Texas man charged in SEC case for defrauding retirees in investment scam.
For years, people across Texas believed they were making safe, smart financial decisions by investing in real estate with a well-known franchise. It started with promises that felt too good to pass up: guaranteed monthly payments, high returns, and properties that would secure their money, which was often retirement savings. The face of the operation, Chas Carrier, didn’t fit any stereotype of a con artist. He had a business background, spoke confidently, kept neat files, and, for many, seemed like someone you could trust. His franchise, part of the nationally recognized “We Buy Ugly Houses” chain, had won awards and even trained others in how to succeed. On paper, Carrier looked like the real deal. In practice, he was quietly running a house of cards.
Ronald Carver and his father were just two of the dozens of investors who would come to regret believing the pitch. They were drawn in by the promise of consistent returns. Monthly checks arrived like clockwork for years. The trust grew, and with it, the size of their investments. By 2024, the Carvers had put in $700,000. Then, without warning, the payments stopped. They weren’t alone. Many others had put their savings, sometimes their entire retirement funds, into what they thought was a safe bet. The truth was, Carrier had been juggling loans, often placing multiple debts against the same property or even ones he didn’t own. Some deeds were never filed. Some properties didn’t exist on paper in the way the investors believed.
What makes the situation worse is how long it went on, and how many people missed the signs. Investors were told their money was protected. In reality, they were often left without real collateral. There were red flags as early as 2016, including fines from the Texas Real Estate Commission. By 2020, title insurance companies had begun warning about Carrier. Still, the HomeVestors franchise kept running, and the money kept flowing in.
The “We Buy Ugly Houses” brand lent credibility. Investors assumed a national chain would monitor its franchises and step in if something looked off. But HomeVestors has insisted it bears no responsibility, saying its franchises are independent. They revoked Carrier’s rights to the brand in late 2024, after his scheme started to unravel and after a tip came through an ethics hotline set up in response to earlier bad press. By then, millions were gone, and many lives were changed.
Carrier has admitted fault, at least partially. He’s said the collapse came when he could no longer keep it going and decided to confess. But that came too late for the people who relied on those payments to get by. The damage wasn’t just financial. Carver’s father died just months after learning his retirement money had vanished. Others have shared stories of sleepless nights, broken trust, and hard conversations with spouses and children. Some investors are fighting back, filing lawsuits or trying to claim what little remains of Carrier’s properties. But they’re not likely to recover all they lost.
This wasn’t a get-rich-quick scam targeting greedy people. Most of those affected were regular folks trying to supplement their income, support their families or find ways to safely invest their retirement savings. They trusted the names, the paperwork, and the reputation. In the end, what they got was a lesson in how even good names and clean pitches can hide deep problems. It’s a story of trust misplaced, systems that didn’t catch the warning signs, and a brand that many believed would protect them…but didn’t.
Sources:
“We Buy Ugly Houses” Franchise’s Loan Scheme Left “Incalculable” Damage
Report: ‘We Buy Ugly Houses’ franchisor targeted elderly homeowners
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