Dallas Brothers Convicted in $3.6M Fraud Case
A jury found two Dallas brothers guilty Feb. 13 of using a sham brokerage account and fraudulent documents to get about $3.6 million in loans from a local bank.
Thomas Hughes Page, 46 and Jon Phillip Page, Jr., 54, were found guilty Feb. 13 of conspiracy to commit bank fraud and conspiracy to commit money laundering following a six-day trial before U.S. District Judge Sean D. Jordan.
“The defendants knowingly used deceptive methods to obtain a loan from a financial institution that was used for their personal benefit, in order to keep their illicit scheme afloat,” said FBI Dallas Acting Special Agent in Charge James J. Dwyer. “Financial Institution Fraud not only hurts the lender, but also innocent borrowers who are seeking genuine loans for their businesses. The FBI is committed to pursuing anyone that attempts to defraud financial institutions, investors, or the public.”
The brothers face up to 30 years in federal prison. A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.
