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Premier's White taken into custody, posts bond

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Premier Properties USA Inc. founder Christopher P. White was taken into police custody early this morning and released after he posted bond.

A prosecutor's office spokesman confirmed White had been taken into custody on three felony charges filed last week, but the spokesman had no information on whether White, 50, turned himself in or was arrested. A Marion County Jail official said he paid $2,000 on a $20,000 surety bond and was released from jail at 2:51 a.m.

An initial hearing is scheduled for 9 a.m. Monday.

The charges against White include fraud on a financial institution, check fraud and theft - all Class C felonies stemming from a $500,000 bad check that authorities say White deposited into an account with the National Bank of Indianapolis in January.

The check was drawn on an account at JP Morgan Chase that never had a balance of more than $1,000, the prosecutor's office said. After depositing the check, White allegedly withdrew most of the proceeds, apparently so he could make payroll.

Financial and legal troubles began to mount for Premier and White last year as credit markets froze up. The 15-year-old company had built a reputation for taking on daring projects with little margin for error.

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