Wildwood Man Faces Additional Charges Related to Real Estate Development Business
St. Louis, MO – Paul Everett Creager, 39, of Wildwood, having pleaded guilty to fraud in December in association with investments he solicited for his failed residential real estate business, faces additional charges relating to that business.
A Grand Jury sitting in St. Louis handed down two additional counts of wire fraud against Creager who developed business through a number of entities using the name “Everett Builders” and “L and P Builders.”
The first count relates to investments solicited from an individual investor identified in the Indictment as M.L. The indictment alleges Creager collected more than $2.5 million in investments from M.L. through false representations about Creager’s personal wealth, his planned use of investment funds and M.L.’s exclusive status as Creager’r partner.
Contrary to Creager’s representations to M.L., the Indictment alleges Creager (1) was not a multi-millionaire and had, in fact, filed for bankruptcy in the past, (2) used M.L.’s money to buy a luxury SUV, a Harley Davidson and to sustain a lavish lifestyle and (3) sold other equity positions in his business and borrowed heavily against it.
The second count alleges that Creager intentionally filed a false affidavit at the closing of one of his homes in Kirkwood stating that all the subcontractors on the project had been paid even though he knew he still owed a storm drain subcontractor $30,000. After pocketing nearly $50,000 at the closing, Creager refused to pay the subcontractor’s bill, forcing the subcontractor to file a mechanic’s lien against the property.
Creager faces up to 20 years in prison for each of the wire fraud counts in addition to the 20 years he faces for the wire fraud count to which he pleaded guilty in December. Additionally, the government will pursue an order of restitution in favor of all the victims.
The case was investigated by the St. Louis Division of the FBI. Assistant U.S. Attorney Tom Albus is handling the case for the government.