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Homebuilder Levinson pleads guilty to bank fraud

By Implode-Explode Heavy Industries

``Levinson admitted falsifying an affidavit at First American Title, prosecutors said, stating all bills had been paid at the time the buyer closed on a home at the Wynncrest subdivision. Levinson knew the subcontractors and suppliers had not been paid, according to the indictment, and the title company, homebuyer, and lender Heartland Bank, had relied on the affidavit at the closing... Levinson used home buyers? down payments and construction loans from Royal Banks of Missouri, First Bank, and Enterprise Bank and Trust for projects unrelated to the purposes of the money and other unrelated business interests and overhead expenses, according to the indictment.''

Full post as published by Mortgage Lender Implode-o-Meter on December 26, 2009 (boomark / email).