CHATTANOOGA - A Bedford County man, who's had business interests in Lewisburg, was sentenced last week to three years and three months in federal prison.
U.S. District Judge Harry S. Mattice Jr. sentenced a tearful Roger Ritch for his involvement in a scheme that cost 61 Shelbyville families their homes through foreclosure and significant losses to lenders.
Ritch is also required to pay $2,258,066 in restitution and, after he serves his sentence, he's to spend three years on probation.
He said he would spend the rest of his life paying back those he harmed.
A total of 500 hours of drug and alcohol rehabilitation will also be required and a special assessment of $200 must be paid. Ritch will pay no fine; however, the restitution was due immediately.
Ritch is to turn himself in to federal marshals by March 10.
Ritch, along with Carrie Snow, William T. McMahan and Jonathan Henderson, was charged last May with bank fraud and money laundering in the scheme involving hundreds of homes in Shelbyville. Bradley Aydelott was indicted on the same charges last July.
All have pleaded guilty to counts one and four of the federal indictment, stating that they obtained financing under false pretenses and falsely represented the employment status and income of borrowers.
Ritch might be best known in Lewisburg for the building supply store that bears his name and for selling the city land across Rock Creek from the city park where the goat festival is held.