Friday, January 23, 2009
Missouri Homebuilder Charged With Bank Fraud
Edward Levinson, 49, of Chesterfield, Missouri, and president of Levinson Homes, was indicted yesterday on bank fraud charges alleging that prospective homeowners, banks and subcontractors were defrauded out of more than $10 million. Prosecutors allege that Levinson obtained construction loans and deposits to build homes, but pocketed the cash instead. The indictment charges 10 felony counts of bank fraud, each carrying up to 30 years in prison and $1 million in fines if convicted.