The federal government has filed a new indictment against former St. Louis real estate mogul John Steffen for allegedly misusing funds he had promised as collateral for a bank loan.
The scheme Steffen was charged with today is the same as in the old indictment:
Steffen faces four felony counts: two of bank fraud, and one each of mail and wire fraud. Each charge carries the possibility of 30 years in prison and a $1 million fine, though Steffen would likely receive a much lighter sentence.
The building is currently owned by Centrue Bank.