Houston Resident Charged in $35M Fraud Scheme

A 62-year-old Houston resident has admitted to laundering proceeds from a large-scale bank fraud scheme, announced U.S. Attorney Nicholas J. Ganjei.

William Mills admitted that from 2014 to 2023, he conspired with others in a bank fraud scheme involving dozens of loans totaling at least $35 million in fraudulent loan proceeds.

As part of the plea, Mills acknowledged opening and maintaining shell companies and bank accounts to collect money from the scheme. He then laundered the fraud proceeds by wiring them to bank accounts other co-conspirators controlled.

Mills and others accomplished the bank fraud by preparing loan applications that contained false and fraudulent information and documents, including fake equipment sales invoices, income tax returns and financial and bank statements.

U.S. District Keith Ellison will impose sentencing June 27. At that time, Mills faces up to 10 years in federal prison and a possible $250,000 maximum fine or twice the amount involved in the transaction.

He will remain in custody pending that hearing.

Two other Houston residents charged in the case, Jeremiah Almaguer, 45, Bun Khath, 44, both of Houston, previously pleaded guilty to money laundering in the same scheme and are awaiting sentencing. Another Houston resident charged in the case – Hugo Villanueva, 70, – is considered a fugitive, and a warrant remains outstanding for his arrest. Anyone with information about his whereabouts is asked to contact the FBI at 713-693-5000.

The Federal Housing Finance Agency-Office of Inspector General (OIG), IRS Criminal Investigation, FBI and Federal Deposit Insurance Corporation-OIG conducted the investigation. Assistant U.S. Attorney Belinda Beek is prosecuting the case.

Source: U.S. Attorney’s Office, Southern District of Texas