Crime & Safety

Creve Coeur Area Man Sentenced In Ponzi Scheme

Richard Saunders will spend six years in federal prison.

A former Creve Coeur-area businessman who authorities say fled to Thailand without paying investors as part of a Ponzi-style scheme was sentenced to 72 months in federal prison Friday.

Richard Saunders, a former IRS employee, was brough back from overseas early last year. He entered guilty pleas to tax evasion and wire fraud charges in connection with the case last fall.

He will serve a concurrent sentence of 60 months for the tax evasion charge, according to a press release from the U.S. Attorney's Office.

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Saunders has been ordered to pay more than $6 million to his victims and roughly $446,000 to the Internal Revenue Service. He did business under companies with various names, including Advisors Capital Holdings, Inc. which had an office at 1001 Craig Road, in unincorporated St. Louis County.

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