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American father and son convicted of band fraud and money laundering

By on October 30, 2013

A father and son duo is facing serious jail time in the United States after they were found guilty of bank fraud and money laundering involving offshore banks in the Cayman Islands and Belize.

According to a report carried by News Channel 7 in Pensacola, a federal jury there found Gary Wayne Thomas of Daphne, Alabama, and son Brian Keith Thomas, 40 of Birmingham, guilty of laundering $4.5 million dollars in loans to off-shore banks in the Cayman Islands and Belize.

The online report says that the men hid the in 2008 and stopped paying on the $56 million dollars in loans they received from New South Federal Savings Bank.  

The online report further says that over the last three years, Gary Thomas wired $2.1 million dollars from the off-shore banks to five Destin bank accounts opened by Brian Thomas and others.

Each transaction, the report said, was under $10,000 to avoid federal reporting requirements. Court records show that Gary Thomas used some of these funds to buy five airplanes, vehicles, and homes in Destin and Fairhope, Alabama.

The US government has seized the planes, approximately $387,413 in cash, which came from the sale of his home in Fairhope, and a $60,000 Hyundai Equus, according to the News Channel 7 report.  

Gary Thomas pleaded guilty and will be sentenced January 22, 2014. He faces up to 105-years in prison. Brian Thomas was convicted in July. He faces up to 65-years in prison, when he’s sentenced November 15.

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