Overview
- William Thomas Engle, who was sentenced Thursday, received 108 months in federal prison after pleading guilty to one count of wire fraud.
- Prosecutors say Engle ran the scheme from 2020 to 2022 by promising small businesses multi‑million‑dollar loans in exchange for up‑front deposits held in so‑called “Good Faith Accounts.”
- Victim testimony showed clients transferred more than $2 million expecting the funds to be held, while prosecutors say Engle ultimately pocketed more than $8 million and used it to buy a yacht, vehicles, and jewelry.
- Engle was charged in September 2025 with wire fraud, conspiracy, and transactional money laundering, and he pleaded guilty after two days of trial testimony in January 2026.
- The judge ordered $8,274,980 in judgment and forfeiture of specified items including a Jeep Wrangler and jewelry, and federal officials said the penalties and seized assets are the primary paths for victims to recover losses.