- Associated Press - Thursday, April 9, 2015

MEMPHIS, Tenn. (AP) - State investigators say a Shelby County man faces charges of money laundering and theft of more than $1 million in connection with the development of a housing project.

The Tennessee Bureau of Investigation said Wednesday it began investigating Preston Earl Byrd in April 2010, while he was involved in the development of a housing project in Memphis.

According to the TBI, agents learned Byrd diverted more than $1 million of funds for the project and kept the money for personal items and real estate from 2006 through 2009.

The 43-year-old Byrd is being held on $50,000 bond. Online court records do not show if he has an attorney who could comment on his case.  

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