FORT WORTH, Texas - A former Southlake attorney has been sentenced to nine years in federal prison after defrauding small business owners out of more than $8 million through a fraudulent loan scheme, federal prosecutors announced.
U.S. District Judge Mark T. Pittman sentenced 68-year-old William Thomas Engle on July 30 to 108 months in federal prison after he pleaded guilty to one count of wire fraud.
In addition to the prison sentence, Engle was ordered to pay $8,274,980 in restitution and forfeit a Jeep Wrangler and several pieces of jewelry purchased with fraud proceeds.
According to court documents, Engle operated the scheme between 2020 and 2022 by promising business owners he could secure multi-million-dollar loans if they first deposited money into what he described as "Good Faith Accounts."
Victims testified they were assured their deposits would be held in secure accounts and returned regardless of whether the loans were approved. Some customers transferred more than $2 million to Engle based on those promises.
Prosecutors said Engle sent victims fraudulent bank statements that falsely showed their money remained safely on deposit. Instead, evidence presented at trial showed he transferred the funds into his personal bank accounts.
Authorities said Engle used the stolen money to purchase luxury items, including a yacht, vehicles and expensive jewelry. None of the victims recovered their funds, and the promised business loans were never funded.
"William Engle built an elaborate scheme that preyed on small business owners seeking legitimate financial help," U.S. Attorney Ryan Raybould said. "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."
The FBI investigated the case through its Fort Worth Resident Agency.
Engle was originally indicted in September 2025 on charges of wire fraud, conspiracy to commit wire fraud and transactional money laundering. His trial began in January 2026, but after two days of testimony from several victims, he pleaded guilty to a single count of wire fraud.
FBI Dallas Special Agent in Charge R. Joseph Rothrock urged the public to carefully research financial opportunities and report suspected fraud to law enforcement.
