Chesterfield developer sentenced for bank fraud

A West County developer of high-end homes on June 22 was sentenced to more than four years in prison on charges of $13 million in bank fraud related to his business.

Chesterfield resident Edward Levinson, 51, a former Chesterfield councilman, in December 2009 pleaded guilty. According the U.S. Attorney's Office, Levinson shuffled money from one project to another within his company, which eventually led to foreclosure on several properties.

Those properties include Wynncrest in Wildwood, Terra Vista in Chesterfield, and Belle Maison in Creve Coeur.

Levinson had lending relationships with Royal Banks of Missouri, First Bank, and Enterprise Bank and Trust, according to the U.S. Attorney's office. Prosecutors said he obtained funds from banks and prospective homeowners, which he then used for projects and overhead costs unrelated to their intended use.

Subcontractors performed work related to the projects for which they were not paid.

U.S. District Judge Jean C. Hamilton sentenced Levinson to 51 months; the maximum penalty for bank fraud is 30 years and/or $1 million in fines. Levinson was ordered also to pay restitution.