Embezzler who got $9M business tax credit charged with defrauding neighbor, bond set at $9.2M

Embezzler who got tax credit faces more charges

FLINT, Mich. — A convicted embezzler who snagged more than $9 million in business tax credits from the state of Michigan has been charged with defrauding an elderly neighbor.

RASCO (RAS-ko) CEO Richard A. Short was charged Friday with embezzlement and obtaining money under false pretenses and illegally using an ATM card. A judge set his bail at $9.2 million. Short didn’t enter a plea but said he understood the new charges against him.

Short shared the stage with Michigan Gov. Jennifer Granholm on Tuesday as she announced RASCO would get tax credits for setting up its headquarters in Flint. He was arrested a day later and then charged with violating his parole.

The situation has embarrassed economic development officials, who say they are looking into how Short won the tax credit.