A 62-year-old man from Houston has pleaded guilty to laundering money from a significant bank fraud operation. William Mills admitted to being part of a scheme that spanned nearly a decade, from 2014 to 2023, involving at least $35 million in fraudulent loans.
Mills worked with others to create fake loan applications. These applications included false information and documents, such as fake invoices for equipment sales and bogus financial statements. To hide the money from this scheme, Mills opened shell companies and bank accounts, which he used to funnel the stolen funds to accounts controlled by his co-conspirators.
Mills is set to be sentenced on June 27 by U.S. District Judge Keith Ellison. He could face up to 10 years in prison and a fine of $250,000, or possibly double the amount involved in the fraud.
He is currently in custody while awaiting his sentencing. Two other men from Houston, Jeremiah Almaguer, 45, and Bun Khath, 44, have also pleaded guilty to money laundering in connection with this case and are waiting for their sentences. Another individual, Hugo Villanueva, 70, is still at large, and authorities are seeking information on his whereabouts. The FBI has urged anyone with leads to contact them.
The investigation was a collaborative effort involving multiple agencies, including the Federal Housing Finance Agency’s Office of Inspector General, IRS Criminal Investigation, and the FBI. Assistant U.S. Attorney Belinda Beek is handling the prosecution of this case.