A former Dallas real estate executive who used the “We Buy Ugly Houses” brand to defraud investors has been sentenced to more than 15 years in federal prison.
Charles Carrier, 67, received a 188-month prison term on Wednesday for orchestrating a multimillion-dollar real estate investment fraud scheme, according to the U.S. Attorney’s Office for the Northern District of Texas. The former president of a Dallas-based real estate firm was also ordered to pay nearly $25 million in restitution.
Carrier pleaded guilty to wire fraud in October 2025 in connection with a scheme that prosecutors say targeted more than 80 investors and sought to defraud them of nearly $40 million.
Court documents state that from at least 2018 through 2024, Carrier solicited money from investors by falsely telling them their funds would be used to purchase and renovate homes tied to the HomeVestors “We Buy Ugly Houses” brand.
Investors were assured their loans were secured by liens, but Carrier failed to record the promised deeds of trust, issued multiple deeds of trust on the same properties, and hid overlapping encumbrances, according to court documents.
Prosecutors said Carrier also sold properties without notifying investors and forged lien releases to complete those sales. Investor funds were redirected to cover personal expenses and to pay earlier investors.
Reaction From Federal Officials
“Financial fraud isn’t just numbers on a ledger — it’s a direct assault on hardworking Americans who trusted an alleged expert with their savings,” U.S. Attorney Ryan Raybould said. “Carrier didn’t just target investors; he preyed on Main Street families, retirees and small business owners through a sham ‘We Buy Ugly Houses’ scam. Through his lies and deceit, Carrier earned every month of his 15-year sentence. This case should serve as a warning to those who target Main Street Americans in North Texas.”
FBI Dallas Special Agent in Charge R. Joseph Rothrock said the outcome reflects the toll such schemes take on victims.
“This sentence underscores the harm investment fraud inflicts on victims and communities. The FBI remains committed to pursuing those who exploit the trust of others for financial gain,” Rothrock said. “We urge the public to carefully research any investment opportunity and to contact us immediately if they encounter suspicious activity.”
