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Eastern Missouri Developer Made Responsible for Foreclosures
Posted on Aug 26, 2009
A real estate developer from eastern Missouri convicted of mail and bank fraud has been ordered to pay $34 million to more than 100 people, some of whom had their homes go into foreclosure. The order was part of the sentence handed down in federal court on August 6 against 47-year-old O’Fallon, Missouri resident Robert Hartmann, who also received a sentence of two years in prison. In 2005, Hartmann’s real estate business collapsed, causing banks and investors to be left with properties in the St. Louis area that never got redeveloped or went into foreclosure. According to the prosecution, Hartmann claimed he would aid one woman with keeping her home, but instead he increased the loans on the woman’s property. He required that she pay him in a rent-to-own arrangement. However, she was forced out of the home anyway because he failed to continue putting money toward her mortgage.
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