U.S. re-indicts former developer on bank fraud

Former developer John Steffen has been re-indicted on bank fraud charges. Steffen was first indicted in July. He received more than $1.4 million in state tax credits to renovate the Metropolitan Building in the Grand Center arts district in 2007. The government said he used the credits as loan collateral but then sold most of them without telling the bank. Allegedly, he used the money to cover other projects’ expenses.

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Round two for John Steffen

U.S. re-indicts former developer on bank fraud

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