HomeVestors of America is a real-estate flipper known for its “We Buy Ugly Houses” advertisements. The business model: Independent franchisees buy up homes in need of a fast sale, renovate them, and sell them on at vast profit. It’s a win-win scenario — except when it isn’t. @ProPublica has run a series of stories on how home sellers are exploited by franchisees, which has led to the company making changes in its business practices. The latest article explores how one Texas franchisee exploited people who wanted to invest with him, in a Ponzi scheme that netted him millions and left them broke.
https://www.propublica.org/article/homevestors-fraud-charles-carrier-texas
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