Area CEO accused of fraud, ponzi payments

A grand jury indicted the CEO of a Charlotte area company on accusations he duped victims into investing more than $400,000.

Court records show Carl Ferrell faces one count of investment fraud and one count of obstruction. He is the president and CEO of Wholesale Properties International, the indictment said.

Ferrell used half-truths and false information to induce victims into investing in real estate investment deals and other services, according to the grand jury.

Wholesale Properties has been the radar of the Better Business Bureau for years. The BBB said the company applied for and initially received BBB accreditation. However, the consumer watchdog yanked the accreditation after receiving complaints.

"We have had a number of complaints over  the years on his company and his practices  and it pretty much mirrors what we see [in the indictment]," said Tom Bartholomy, president & CEO of Better Business Bureau of the Southern Piedmont.

A grand jury indicted the CEO of a Charlotte area company on accusations he duped victims into investing more than $400,000.

Court records show Carl Ferrell faces one count of investment fraud and one count of obstruction. He is the president and CEO of Wholesale Properties International, the indictment said.

Ferrell used half-truths and false information to induce victims into investing in real estate investment deals and other services, according to the grand jury.

Wholesale Properties has been on the radar of the Better Business Bureau for years. The BBB said the company applied for and initially received BBB accreditation. However, the consumer watchdog yanked the accreditation after receiving complaints.

"We have had a number of complaints over the years on his company and his practices, and it pretty much mirrors what we see [in the indictment]," said Tom Bartholomy, president and CEO of the Better Business Bureau of Southern Piedmont.

Eyewitness News spoke with a man Thursday who said he is owed money by Wholesale Properties. He asked that his name not be used.

"I'm a young professional, looking to help my family, help build, and you got guys out there that are scam artists that try to take advantage of good people," the man said.

Ferrell said Wholesale Properties was a large international real estate property investment company with several departments, according to the indictment.

In reality, federal investigators believe it was Ferrell, his girlfriend and one other individual who ran the company out of a rented home in Waxhaw.

After the grand jury began investigating Ferrell in March of 2015, he continued to solicit investors.

Bartholomy said that's not common.

"Usually once the bright lights turn on, the roaches scatter," he said.

Court records did not list an attorney for Ferrell. Eyewitness News contacted Wholesale Properties Thursday afternoon and left a voicemail for Ferrell. It was not immediately returned.

Cox Media Group