The former president of a luxury condo association in Aventura arrested for allegedly embezzling over $1.5 million from the association over a period of several years will be staying behind bars for now.

A hearing was held Wednesday for 62-year-old Gregori Arzumanov, the ex-president of the Turnberry On the Green Condominiums who was arrested earlier this month on charges including racketeering, organized fraud, money laundering, grand theft, and fraudulent use of a credit card.

On Wednesday, his attorneys admitted he used the credit card for personal expenses but claimed he paid back most of the money.

Also discussed was the $350,000 bond he was granted. His attorneys said he's having a hard time paying it while prosecutors said they want to ensure he doesn't use any money possibly connected to the condo association to pay the bond.

Prosecutors also said they fear he could flee the area, especially since he took flight classes, though he turned in his U.S. and Russian passports.

The judge ultimately denied defense attorneys' request to reduce the $350,000 bond.