A St. Louis capital firm owner whose company helps customers refinance commercial and real estate loans was indicted by a federal grand jury on three counts of wire fraud.
Richard Saddler owned Omicron Capital LLC. According to the Department of Justice, Saddler allegedly accepted $250,000 from at least five customers between January 2010 and March 2012. The indictment alleged he used this money to pay for the mortgage on his home which was at-risk of foreclosure.
Saddler also allegedly used the money to pay for airline tickets, meals and other personal expenses, the DOJ stated.
In addition, the DOJ alleged in the indictment that Saddler told the customers that their money would be used for downpayments or appraisals.
According to the St. Louis Post-Dispatch, when Saddler was contacted by phone about the indictment July 18 he said he was unaware of it and had no comment.
In a case where a conviction occurs, wire fraud carries a maximum penalty of two decades in prison and fines up to $250,000.
