Description: PLano, Texas criminal defense lawyers represented the Defendants charged with conspiracy to commit bank fraud and money Laundering.

Two Dallas brothers have been sentenced for federal violal prison and Phillip Page was sentenced to 63 months in federal prison. The defendants were ordered to pay restitution of $3.2 million.
tions related to a fraud scheme in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs.

Thomas Hughes Page, 47 and Jon Phillip Page, Jr., 55, were convicted at trial of conspiracy to commit bank fraud and conspiracy to commit money laundering and sentenced on Oct. 18, 2023, by U.S. District Judge Sean D. Jordan. Thomas Page was sentenced to 71 months in federa
According to information presented at trial, between 2010 and 2017, the defendants used their company, Page Capital Group, to obtain multiple loans from PlainsCapital Bank (PCB), representing that the loans would be secured by a brokerage account worth at least $2 million. However, neither Thomas Page nor Phillip Page had access to such funds, as the brokerage account was never actually funded. Thomas Page and Phillip Page directed and paid a third individual, Clayton Wertz, to create and submit to PCB fraudulent brokerage statements for the brokerage account reflecting significant value. Once Thomas Page and Phillip Page received the money from PCB, they used the funds on various business and personal expenses. In addition, Thomas Page and Phillip Page took affirmative steps, such as providing occasional payments on the loan, to conceal and disguise their activity. As a result of the fraudulent conduct, the bank loaned Page Capital approximately $3.6 million and eventually lost approximately $3.25 million over the course of the scheme.

“The U.S. Attorney’s Office takes bank fraud seriously,” said U.S. Attorney Damien M. Diggs. “This type of crime can affect the security and soundness of FDIC-insured banks, and we all pay the price when banks lose money due to fraud. Along with the FBI, this office will investigate and prosecute bank fraud and related crimes to protect the financial system and prevent losses to our banking institutions.”

“Financial Institution Fraud is not a victimless crime. It hurts lending institutions and negatively impacts borrowers who are seeking genuine loans for their businesses,” said FBI Dallas Special Agent in Charge Chad Yarbrough. “The defendants used their ill-gotten gains for their personal benefit without regard for the consequences. Today’s sentence demonstrates that the FBI will pursue anyone that attempts to defraud financial institutions, investors, or the public.”

Outcome: Thomas Page was sentenced to 71 months in federal prison and Phillip Page was sentenced to 63 months in federal prison.

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