They are among bans and fines handed down by the league after a joint investigation with the Giants into a players' end-of-season function last month.
Joe Fonti, Toby McMullin, Harvey Thomas and Cooper Hamilton were also banned for two matches.
Captain Toby Greene and fellow senior players Lachie Whitfield, Connor Idun, Tom Green, Sam Taylor and Lachie Keeffe were fined $5000 apiece.
In announcing the penalties late on Thursday afternoon, AFL chief executive Andrew Dillon said the players involved had made "terrible choices".
He confirmed an anonymous complaint was made to the AFL integrity portal the day after the September 18 event, where players had a "controversial couples" dress-up theme.
"What went on at the venue was completely unacceptable ... I'm really disappointed," Dillon said.
Fahey played seven senior games for GWS last year and none this year for the Giants.
Riccardi, a key forward, has played 69 games and is the most prominent of the suspended players.
The sanctioned players had until Thursday morning to reply to the AFL, who punished them under the league's conduct unbecoming rule.
"As part of this theme players dressed up in themed pairs and many performed skits connected to their costumes," the league said in a statement. Â "In the view of the AFL and the club, some of the skits were completely unacceptable and totally at odds with the code's values."
On Thursday morning, Greene's manager Paul Connors told SEN that Greene "needed to be better" over the function debacle.
After blowing a lead in their qualifying final against Sydney, GWS were 44 points ahead at home against eventual premiers Brisbane before losing that match as well, ending their season.
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