PLANO, Texas – Two Dallas brothers have been discovered responsible of federal violations associated to a fraud scheme within the Jap District of Texas, introduced U.S. Lawyer Brit Featherston at this time.
On Feb. 13, 2023, Thomas Hughes Web page, 46 and Jon Phillip Web page, Jr., 54, have been discovered responsible by a jury of conspiracy to commit financial institution fraud and conspiracy to commit cash laundering following a six-day trial earlier than U.S. District Choose Sean D. Jordan.
In accordance with data offered at trial, between roughly 2010 and 2017, the defendants used their firm, Web page Capital Group, to acquire a number of loans from PlainsCapital Financial institution (PCB), representing that the loans could be secured by a brokerage account value no less than $2 million. Nonetheless, neither Thomas Web page nor Phillip Web page had entry to such funds, because the brokerage account was by no means truly funded. Thomas Web page and Phillip Web page directed and paid a 3rd particular person, Clayton Wertz, to create and undergo PCB fraudulent brokerage statements for the brokerage account reflecting important worth. As soon as Thomas Web page and Phillip Web page acquired the cash from PCB, they used the funds on varied enterprise and private bills. As well as, Thomas Web page and Phillip Web page took affirmative steps, similar to offering occasional funds on the mortgage, to hide and disguise their exercise. Because of the fraudulent conduct, the financial institution loaned Web page Capital roughly $3.6 million and ultimately misplaced roughly $3.25 million over the course of the scheme.
“These two brothers disguised and lied to monetary establishments so as steal giant quantities of cash for his or her private use, depriving others of the professional enterprise use of the cash,” stated U.S. Lawyer Featherston. “Holding all of the balls (lies) within the air solely lasts till the FBI comes knocking, then the balls come crashing down. The FBI and prosecutors on this case did an excellent job investigating and prosecuting the case.”
“The defendants knowingly used misleading strategies to acquire a mortgage from a monetary establishment that was used for his or her private profit, as a way to preserve their illicit scheme afloat,” stated FBI Dallas Appearing Particular Agent in Cost James J. Dwyer. “Monetary Establishment Fraud not solely hurts the lender, but additionally harmless debtors who’re searching for real loans for his or her companies. The FBI is dedicated to pursuing anybody that makes an attempt to defraud monetary establishments, traders, or the general public.”
The defendants resist 30 years in federal jail at sentencing. The utmost statutory sentence prescribed by Congress is supplied right here for data functions, because the sentencing will likely be decided by the courtroom primarily based on the advisory sentencing tips and different statutory components. A sentencing listening to will likely be scheduled after the completion of a presentence investigation by the U.S. Probation Workplace.
This case was investigated by the Federal Bureau of Investigation – Frisco Resident Company and prosecuted by Assistant U.S. Attorneys within the Plano workplace.