Updated Below

Chad Schuldt, of Clean Cut Kid fame, was charged with Grand Theft for stealing $200,000 from Obama campaign political consultant Hildebrand Tewes Consulting Inc.

Chad Schuldt, 37, stole nearly $200,000 from his former employer by overpaying himself, misusing a company credit card and causing federal tax penalties, according to a Sioux Falls Police affidavit for an arrest warrant.

Schuldt pleaded not guilty earlier this month to a two-count information charging him with grand theft. He faces up to 20 years in prison if convicted.

The old adage that the wheels of justice turn slowly surely hold true here as this story first broke 9 months ago and was all the buzz in the blogosphere but pretty much no where else until now.

UPDATE: This morning’s Argus has more details on what Schuldt has been accused of that up until now had only been speculated on and the possible reason why charges have now been filed 9 months after the fact.

According to the affidavit, the accountant found that from April 2005 to June 2007:
Schuldt overpaid himself $28,750;

issued $30,560 in cash advances;

# made $9,988 in unauthorized purchases at hotels, restaurants and retailers using the firm’s credit card.

Schuldt is accused of embezzling $69,298, but the total loss to Hildebrand Tewes Consulting is calculated at $198,146, including IRS penalties, professional fees and other costs.

Schuldt admitted to the thefts in e-mails with Hildebrand and said he would cooperate with the investigation. But police said Schuldt did not respond to their interview requests as of Dec. 17 and he had made no attempt to repay.