Missouri Developer Convicted For Bank Fraud Found Dead
ST. LOUIS (AP) — A St. Louis-area developer convicted of defrauding a bank out of millions of dollars has been found dead after failing to show up to federal prison.
The St. Louis Post-Dispatch reports that the U.S. Attorney's office on Friday confirmed the death of Michael Litz. The Ladue developer had been declared a fugitive after not turning himself in at an Illinois prison Tuesday to serve his three-year sentence for misapplying bank funds.
Litz's lawyer Thomas R. Carnes says Litz was found dead at a Chesterfield hotel.
Litz pleaded guilty in January to defrauding Sedalia-based Excel Bank of up to $10 million with his business partner, Shaun Hayes. He was sentenced in May and ordered to repay about $5 million.
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