ST. LOUIS (CN) – A developer was sentenced to 6 years in federal prison for his part in a multimillion-dollar real estate scam. Gary W. Rickert Sr., 65, will join his son in prison, after pleading guilty to bank fraud in November 2009.
Prosecutors said Rickert and his son, Brian E. Rickert, 30, lied about their financial health and submitted false documents to five banks in 2006 and 2007 to get $5 million in loans to rehabilitate upscale homes in St. Louis County.
Brian Rickert also pleaded guilty to bank fraud and money laundering in November. He was sentenced in April to 27 months in prison.
The Rickerts agreed to forfeit property, including a vehicle and jewelry. They were ordered to repay $159,000 to Centrue Bank and $558,000 to Enterprise Bank, and Gary Rickert was ordered to repay $502,000 to Midland States Bank.