DETROIT, Aug. 30 (UPI) -- A principal in a Nevada investment company is being held in a Michigan jail, charged with helping embezzle millions of dollars in cemetery funds.
Carter Conrad Green was bound over for trial after a brief hearing Wednesday, The Detroit News reported. A judge refused to reduce Green’s $25 million cash bond.
Green, a principal in Fondren International Inc., based in Henderson, Nev., allegedly provided false documents for Clayton Smart. Smart, an Oklahoma oil speculator being held in a Tennessee jail, allegedly bought cemeteries with money he embezzled from trust funds at Michigan cemeteries and then embezzled again.
Michigan law requires cemeteries to maintain trust funds to provide for people who have paid in advance for burial plots and grave markers, and to ensure that cemeteries can be maintained.