On May 24, 2022, the 296th District Court in Collin County sentenced real estate developer Frisco Phillip Michael Carter to 45 years in state prison for an investment plan.
According to Texas State Securities Commission (Going through Runnels County Register and Candy’s dirt), the real estate scheme claimed more than 330 victims and the court also ordered Carter to pay them $30 million in restitution.
“Phillip Carter, the principal of Texas Cash Cow Investments Inc. and North Forty Development Inc., has been charged with raising capital intended to be used to develop commercial and residential real estate,” the Texas State Securities Board said. . “The evidence, however, showed that he was using the victim’s money to pay for expenses unrelated to property development.”
In November 2018, a grand jury indicted Carter and his wife Shelly Noel Carter. In March 2022, the two men were tried and sentenced. Shelley Noel Carter awaits sentencing.
Phillip Carter’s co-defendants have already been tried and convicted and sentenced: local radio personality and commercial agent Bob Guess was sentenced to 12 years in prison, commercial agent Richard Tilford was sentenced to 40 years in prison and former church pastor Timothy Lloyd Booth was sentenced to 68 years in prison.
“The Texas State Securities Board is working vigorously to stop fraudulent investment schemes and ensure justice for victims of white-collar crimes,” Securities Commissioner Travis J. Iles said in an official statement.
“We appreciate the good work of the Collin County Attorney’s Office and the opportunity to work with the office to successfully prosecute these cases,” Iles added. “These cases not only provide redress for the defrauded, but also level the playing field for legitimate businesses seeking capital.”
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