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Frisco Real Estate Developer Sentenced To 45 Years In Prison

The district court also ordered Phillip Michael Carter to pay $30 million
Photo: Georgios Tsichlis | Shutterstock

On May 24, 2022, the 296th District Court of Collin County sentenced Frisco real estate developer Phillip Michael Carter to 45 years in state prison for an investment scheme. 

According to the Texas State Securities Board (via Runnels County Register and Candy's Dirt), the real estate scheme victimized over 330 individuals, 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., was accused of raising capital that was supposed to be used to develop commercial and residential real estate," stated the Texas State Securities Board. "The evidence,  however, showed that he used the victim’s money to pay expenses unrelated to the development of real estate."

In November 2018, a grand jury indicted Carter and his wife Shelly Noel Carter. In March 2022, the two were tried and convicted. Shelley Noel Carter awaits sentencing. 

Phillip Carter's co-defendants already stood trial and were convicted and sentenced: local radio personality and sales agent Bob Guess was sentenced to 12 years in prison, sales 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 vigorously works to stop fraudulent investment schemes and secure justice for victims of white-collar crime,” said Securities Commissioner Travis J. Iles in an official statement. 

"We appreciate the good work of the Collin County District Attorney’s Office and the opportunity to work with the office to successfully prosecute these cases,” Iles added. “These cases not only achieve redress for the defrauded but also level the playing field for legitimate businesses seeking capital.”