Capital Firm Owner Facing Federal Fraud Charges
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ST. LOUIS (KMOX) – The owner of a St. Louis capital firm faces federal charges of wire fraud.
According to federal prosecutors, Richard Saddler, 43, the former owner of Omicron Capital LLC, spent roughly $250,000 of customer funds to pay his mortgage, buy airline tickets, meals, and other personal expenses.
Omicron Capital assisted customers in refinancing their real estate and commercial loans. The money Saddler allegedly spent was meant to be used for appraisals and down payments.
Saddler faces three felony counts of wire fraud. If convicted, he faces up to two decades in prison and fines of up to $250,000.