in prison July 30.
U.S. Attorney Ryan Raybould said the scheme targeted small-business owners seeking legitimate financial assistance and relied on forged documents and repeated misrepresentations.
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