Gary Rickert, Sr., 64, and Brian Rickert, 29, Creve Coeur, Missouri, were indicted on multiple charges involving a broadranging bank fraud and money laundering scheme that covered nearly three years, affected five local banks and involved commercial loans of nearly five million dollars. Specifically, the Rickerts were indicted by a federal grand jury on five felony counts of bank fraud, three felony counts of money laundering and a forfeiture count involving personal and real property financed by the alleged scheme.
According to the indictment, the Rickerts were in the real estate develop business under the name Real Estate Management Services, LLC and sought to develop five residences in Ladue, Misouri and other high-end suburbs. In order to obtain financing for these developments, the Rickerts are alleged to have submitted phony income tax returns, sales contracts and financial statements.
If convicted, the Rickerts face up to thirty years in prison and a one million dollar fine on each bank fraud count and up to ten years in prison and a $250,000 fine on each money laundering count. In the forfeiture allegation, the government seeks two of the residential properties that remain in the name of the Rickerts‘ business, a vehicle and a diamond ring purchased with proceeds from the fraud. In all, at least $4.9 million dollars was lent to the Rickerts for the development of the five properties.
“Multi-million dollar bank fraud cases eventually affect all of us, and deserve close attention from federal law enforcement,” said Acting U.S. Attorney Jeffrey B. Jensen, who announced the indictment.
Jensen commended the work of the United States Secret Service, Internal Revenue Service Criminal Investigation; and Assistant United States Attorney Tom Albus, who is handling the case for the U.S. Attorney’s Office.
The charges set forth in an indictment are merely accusations, and each defendant is presumed innocent until and unless proven guilty.