Attorney David Neuman Is Quoted in the St. Louis Post Dispatch Again Regarding the Indictment of Paul Creager
Attorney David Neuman was quoted in the St. Louis Post Dispatch again regarding a client of Israels & Neuman who was the victim of a fraudulent investment scheme. The August 14, 2017 article discusses the recent indictment of Paul Creager. The article was written by Robert Patrick, a reporter for the St. Louis Post Dispatch.
A link to the article can be found here: http://www.stltoday.com/business/local/indicted-st-louis-county-developer-s-foreclosure-cost-investors-prosecutors/article_631b2232-18a3-5477-baec-b9861657b268.html
Indicted St. Louis County developer’s foreclosure cost investors $700,000, prosecutors say
The article states:
- LOUIS COUNTY • A St. Louis County developer’s deception cost two investors $724,000, a federal indictment claims.
Paul Everett Creager, of Wildwood, was indicted Wednesday on two felony counts of wire fraud and arrested the next day. He has been released on $10,000 bond.
Creager’s lawyer, Kenneth Leeds, said, “We deny the charges,” when reached by phone Monday. “We are fully cooperating with the U.S. attorney’s office, Leeds said, adding that they will continue to do so.
The indictment says Creager financed his development company via promissory notes and by selling interests in his companies to other investors.
He solicited $724,000 from two investors identified in the indictment only by initials, at least in part by claiming that his business was worth millions and his personal net worth was in excess of $1 million, the indictment says.
He failed to tell 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 his vacation home, the indictment says.
When he became delinquent to FMS, the company foreclosed and wiped out the other two investors.
Although not mentioned in the indictment, the Post-Dispatch reported last month that an infirm Navy veteran from St. Louis County lost more than $400,000 to investments with Creager.
Frank B. Steinberger’s complaint to the Financial Industry Regulatory Authority says that the investment was made through a former broker, William A. Glaser, of St. Albans.
His lawyer, David Neuman, said Monday that he, Steinberger and Steinberger’s daughter have spoken with the FBI about Steinberger’s case.
FINRA’s Broker Check says Glaser has been “discharged” and refers to an “ongoing federal criminal investigation related to investments involving Paul Creager and his companies.”
The Better Business Bureau of Eastern Missouri and Southern Illinois also warned consumers in May about Creager, his companies and a growing list of lawsuits. Creager denied any wrongdoing to the group.
Click to view: Indictment – Creager (1)