Creve Coeur father and son guilty in multi-million dollar fraud scheme

KSDK -- A father and son real estate development team admitted to a fraud scheme that allowed them to borrow millions from banks.

According to the indictment and plea agreement, during 2006 and 2007, 64-year-old Gary Rickert and his son, 28-year-old Brian Rickert borrowed approximately $5,000,000 from five local banks to refurbish high-end properties in Ladue and Town & Country. In order to obtain financing, they lied about their financial health and the likelihood that the properties would be quickly sold. The senior Rickert had a prior federal fraud conviction in 2002.

The pair, both from Creve Coeur, admitted to submitting phony financial documents and tax information to their lenders. Brian Rickert also admitted to a money laundering. 

The Rickerts  agreed to forfeit property they purchased with the proceeds of the crime - including an automobile and jewelry.

The Rickerts now face a maximum penalty of thirty years in prison and/or a one million dollar fine for bank fraud; and up to ten years in prison and/or a $250,000 fine on for money laundering. Sentencing has been set for February 2, 2010.