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Arrest: 31-year-old man in custody

Ezeoma Obioha, a 31-year-old black man, was arrested at 7:15 p.m. Friday on suspicion of the murder of Carrie Jean Melvin, according to Lt. John Radke of the Los Angeles Police Department. Obioha remains in custody and is being held in lieu of $1 million bail.

Authorities believe the motive for the shooting was financial and that Obioha was lying in wait for Melvin.

Richard Winton has more on the arrest:  Suspect arrested in shotgun slaying of woman who was walking in Hollywood

Update, July 26: Police say woman shot and killed in Hollywood had a business dispute with the suspect

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