BEAUMONT, Texas — A man who, with assistance from a former branch executive, defrauded Neches FCU of more than $2 million has been sentenced to nearly five years in federal prison and ordered to repay the credit union for its losses, KFDM reported.
U.S. District Court Judge Marcia Crone sentenced 50-year-old Eulice Emerson Alvey to 57 months in federal prison for bank fraud during a hearing at the federal courthouse in downtown Beaumont. Crone also ordered Emerson to pay $2,075,458.57 in restitution, KFDM said.
According to court records, on Sept. 6, 2018, a member of Neches Federal Credit Union reported unauthorized loans appearing on their account. Soon after, another member raised a similar concern. Over the following weeks, these reports became increasingly frequent, ultimately involving around 30 members—all linked to Billy Ray Thomas, an assistant branch manager at NFCU, KFDM said.
An investigation revealed Thomas was working with Alvey to commit bank fraud. Alvey would fabricate fraudulent purchase invoices for tractors from his business, Oil City Tractor, LLC, and send the invoices to Thomas. Thomas would then use credit union members’ information to request a loan. Once the loan was approved, Thomas would share the proceeds with Alvey and they would use the money for personal and business ventures. In April 2025, Thomas was sentenced to 34 months in federal prison, KFDM added.