Richard Saddler, Wire Fraud, Missouri 2014

Scammer Uses Customer Cash for Personal Expenses

A St. Louis, MO business owner has pleaded guilty to federal fraud charges, admitting to swindling at least seven customers out of $350,000 in a scheme that spanned from 2010 to 2013.

RICHARD SADDLER, owner of Omicron Capital LLC, a company that assisted customers in refinancing commercial and real estate loans, accepted the money based on false representations that it would be used for down payments or appraisals on commercial real estate refinancing.

However, court documents and statements made in court reveal that 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, of St. Louis County, pleaded 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, with Assistant United States Attorney Hal Goldsmith handling the case for the U.S. Attorney’s Office.

The guilty plea and sentencing marks a significant blow to Saddler, who faces a maximum of 60 years in prison and $750,000 in fines if convicted on all counts.

The case serves as a reminder of the importance of vigilance in business dealings and the severe consequences of engaging in fraudulent activities.

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