St. Louis, MO – In a shocking turn of events, 61-year-old William Glaser of Ellisville, Missouri, has pleaded guilty to federal charges of wire fraud.
The crime, which occurred between 2015 and 2016, saw Glaser, who was working as a financial advisor at the time, solicit more than $1,000,000 in investments from three former clients.
However, instead of using their funds for legitimate investments, Glaser misled his clients by falsely representing that he had put his own money into Paul Creager’s construction company, Everett Builders, which was subsequently liquidated by creditors.
Glaser also failed to disclose that he was receiving large commissions out of his clients’ funds, further perpetuating the scheme.
To carry out the scam, Glaser facilitated the establishment of self-directed IRAs on his clients’ behalf, which were then used to invest in high-yield unsecured promissory notes with Creager’s company.
No payments were made on any of the notes, leaving the victims with significant financial losses.
Glaser now faces up to 10 years in prison, a fine of more than $250,000, or both per count. Restitution to the victims is also mandatory, and the government is seeking a money judgment by way of a forfeiture allegation to further facilitate the recovery of any funds available for restitution.
The case was investigated by the St. Louis division of the FBI and the U.S. Postal Inspection Service.
Glaser is set to be sentenced on June 7, 2019, in federal court.
Defendant Information:
Defendant: William Glaser
Criminal Charges: Wire Fraud
City and State: St. Louis, MO
Crime Date: 2015-2016
Sentence: Up to 10 years in prison and a fine of more than $250,000
Dollar Amounts: $1,000,000 in investments solicited, no payments made on promissory notes
Key Facts
- State: Missouri
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime