A former president of a Dallas real estate firm has been sentenced to over 15 years in federal prison for his role in a significant investment fraud scheme that targeted more than 80 investors.
Charles Carrier, 67, received a sentence of 188 months on September 23 after pleading guilty to wire fraud last October. This case involved a multimillion-dollar fraud using the ‘We Buy Ugly Houses’ brand operated by HomeVestors.
Prosecutors revealed that Carrier aimed to defraud investors of nearly $40 million, misappropriating their funds for personal expenses instead of the promised real estate acquisitions and renovations. Court documents indicate that from 2018 to 2024, Carrier solicited investments under false pretenses, assuring investors that their loans were secured by liens, despite failing to record the necessary deeds of trust and issuing multiple liens on the same properties.
Carrier also sold properties without notifying his investors and forged lien releases to facilitate these transactions, diverting funds for his own use and to pay earlier investors. In addition to his prison sentence, he has been ordered to pay nearly $25 million in restitution to those he defrauded.
U.S. Attorney Ryan Raybould emphasized the severe impact of financial fraud on individuals and communities, stating, “Carrier didn’t just target investors; he preyed on Main Street families, retirees, and small business owners. This case should serve as a warning to those who target Main Street Americans in North Texas.”
FBI Dallas Special Agent in Charge R. Joseph Rothrock echoed these sentiments, highlighting the commitment to pursue those who exploit trust for financial gain. He urged the public to thoroughly research investment opportunities and report any suspicious activities.
