Local Builder and Financial Advisor Head to Prison
St. Louis, MO - Paul Creager, 40, of St Louis County, and William Glaser, 61, of Ellisville, were sentenced to 78 months and 36 months imprisonment, respectively. Creager pleaded guilty to two counts of wire fraud on December 21, 2017 and appeared before U.S. District Court Ronnie White for sentencing. Glaser pleaded guilty to three counts of wire fraud on February 26, 2019 and appeared before U.S. District Court John Ross for sentencing.
According to court records, Creager solicited over $4 million from multiple investors in exchange for equity interests in his construction firm. Creager admitted that during his negotiations with the victims, he presented false financial records which omitted a massive debt owed by his company to a hard money lender which lender possessed a secured interest in virtually all of Creager’s business and personal assets. Soon after receiving victims’ investments, Creager’s business was not able to meet its financial obligations and stopped operating. By mid-2017, Creager’s primary lender foreclosed on virtually all of his assets rendering the investors’ equity stakes in his business worthless. While Creager’s business was failing and his subcontractors and vendors went unpaid, Creager maintained a luxurious lifestyle which included homes in Wildwood and the Lake of the Ozarks as well as a host of vehicles including a Bentley automobile and a 52-foot yacht.
One of Creager’s associates, William Glaser, admitted to misleading and defrauding clients by cashing out money from their retirement portfolios to fund investments with Creager.
"Paul Creager and Bill Glaser defrauded friends and business associates, some of whom were elderly and vulnerable, of hard-earned savings and financial security," said FBI-SL SAC Richard Quinn. "The FBI will continue to hold accountable those who defraud the public for their personal enrichment."
The St. Louis division of the FBI investigated this case. Gwen Carroll handled the case for the U.S. Attorney’s office.