St. Louis Builder Faces Charges Of Bank Fraud; Lenders, Subs, Homebuyers Take $10M+ Hit, Say Prosecutors

In St. Louis, Missouri, the St. Louis Post Dispatch reports:

• [L]ongtime, high-end west St. Louis County home builder [Edward A. Levinson, 49,] has been indicted on bank fraud charges after his attempts to prop up his struggling business cost banks, subcontractors and home buyers more than $10 million, federal prosecutors said this morning.

In addition to the losses allegedly taken by the lenders, Levinson is accused of stiffing his subcontractors out of about $1.5 million, and pocketing $500,000+ in homebuyer deposits, according to the story.

For more, see St. Louis home builder indicted for bank fraud.