California Man Arrested For Real Estate Fraud

Allison Tussey —  June 1, 2009 — Leave a comment

Richard R. Betchley, formerly of El Dorado Hills, California, was arrested and charged with twenty-eight felony counts relating to various real estate fraud and securities fraud schemes over the past three years.

It is alleged that the defendant engaged in ongoing fraudulent conduct, whereby over the last several years he unlawfully and fraudulently obtained over One Million Six Hundred Seventy-Five Thousand Dollars ($1,675,000), he committed multiple counts of felony grand theft and securities violations relating to real estate fraud, securities fraud, and bank fraud. Further, it is alleged that he committed multiple counts of tax evasion on behalf of himself and his corporations, and stole hundreds of thousands of dollars from at least sixteen known victims. The defendant is being held on Five Million Dollars ($5,000,000) bail.

The six month investigation involved members of the El Dorado County District Attorney’s Office, California Department of Corporations and Franchise Tax Board investigators. El Dorado County District Attorney’s Office, Franchise Tax Board Investigators and the Laguna Beach Police Department served search warrants on Betchley‘s home in Laguna Beach, California. The charges and allegations contained in the Complaint are merely accusations and the defendant is presumed innocent unless and until proven guilty.

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Allison Tussey

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