Daily Dose: Developer Pleads Guilty to Fraud

A St. Charles County developer pleaded guilty to one felony count of bank fraud.

Gary Vehlewald, 39, did business under Springwell Village Development and Vehlewald Construction.

In 2006 he secured loans from Premier Bank for the land purchase and for construction of eight single family residents in 2007, according to a press release from the U.S. Department of Justice.

In July 2008, $1.8 million was drawn on the construction loan, but the property was appraised for $990,000. Vehlewald used the loan disbursements to fund other projects and for personal disbursements, according to the indictment. 

Premier Bank discovered that Vehlewald used Springwell Village loan disbursements for personal expenses and to fund other construction projects. 

One count of bank fraud carries a maximum penalty of 30 years in prison and fines of up to $1 million.

Weather: Warm skies return Monday with a high of 54 expected, according to weather.gov.

Now onto news from the neighborhood:

• Republican Dave Spence picked up an endorsement from Sen. Scott Rupp, Wentzville, last week, according to Stltoday.com.
• St. Charles still needs another $250,000 in donations to build a handicap accessible playground at Jaycee Park. A mother of a child with a disability is raising money for the cause. Watch the report on Fox2News or read our past coverage of the changes at Jaycee Park.
• Did you know St. Charles Patch can be found on Facebook? "Like" us to get extra photos, updates from City Council meetings and news about St. Charles businesses. Search for "St. Charles MO Patch" from any Facebook page, or click here.