ST. LOUIS (CN) - A father-son real estate team pleaded guilty to running a multimillion-dollar fraud. Gary Rickert Sr., 64, and Brian Rickert, 28, lied about their finances and the sales outlook for their properties to borrow $5 million from five area banks.
The Rickerts admitted they submitted false financial documents and tax information to lenders.
Brian Rickert also admitted to a money laundering charge involving how he used the loan money.
The Rickerts each face up to 30 years in federal prison and $1 million fines for bank fraud, and Brian Rickert faces up to 10 years and a $250,000 fine for money laundering.
They will be sentenced on Feb. 2, 2010.
They agreed to forfeit property they bought with the loans, including an automobile and jewelry.
Gary Rickert had a prior federal fraud conviction, in 2002.
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