St. Louis-area man accused of multi-million dollar real estate fraud

St. Louis-area man accused of multi-million dollar real estate fraud

St. Louis-area man accused of multi-million dollar real estate fraud

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by Associated Press

KMOV.com

Posted on December 18, 2013 at 12:23 PM

ST. LOUIS—A suburban St. Louis man is accused in an alleged real estate scheme that bilked investors out of more than $2.5 million.

Federal prosecutors say 53-year-old Ronald L. Roberts of Town and Country was charged Dec. 11 with three counts of wire fraud and one count of mail fraud. The indictment was unsealed and announced Tuesday.

The charges relate to what prosecutors call a bogus land deal with Wal-Mart near Poplar Bluff, Mo. Roberts alleged told lenders they would make huge returns on the money. But, prosecutors say, no deal with Wal-Mart ever existed, and Roberts allegedly gambled at a casino with the money given to him.

Roberts does not yet have a listed attorney.

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