ST. LOUIS • A St. Louis man was indicted Wednesday in federal court here and accused of defrauding investment partners, banks and others in a real estate deal.
Prosecutors say Jay Dunlap, 37, convinced a former partner to use $270,000 to buy and rehab a property in St. Louis. But, they say, Dunlap titled the property in the name of a company controlled by two friends, and then told those friends to borrow against the equity of the house.
Dunlap used the money to pay his expenses and those of his friends, prosecutors said.
Dunlap now faces felony charges of wire fraud and mail fraud. No lawyer for Dunlap was listed in court files.