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Developer in tax credit fraud case back in jail

Friday - 2/21/2014, 2:16pm  ET

RICHMOND, Va. (AP) -- A Richmond developer awaiting sentencing for fraudulently obtaining historic tax credits has been sent back to jail after his bond was revoked.

The Richmond Times-Dispatch reports (http://bit.ly/1l5GIoY ) that authorities are investigating alleged unspecified misconduct by Billy Gene Jefferson. The motion to revoke Jefferson's bond was sealed.

U.S. Magistrate Judge M. Hannah Lauck ordered Jefferson returned to jail Friday. John Samuel Martin, one of Jefferson's lawyers, indicated that authorities are concerned with the possibility that Jefferson might liquidate his assets and flee.

Jefferson pleaded guilty in December to fraudulently obtaining more than $12 million in tax credits on historic renovation projects. Prosecutors have recommended a prison sentence of 6½ years and restitution.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


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