Former credit union employee sentenced for bank fraud conspiracy

BEAUMONT, Texas – A Winnie man has been sentenced to federal prison for bank fraud conspiracy in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

Billy Ray Thomas, Jr., 40, pleaded guilty to conspiring to commit bank fraud and was sentenced to 34 months in federal prison by U.S. District Judge Marcia A. Crone on April 29, 2025.  Thomas was also ordered to pay restitution of $1,363,825.18

According to information presented in court, on September 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. 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.  An investigation revealed Thomas was working with another individual to commit bank fraud by using family members and acquaintances as the identified borrowers. 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.  Thomas was originally employed on May 16, 2005, with NFCU at the Pearl Street Branch in Beaumont.  At some point, Thomas was promoted to the position of assistant branch manager and some of Thomas’ responsibilities included serving as a loan officer.  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.

This case was investigated by FBI’s Beaumont Field Office and the Beaumont Police Department and prosecuted by Assistant U.S. Attorney Reynaldo P. Morin.

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