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St. Louis Real estate developer gets 6-year sentence

By AP/St. Louis Public Radio

ST. LOUIS – A suburban St. Louis real estate developer has been sentenced to six years in prison for a fraud scheme that also included his son.

The U.S. Attorney's office in St. Louis announced the sentence for 65-year-old Gary Rickert Sr. of Creve Coeur. His son,30-year-old Brian Rickert, also pleaded guilty earlier this year.

He was sentenced to more than two years in prison.

The men also agreed to forfeit property purchased with proceeds of the crime.

The scheme took place in 2006 and 2007. Authorities say the Rickerts fraudulently obtained financing for several high-end homes in Ladue and Town and Country that they intended to rehab.

The men submitted fraudulent loan applications that included phony tax returns and profit-loss statements.