ST. LOUIS, MO/September 20, 2017 (STLRealEstate.News) A St. Louis County developer’s deception cost two investors $724,000 recently, reported the St. Louis Post-Dispatch from a federal indictment claim. The indicted individual, Paul Everett Creager, a resident of Wildwood, was officially indicted recently, both for wire fraud, and was arrested the next day. He was released on a $10,000 bond.
Creager’s lawyer told the Post-Dispatch that they “deny the charges” when reached by phone earlier this week. “We are fully cooperating with the U.S. attorney’s office,” said Kenneth Leeds, adding that they will continue to make the process as easy and painless as possible.
The indictment claims that Creager financed his development company in St. Louis using promissory notes and by selling interest in his businesses to other investors in the region. He solicited $724,000 from two different investors, who were both identified in the indictment only by their initials. To make it happen, Creager claimed that his business was worth millions and his personal net worth was in excess of $1 million, also reported in the indictment.
At the same time, he failed to disclose to his investors that a private lender, Financial & Marketing Solutions LLC, had lent him more than $3.2 million and had a priority secured position in his real estate developments, his home, and even his vacation home.
Also reported by the Post-Dispatch recently, Creager supposedly cost a Navy veteran from St. Louis County more than $400,000 in a fault investment with him and his company. His lawyer, David Neuman, also reported, he spoke with the FBI regarding the separate case that is now receiving coverage because of the new illegal uncovering.
Creager also received coverage in Eastern Missouri and Southern Illinois this past summer as the Better Business Bureau warned consumers to stay far away.