Local Real Estate Business Owner Pleads Guilty To Federal Fraud Charges

St. Louis, MO - RICHARD SADDLER owned Omicron Capital LLC, a company in the business of assisting customers in refinancing commercial and real estate loans.

According to court documents and statements made in court at the time of his guilty plea hearing, between Jan. 1, 2010, and March 31, 2013, Saddler accepted roughly $350,000 from at least seven customers based upon his false representations that the money would be used for down payments or appraisals on commercial real estate refinancing. Instead, Saddler actually used the money to pay the mortgage on his home, which was in foreclosure, as well as airline tickets, meals and other personal expenses.

Saddler, St. Louis County, pled guilty to three felony counts of wire fraud before United States District Judge Carol E. Jackson.  Sentencing has been set for May 30, 2014.

Each count of wire fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000. In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.

This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Hal Goldsmith is handling the case for the U.S. Attorney’s Office.