Father & Son Accused of Bank Fraud

ST. LOUIS (CN) – A father and son were indicted on federal charges of bank fraud and money laundering. Gary Rickert, 64, and Brian Rickert, 29, face five felony counts of bank fraud, three felony counts of money laundering and forfeiture. Prosecutors say the scheme covered nearly three years, affected five banks and involved commercial loans of nearly $5 million.

     The Rickerts operated Real Estate Management Services, which sought to develop residences in high-end suburbs, court documents state. To get financing for the developments, the Rickerts allegedly submitted phony tax returns, sales contracts and financial statements.
     The Rickerts face up to 30 years in prison and a $1 million fine on each bank fraud count and up to 10 years in prison and a $250,000 fine on each money laundering count. Prosecutors seek two residential properties that remain in the name of the Rickerts’ business, a vehicle and a diamond ring in the forfeiture count.

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