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Charge Filed Against Developer of Failed Project (Feb 11, 2011)

OKLAHOMA CITY (AP) — The developer of a failed $40 million condominium project in Edmond has been charged with money laundering.

Federal prosecutor say 38-year-old Derek Swann of Oklahoma City used more than $5 million in investors money for personal expenses and to pay other investors. Prosecutors say the money was to be used in the building of the project.

Defense attorney David Ogle told The Oklahoman that Swann will plead guilty to the charge. Ogle said the project known as The Falls failed because of "a bad economy and some bad business decisions."

Land was cleared in east Edmond for the project but construction never began. It was to include 300 condominiums, offices and a shopping center.

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