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| Embezzler Given Tax Break, Then Arrested |
| By google.com |
| Published: 03/18/2010 |
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LANSING, Mich. — A convicted embezzler who snagged a $9.1 million business tax credit from the state of Michigan was arrested Wednesday on a parole violation, a day after he appeared on stage with Gov. Jennifer Granholm as she announced the credits. RASCO CEO Richard A. Short, 57, was arrested by Department of Corrections officers and state police, Corrections Department spokesman Russ Marlan said. Authorities say they arrested Short after realizing the company CEO he may have violated his parole by not informing the Corrections Department he had a job. Short owes $96,000 in restitution from fraud convictions, money he should be paying if he's working, Marlan said. Short shared the stage Tuesday with Gov. Jennifer Granholm as she introduced the leaders of companies awarded $55 million in tax credits. She said RASCO — short for Renewable and Sustainable Companies LLC — planned to invest $18.4 million to establish a new headquarters in Flint. The company filed articles of organization with the state last June. In it, Short said the company was formed "to engage in any activity within the purposes for which a limited liability company may be formed" under Michigan law. No more detailed purpose was given. The company hasn't begun receiving the credit. The Michigan Economic Development Corp. said in a statement Wednesday that it was "embarrassed" by the slip-up and would perform a background check of all company officers before handing out any future tax credits. Read More. |
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