ST. LOUIS (KSDK) – A real estate business owner pleaded guilty to three felony counts of wire fraud for defrauding customers between 2010 and 2013, according to the U.S. Attorney's office of Eastern District of Missouri.
Omnicron Capital owner Richard Saddler lead at least seven customers believe he was using funds given to him for down payments or appraisals on commercial real estate refinancing, according to court documents. He took approximately $350,000 from customers and used the money to instead by his mortgage, which was in foreclosure, airline tickets, meals and other personal expenses.
Saddler faces up to 20 years for each count as well as $250,000 in fines.
He will be sentenced May 30.