Real Estate Developer Arrested

Allison Tussey —  May 10, 2011 — Leave a comment

John R. Steffen, St. Louis, Missouri, a real estate developer, was arrested May 9, 2011, for allegedly making misrepresentations concerning collateral for a loan, among other things.  Steffen was initially charged in 2010, however the government dismissed the charges due to the Judge’s ruling that the indictment failed to state an offense.  The April 5, 2011 Indictment does not allege new facts but “corrects legal shortcomings,” according to media reports

According to the Indictment, Steffen is charged with a scheme to defraud The Business Bank of St. Louis by pledging Brownfield Remediation Tax Credits as collateral on a loan, and selling them to use the proceeds for other projects.

 

 

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Allison Tussey

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