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Real Estate Developer Arrested

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Industry Observer TN LIC# 290452

Tuesday, May 10, 2011

 

 

Real Estate Developer Arrested

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.

Courtesy Rachel Dollar - MFB

Posted by

Time&Temp Memphis

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Steven Wright
Home Real Estate - Aurora, CO
CRS - Home Real Estate - 720-989-5283

I don't understand why people have to do illegal stuff. Crime doesn't pay and you will eventually get caught.

May 12, 2011 06:11 PM
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

I don't know why they go after the little crooks, while all of the criminal banking syndicates (Bank of America, JP Morgan Chase, Citi Group, Goldman, etc.) continue to operate in spite of looting the treasury and destroying millions of lives?

May 12, 2011 07:19 PM
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Wrong is wrong. Yes, 'they' should go after the big guys first but are probably unconvinced of their ability to successfully capture and prosecute.

May 12, 2011 07:31 PM
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