St. Louis developer cleared of fraud charge -

St. Louis developer cleared of fraud charge

ST. LOUIS (AP) -- A federal judge has thrown out a felony charge that accused a St. Louis developer of bank fraud.
   U.S. District Judge Jean Hamilton tossed out the count against John Steffen in an order Tuesday.
   The move follows a St. Louis magistrate judge's recommendation that the case be dismissed on grounds that the U.S. government has failed to show that 52-year-old Steffen lied or made misrepresentations to the Business Bank of St. Louis over a 2007 loan.
   Steffen was accused of defrauding a bank by pledging Brownfield Remediation tax credits as collateral on a loan valued at more than $1.1 million.
   The loan was supposed to be for environmental cleanup and remediation of the Metropolitan Building in midtown St. Louis. Instead, authorities say, Steffen sold $827,415 of tax credits for use on other projects.
   (Copyright 2010 by The Associated Press.  All Rights Reserved.)

Powered by Frankly