Community Corner

Man Behind Ponzi Scheme Enters Guilty Plea

Richard Saunders was extradited from Thailand earlier this year.

Richard Saunders, the St. Louis County man who fled to Thailand after authorities saidof an office on Craig Rd. outside Creve Coeur, entered a pair of guilty pleas Monday in federal court.

From a press release issued by the U.S. Attorney's Office:

            Richard Saunders, 64, formerly of St. Louis, 63141, pled guilty to one felony count of wire fraud and one felony count of tax evasion today before United States District Judge Carol E. Jackson.

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            Wire fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000; tax evasion carries a maximum penalty of five years in prison and/or fines up to $250,000.

Authorities said the scheme played out over a period of six years between 2002 and 2008, and involved promising "guaranteed returns, based on off-shore annuities. In reality, the investors who were paid returns on their investments were normally paid using investment funds obtained from other investors, rather than from returns on legitimate investments," according to Monday's release from the U.S. Attorney's office.

Saunders was arrested earler this year in Thailand, where it was believed some of the assets had been transferred. Sentencing is scheduled for February 2, 2012.           

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