Small-Business Owners Put Millions Into “Good Faith Accounts.” He Bought a Yacht

August 2, 2026 - 09:28

Small-business owners across several states transferred millions of dollars to William Thomas Engle after he promised to help them secure large commercial loans. He assured them their money was safe in what he called "good faith accounts." Instead, authorities say, he used the funds to buy a yacht and support a lavish lifestyle.

The scheme reportedly stretched over several years. Engle presented himself as a financial consultant with deep connections to lenders. He told business owners that a substantial deposit would show good faith and speed up the approval process for loans that could reach seven figures. Many of the victims were struggling to keep their companies afloat and saw the arrangement as a final lifeline.

Court documents show that the money was not held in any escrow or trust account. It went directly into personal accounts controlled by Engle. He used the funds for travel, luxury vehicles, and the yacht, which was later seized by federal agents.

Prosecutors are now seeking restitution for the victims, many of whom lost their entire savings and were forced to close their businesses. Engle faces multiple counts of wire fraud and money laundering. His attorney has not commented publicly on the charges.

The case serves as a reminder that even well-dressed consultants with polished pitches can be running a long con. Small-business owners are urged to verify any third-party financing arrangements with state regulators before handing over money.