NewsAugust 7, 2009
Developer must pay millions to victims
ST. LOUIS -- An eastern Missouri real estate developer convicted of mail and bank fraud has been ordered to pay $34 million in restitution to more than 100 people. The order is part of the sentence imposed on 47-year-old Robert Hartmann of O'Fallon...
The Associated Press
ST. LOUIS -- An eastern Missouri real estate developer convicted of mail and bank fraud has been ordered to pay $34 million in restitution to more than 100 people. The order is part of the sentence imposed on 47-year-old Robert Hartmann of O'Fallon.
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Hartmann's real estate business collapsed in 2005, leaving investors and banks with St. Louis-area properties that never got redeveloped or went into foreclosure.
Prosecutors said Hartmann claimed he would help one woman keep her home but merely increased the loans on the property. Hartmann had the woman make payments to him in a rent-to-own arrangement. But she was forced to leave the home anyway because he stopped putting the money toward her mortgage.
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