‘Minnesota guy’ David Lundberg jailed on financial charges
Former downtown Wichita developer David Lundberg was booked into the Sedgwick County Jail this week on a slew of alleged financial charges, according to jail records.
Lundberg and Michael Elzufon, often referred to as “the Minnesota guys,” began acquiring properties in downtown Wichita in 2004. In total, they bought or managed at least 14 downtown buildings.
Lundberg and Elzufon were each charged Monday with 61 felony counts under the Kansas Uniform Securities Act for alleged securities fraud and selling unregistered securities.
Lundberg was booked Wednesday night. He is being held on $100,000 bond. Elzufon was not in jail as of Thursday night, jail records showed.
The two, operating as Real Development, eventually lost all of their downtown properties as a result of foreclosures and lawsuits.
A first appearance date for the two has not yet been set. More information about the charges will be released at that time.
Reach Matt Riedl at 316-268-6660 or mriedl@wichitaeagle.com. Follow him on Twitter: @riedlmatt.
This story was originally published February 26, 2015 at 7:17 PM with the headline "‘Minnesota guy’ David Lundberg jailed on financial charges."