St. Louis home builder sentenced for fraud
St. Louis home builder Edward Levinson was sentenced to 51 months in prison on bank fraud Wednesday. The charges are in connection with his construction business, resulting in approximately $13 million in losses to banks and prospective home owners and subcontractors.
St. Louis home builder sentenced for fraud
St. Louis home builder Edward Levinson was sentenced to 51 months in prison on bank fraud Wednesday. The charges are in connection with his construction business, resulting in approximately $13 million in losses to banks and prospective home owners and subcontractors.
According to the U.S. Attorneyâs Office, Levinson was in the residential and commercial real estate construction and sale business, doing business under the name of Levinson Companies among others. He had construction lending relationships with Royal Banks of Missouri, First Bank, and Enterprise Bank and Trust. The U.S. Attorneyâs Office said that from 2007 to 2008 Levinson engaged in fraud with funds he was to keep in escrow, but instead used to invest in other projects.
Levinson pleaded guilty to falsifying an affidavit at First American Title. This affidavit stated all bills had been paid at the time the buyer closed on a home at Wynncrest Subdivision. Levinson knew the subcontractors and suppliers had not been paid. The title company, home buyer and lender, Heartland Bank, all relied on the affidavit at the closing on the home sale.
http://www.globe-democrat.com/news/2010/jun/23/st-louis-home-builder-sentenced-fraud/ |