The U.S. Attorney’s Office for the Eastern District of Texas has announced that the second of two men convicted in a bank fraud scheme has been sentenced to federal prison.

Eulice Emerson Alvey, 50, of Nome, received a 4 year and 9 month sentence from U.S. District Judge Marcia Crone, and he was also ordered to pay more than $2 million in restitution.

Federal prosecutors say Alvey and Billy Ray Thomas were both employees of Neches Federal Credit Union and they created fake loans for about thirty customers of the credit union and pocketed the money themselves.

Thomas was recently sentenced to 2 years and 10 months in federal prison.

See Full Page