Ricardo Fredrick Smith, a 38-year-old national of Jamaica, is behind bars on federal charges tied to a calculated scheme to steal $13,000 from an elderly Illinois couple. Smith, also known as “Rickey Ricardo Smith” and “Ricky,” was arrested and charged with Mail Fraud, Conspiracy to Commit Mail Fraud, and Money Laundering. The complaint, unsealed in U.S. District Court in Cedar Rapids, paints a picture of a cold, premeditated theft exploiting vulnerable victims across state lines.
According to court documents, in October 2015, Smith was employed at a lawn care company in the Cedar Rapids area. He opened a bank account at a local financial institution and, within a week, added a co-conspirator as a joint account holder. That co-conspirator deposited a $13,000 check drawn from the elderly woman’s account—funds obtained through a mail-based fraud operation Smith allegedly helped orchestrate. The transfer of cash via mail triggered federal jurisdiction, landing the case with federal prosecutors.
Smith and his accomplice didn’t hold onto the stolen money long. In the days and weeks that followed, they allegedly made a series of cash withdrawals, siphoning the victim’s life savings through routine bank transactions. Investigators say the scheme relied on deception and access—using the victim’s trust and the anonymity of financial systems to pull off the theft. The U.S. Postal Inspection Service and FBI jointly traced the paper trail leading back to Smith.
If convicted on all counts, Smith faces a maximum of 60 years in federal prison. Additional penalties include a fine of up to $750,000—or double the gross gain or loss, whichever is greater—$300 in special assessments, and up to three years of supervised release after any prison term. The severity of the potential sentence reflects the federal government’s focus on prosecuting financial predators who target seniors.
Smith appeared in federal court in Cedar Rapids, where a judge ordered him held without bond. His detention hearing is scheduled for November 2, 2016, at 4:30 p.m., at the same courthouse. Prosecutors argue Smith poses a flight risk due to his foreign nationality and lack of strong ties to the United States. The case is being handled by Assistant U.S. Attorney Tim Vavricek.
The case, docketed as 16-mj-265, remains under active investigation. As with all federal criminal cases, Smith is presumed innocent until proven guilty beyond a reasonable doubt. Court records are accessible through the Northern District of Iowa’s electronic filing system. Follow updates from the U.S. Attorney’s Office for the Northern District of Iowa on Twitter @USAO_NDIA.
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Key Facts
- State: Iowa
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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