Developer Indicted

1 decade 2 years 6 months ago Saturday, July 14 2007 Jul 14, 2007 Saturday, July 14, 2007 4:59:52 AM CDT July 14, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - A St. Charles County developer is facing federal charges for allegedly defrauding investors of millions of dollars. Forty-five-year-old Robert Douglas Hartmann of O'Fallon has been indicted on bank and mail fraud charges. U.S. Attorney Catherine Hanaway announced the indictment yesterday. Prosecutors say Hartmann used private financing and short-term, high-interest loans between 2002 and 2005 to buy more than 250 properties intending to renovate or develop them. He allegedly used money from new investors or loans to pay off his old loans or investors and didn't tell investors about other liens on the property. Hanaway says the scheme resulted in foreclosures.

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