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Byline: Brent Hunsberger
Oct. 15--In his day job, David Shelofsky hunted bank fraud.
The onetime small-town cop chased bad-check writers and credit-card thieves to recover money stolen from U.S. Bank, ex-colleagues say.
On the side, the West Linn resident developed real estate. He and partners sank more than $20 million into prime commercial and resort properties, mostly in and around Bend, land records show. Earlier this year, they sold land in Redmond to Wal-Mart Stores Inc. for $10 million.
On Friday, federal officials alleged what several co-workers had long suspected: He was actually defrauding the bank by pocketing some of the recovered assets while building a development empire on his modest bank salary.