Local Business Owner Sentenced on Federal Fraud Charges for Second Time
St. Louis, MO – RICHARD SADDLER owned Omicron Capital LLC, a local St. Louis company purportedly in the business of assisting customers in refinancing commercial and real estate loans.
According to court documents and statements made in court, between January 1, 2010, and March 31, 2012, Saddler accepted roughly $350,000 from at least nine customers, falsely representing that the money would be used for down payments or appraisals relative to commercial and real estate refinancing deals. Instead, Saddler actually used the money to pay the mortgage on his own home, which was in danger of foreclosure, as well as airline tickets, meals and other personal expenses. Saddler’s victims were located throughout the United States. During 2006, Saddler was convicted and sentenced to 14 months in federal prison relative to a similar fraud scheme also involving his company, Omicron Capital LLC. On this new conviction, he was sentenced today to 33 months in prison and ordered to pay restitution of $335,650.
Saddler, St. Louis County, pled guilty to three felony counts of wire fraud in March and appeared today for sentencing before United States District Judge Catherine D. Perry.
This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Hal Goldsmith handled the case for the U.S. Attorney’s Office.