St. Louis Business Journal
Date: Tuesday, December 7, 2010, 2:54pm CST
http://www.bizjournals.com/stlouis/news/2010/12/07/red-brick-homes-principal-admits-money.html
A principal in Red Brick Homes has pleaded guilty to money laundering for a fraud scheme he and his business partners executed in financing the properties owned by Red Brick Homes, the U.S. attorney’s office said Tuesday.
Scott Olson, 44, formerly of Kirkwood and now residing in Eagle Mountain, Utah, now faces a maximum penalty of 10 years imprisonment and a fine of $250,000.
Olson also agreed to forfeit his home at 1012 N. Taylor in Kirkwood.
Olson’s partners in Red Brick Homes, Davena Ridenhour Hagen, 48, Kirkwood; and Eric Nelson, 45, Wildwood; previously pleaded guilty to similar charges and await sentencing in 2011.
Olson will be sentenced by Judge Henry Autrey on March 9, 2011.