ST. LOUIS, MO – In a stunning turn of events, Paul Creager, 40, and William Glaser, 61, have been locked away for their roles in a $4 million wire fraud scheme that left investors out of pocket and shattered trust in the financial community.
Court records reveal that Creager, a local builder, convinced multiple investors to invest over $4 million into his construction firm. However, he concealed a substantial debt from a hard money lender, which held a secured interest in almost all of his business and personal assets. As soon as the investments were made, Creager’s company collapsed under its financial obligations, leaving investors with nothing but worthless equity stakes.
Creager’s lavish lifestyle, complete with opulent homes and luxury vehicles, continued even as his subcontractors and vendors went unpaid. The FBI-SL SAC Richard Quinn described Creager and Glaser’s actions as a betrayal of trust, stating that the FBI will remain vigilant against such fraudulent activities.
William Glaser, an associate of Creager, furthered the deception by encouraging clients to liquidate their retirement portfolios for investments with Creager. Both men pleaded guilty to their charges; Creager was sentenced to 78 months in prison and Glaser to 36 months. They appeared before U.S. District Court judges Ronnie White and John Ross respectively.
The FBI’s St. Louis division took the lead on this investigation, with Gwen Carroll handling the case for the U.S. Attorney’s office. The case serves as a stark reminder of the dangers of financial fraud and the importance of oversight in protecting investors.
RELATED: Wildwood Developer Paul Creager Hit with Wire Fraud Charges Again
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Key Facts
- State: Missouri
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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