Courtroom sketch by Arlene Rosengarten

Missouri Developer Convicted for Bank Fraud Found Dead

U.S. Attorney's office on Friday confirmed the death of Michael Litz.

July 20, 2018 - 4:14 pm
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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. 

Prison records show Hayes is currently serving a more than five-year sentence for bank fraud.