A Jonesboro man was arraigned earlier today on charges connected to the alleged embezzlement of about $700,000 from an Elwood business.

Mark L. Hazelwood, 37, was arrested Monday at the couple’s home on suspicion of three counts of theft, and one count each of conspiracy to commit forgery and conspiracy to commit theft.

The theft charges are all Class D felonies punishable by six months to three years in prison. The conspiracy to commit forgery charge is a Class C felony that carries a maximum sentence of eight years.

He was being held on $10,000 full-cash bond at the Madison County Jail earlier today, but he told Madison County Magistrate Stephen Clase that he expected family members to post his bond yet today.

Mark Hazelwood’s wife, Melissa A. Hazelwood, 38, faces 14 felony counts, including six counts each of forgery and theft, for allegedly embezzling the money from MDSC, 1104 North J St., beginning in 2000.

According to court documents, Melissa Hazelwood, the company’s former business manager, would give the company’s owners checks to sign that were to be sent to vendors for various materials. But instead of sending the checks, Hazelwood would erase the vendor’s name and replace it with her own and then deposit the check into her account. Hazelwood’s bank alerted the company in late February after she deposited several large checks.

Hazelwood reportedly altered the payee name on 231 company checks for a total of about $580,000. She and her husband are accused of using a company credit card 871 times, racking up nearly $125,000 in purchases, according to Elwood Police Detective Carl Caldwell.

Melissa Hazelwood was arrested in early March, not long after the company’s owners contacted police. She posted $10,000 bond shortly after she was taken into custody. She is scheduled to be arraigned at 1:30 p.m. Monday, Oct. 29, in Madison Circuit Court.

Read more about this story in Wednesday’s editions of The Herald Bulletin and online at www.heraldbulletin.com.