In Michigan
6:13 pm
Fri March 19, 2010

Embezzler who got tax credit has $9M bond set

FLINT, MI –

A judge has set bail at $9 million for a convicted embezzler out on parole who snagged a multimillion-dollar business tax credit from the state of Michigan.

RASCO CEO Richard A. Short was charged Friday with 24 counts of fraud, embezzlement and other charges in connection with money taken from an 86-year-old neighbor with dementia.

Genesee County Prosecutor David Leyton asked 67th District Court Judge John Conover to set bond at the same amount that Short attempted to get in the tax credit.

Short didn't have an attorney at Friday's arraignment.

He was arrested Wednesday on a parole violation, a day after sharing the stage with Gov. Jennifer Granholm as she announced RASCO would get $9.1 million in tax credits for setting up its headquarters in Flint.