A 57-year-old Vero Beach man was indicted in connection to a scheme where prosecutors said he tried to defraud several banks, a financial services provider and a business across the state out of more than $50 million, records show.
Federal investigators said David John Ridling gave the businesses fake documents – including brokerage account statements, tax returns and financial statements – to get loans and lines of credit. Prosecutors said Ridling lied to the businesses, saying he had account representatives at a financial brokerage company.
Authorities said he pretended to be the representatives through emails and convinced lenders he had millions of dollars in his accounts.
David John Ridling
PHOTO CONTRIBUTED BY INDIAN RIVER COUNTY SHERIFF’S OFFICE
On Nov. 13, authorities formally charged Ridling, of the 8700 block of 20th Street, with 10 counts of wire fraud, four counts of bank fraud, nine counts of money laundering and two counts of aggravated identity theft. If convicted, Ridling faces a maximum penalty of 20 years in federal prison for each wire fraud count, 30 years for each bank fraud count, 10 years for each money laundering count and a mandatory penalty of two years for the aggravated identity theft counts.
Federal investigators said Ridling’s scheme lasted from November 2016 through October 2019. The financial institutions and businesses Ridling targeted were Heritage Bank, Howard Fertilizer, Seaside Bank, Rabo AgriFinance, AgAmerica Lending, Farm Credit of Florida and Seacoast Bank.
Farm Credit of Florida and Seacoast Bank have locations in Vero Beach. Authorities said Ridling managed Blue Cypress Grain LLC, which is also based in Vero Beach.
Authorities said Ridling showed the businesses financial statements that portrayed he had more than $8 million. In reality, Ridling had less than $2,000 in his bank account, officials said.
More documents, which prosecutors said were fake, showed Ridley had more than $40 million in another account he shared with his mother. Investigators said the account did not exist.
Ridling gave the businesses fake tax returns for the years 2015 through 2017, officials said. He also convinced the businesses that he and his wife had a net worth of more than $20 million, including millions of dollars in marketable securities at Charles Schwab Corporation, a financial investment management company.
Investigators said Ridling used money from victims who fell for the scam to pay other victims in an attempt to prolong the scheme. Ridling told the businesses he would use the millions of dollars he had in his accounts to pay his debts, officials said.
The FBI investigated the case.
Jail records show Ridling was previously arrested in March in connection with a multi-agency prostitution probe that netted more than 100 arrests. Ridling was charged with soliciting prostitution March 2 and was released the same day on $1,000 bond.
An upcoming court date for the prostitution charge was not available.
