By Cecilia Razak
St. Louis, MO – A St. Louis homebuilder has been charged with defrauding prospective home owners, banks and subcontractors for more than $10 million. 49-year-old Edward Levinson, of Chesterfield, was charged on Friday with a 10-count federal indictment that alleges he rerouted money from potential buyers into unrelated business interests and other expenses.
The indictment identifies buyers who lost their down payments when they were unable to close on contracted homes, which were never completed. Levinson's attorney, Bill Margulis, says he will plead not guilty. Margulis blamed banks that were unwilling to work with Levinson as the economy began to sour.