ST. LOUIS, MO (KMOV) – The owner of Omicron Capital LLC, a company in the business of assisting in refinancing commercial and real estate loans, was charged with wire fraud on Thursday.
Richard Saddler, 43, was indicted by a federal grand jury on three felony counts of wire fraud.
According to the indictment, between January 1, 2010 and March 31, 2012, Saddler accepted roughly $250,000 from at least five customers and claimed the money was to be used for down payments or appraisals through his company Omicron Capital LLC.
Instead, Saddler used the money for his own personal expenses.
The money was used toward paying the mortgage on his home, which was in danger of foreclosure, as well as airline tickets, meals, and other personal expenses.
This case was investigated by the Federal Bureau of Investigation and is now being handled by Assistant United States Attorney Hal Goldsmith.
If convicted, Saddler could face a maximum of up to 20 years in prison and/or fines up to $250,000.
St. Louis businessman indicted on three counts of wire fraud