Lufkin Man Admits $9 Million Fraud And Faces Prison

A Lufkin man now faces up to 30 years in federal prison after pleading guilty to wire fraud. According to the U.S. Attorney's office, Matthew Jess Thrash, 49, pled guilty, and along with the time he will have to serve, there is a potential fine and restitution.

The charges stem from a report of suspected fraud. According to the Lufkin Daily News, an investigation into Thrash has been in progress since 2020. The investigation revealed that Thrash received $9,170,124 through fraud perpetrated on over 100 victims.

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There were sports-related investment schemes, a Las Vegas weed store scheme, and personal loans from victims. Thrash also defrauded the government during COVID, obtaining funds through a Paycheck Protection Program (PPP) loan.

Funds Were Used To Gamble And Repay Other Victims

Thrash was not using that money the way it was intended. Instead he was using the funds to place bets and cover his tracks, pay his expenses, and repay some people in his schemes to avoid detection.

Sentencing Hearing Has Not Been Scheduled

His sentencing will be decided by advisory sentencing guidelines and other statutory factors, according to the U.S. Attorney's office. 30 years is a maximum statutory sentence from Congress for informational purposes only.

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The sentencing hearing has not been scheduled. That will take place after the U.S. Probation Office completes its investigation.

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Many agencies are working together to make this arrest. It is under investigation by the FBI's Lufkin Field Office, The Texas Department of Public Safety, and the Lufkin Police Department. The case will be prosecuted by Assistant U.S. Attorney Lauren Gaston.