MEMPHIS – An investigation by Special Agents with the Tennessee Bureau of Investigation has resulted in the indictment and arrest of a Shelby County man charged with money laundering and theft.

At the request of 30th District Attorney General Amy Weirich, TBI Special Agents began investigating Preston Earl Byrd on April 30, 2010. At that time, Byrd was involved in the development of a housing project in Memphis. During the course of the investigation, Agents developed information that from 2006 through 2009, Byrd diverted more than $1,000,000 of funds for the project and kept the money for personal items and real estate for his own benefit.

On April 1st, the Shelby County Grand Jury returned indictments charging Byrd, 43, with two counts of Theft of Property over $60,000 and one count of Money Laundering. The Collierville man turned himself in to the Shelby County Sheriff’s Fugitive Division this morning. Byrd was booked at the Shelby County Criminal Justice Complex, where he is being held on a $50,000 bond.

Preston Byrd