David Saks: RE Business Owner Sentenced on Federal Fraud Charges for Second Time

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

RE Business Owner Sentenced on Federal Fraud Charges for Second Time

Local Business Owner Sentenced on Federal

Fraud Charges for Second Time

U.S. Attorney’s Office July 01, 2014
  • Eastern District of Missouri

ST. LOUIS, MORichard 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 Jan. 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, 44, 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.

http://www.fbi.gov/stlouis/press-releases/2014/local-business-owner-sentenced-on-federal-fraud-charges-for-second-time?utm_campaign=email-Immediate&utm_medium=email&utm_source=fbi-in-the-news&utm_content=333103




David Saks



Time&Temp Memphis

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Comment balloon 4 commentsDavid Saks • July 02 2014 09:31AM

Comments

Thank you for your blog and it always keeps us aware the criminal does not necessarily win.

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) over 5 years ago

Some folks just never learn, do they?  

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 5 years ago

Thanks, Elite.

Posted by David Saks ((retired)) over 5 years ago

So right, Gabe.

Posted by David Saks ((retired)) over 5 years ago

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