Charles Carrier used HomeVestors' “We Buy Ugly Houses” brand to solicit money for residential property deals from 2018 to 2024, according to FOX 4 Dallas-Fort Worth. The 67-year-old former president of a Dallas-based real estate firm pleaded guilty to wire fraud and was sentenced to 188 months in federal prison. Prosecutors say the scheme defrauded more than 80 investors of nearly $40 million.
How the Scheme Unfolded
Investor protections were among the alleged misrepresentations: Carrier told people their money would be used to buy and renovate homes and that real-estate liens secured their loans. But he did not record deeds of trust as promised and concealed overlapping claims on the same properties from investors, FOX 4 News Dallas-Fort Worth reported.
FOX 4 reported that Carrier also sold properties without notifying the investors who had funded them, forged lien releases and issued multiple deeds of trust against the same real estate. The outlet said he diverted some investor money to personal expenses and used some to pay earlier investors, allowing the scheme to continue for years before it collapsed.
Federal Officials React to the Sentencing
U.S. Attorney Ryan Raybould said the case involved people entrusting their savings to someone they considered an expert. FOX 4 reported that Raybould identified families, retirees and small-business owners among those targeted.
FBI Dallas said it would continue pursuing people who exploit others for financial gain. R. Joseph Rothrock urged the public to research investment opportunities and report suspicious activity before handing over money.
Restitution and the Road Ahead
Carrier was ordered to pay nearly $25 million in restitution, less than the nearly $40 million prosecutors say he took in total. He pleaded guilty to wire fraud last October, according to FOX 4 Dallas-Fort Worth.
Real-estate scams in Texas
The Texas State Securities Board’s FY2025 annual financial report lists “real estate subterfuges” among the types of investment scams the agency encounters, according to the Texas State Securities Board.
