St. Louis County businessman sentenced for fraud

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ST. LOUIS (AP) – A St. Louis County man has been sentenced to nearly three years and prison and ordered to repay $335,650 for a fraud scheme that focused on people trying to refinance commercial or real estate deals.

Sentencing was Tuesday in federal court for 44-year-old Richard Saddler, owner of Omicron Capital LLC.

Federal prosecutors say Saddler told victims of his scheme from across the U.S. that he could help them obtain financing, but used their money for personal expenses and to save his own home from foreclosure.

Saddler pleaded guilty in March to three felony counts of wire fraud.