David Saks: St. Louis-Area Man Pleads Guilty to Fraud Charges

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

St. Louis-Area Man Pleads Guilty to Fraud Charges

St. Louis-Area Man

Pleads Guilty to Fraud Charges

U.S. Attorney’s Office July 23, 2014
  • Eastern District of Missouri


Ronald L. Roberts

pled guilty today to charges of mail and wire fraud in connection with his obtaining more than a million dollars from lenders in what he now admits was a loan fraud scheme.

According to court documents, Roberts solicited personal loans for a fictitious real estate transaction involving property in or around Poplar Bluff, Missouri, which Roberts claimed he owned and planned to sell to Wal-Mart.

In some instances, Roberts claimed that the funds were needed to buy out the interests of family members, including his half-brother, who had purportedly asserted claims against the property; in others, he claimed that it was necessary to extinguish liens or perform environmental remediation; in yet others, he claimed that one or more parties associated with the transaction were demanding additional sums to close the transaction.

Roberts usually promised lenders either that their money would be returned in a matter of days or weeks at most, usually with considerable interest, or that they would receive a portion of the profits that Roberts expected to generate from the fictitious transaction.

The rate of return promised by Roberts varied from 0% to at least as much as 180%, with terms varying between a couple of weeks and a few hours.

In truth, Roberts owned a piece of property, constituting less than ten (10) acres in size, in Neelyville, Missouri, more than ten (10) miles outside of Poplar Bluff, Missouri.

At the time of Roberts’s representations, the property had a market value of less than $30,000 and was encumbered by a judgment against Roberts in excess of $13 million, making the property worthless to Roberts.

During the scheme, Wal-Mart had not made any offer to purchase that property, nor did it have any present plans to develop additional land in or near Poplar Bluff where there is already an existing Wal-Mart store. Instead, Roberts employed funds given to him by lenders for his own personal use.

Roberts, 54, of Town and Country, MO, pled guilty to three felony counts of wire fraud one felony count of mail fraud. He appeared before United States District Judge E. Richard Webber, in St. Louis. Sentencing has been set for October 16, 2014.

Each count of mail and wire fraud carries a maximum penalty of 20 years in prison and/or fines of 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.

The case is being investigated by the Federal Bureau of Investigation and the U.S. Postal Inspection Service. Assistant United States Attorney Richard E. Finneran is handling the case for the U.S. Attorney’s Office.


David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • July 24 2014 03:04PM


This blog does not allow anonymous comments