A man from Dallas is facing several federal criminal charges over a real estate investment operation. Prosecutors say Timothy Lynch Barton, age 59, scammed people out of $26 million.
Barton was the president of real estate development firm JMJ and the CEO of real estate investment firm Carnegie Development.
Prosecutors say he traveled to China to recruit new investors in properties across north Texas. They say he told investors he had a builder lined up for lots in desirable neighborhoods across DFW.
Court papers indicate Barton also made specific assurances to investors about payments and the return of their initial investment.
Instead, prosecutors say Barton inflated the cost of the properties in question and in some cases never actually purchased the properties. He's also accused of using profits from later investors to repay the early investors.
Barton is charged with wire fraud, conspiracy to commit wire fraud, and securities fraud. He could face up to 20 years in federal prison if he's convicted.
Barton is also the subject of a civil action filed by the U.S. Securities and Exchange Commission.
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