Fri, Jan 24,2014

http://www.nwfdailynews.com/local/father-and-son-sentenced-on-bank-fraud-money-laundering-charges-1.267096

Former Destin residents Gary Wayne Thomas and his son Brian Keith Thomas will serve federal prison sentences for bank fraud and money laundering, a U.S. Attorney’s Office has announced.

Gary Thomas and Brian Thomas were convicted last October and July, respectively, of taking about $56 million in loans from New South Federal Savings Bank, now known as Beal Bank, and diverting $4.55 million of that to bank accounts in the Cayman Islands and Belize, according to the U.S. Attorney’s Office.

 Gary Thomas wired a little more than $2 million from the overseas account back to his son in Destin.

“Gary Thomas used some of these funds to purchase five airplanes, numerous vehicles and homes in Destin, Fla., and Fairhope, Ala.,” a news release said.

Gary Thomas, 64, of Daphne, Ala., was sentenced to 72 months in federal prison. Brian Thomas, of Birmingham, Ala., was sentenced to 24 months in prison.

They were charged with avoiding the Currency Transaction Reporting (CTR) requirement, conspiring to commit bank fraud and conspiracy to commit money laundering.

Gary Thomas also was charged with money laundering, failure to appear and various firearms offenses.