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General Contact Number: (530) 621-5567

2009

LAGUNA BEACH MAN ARRESTED FOR MILLION DOLLAR REAL ESTATE FRAUD, SECURITIES FRAUD, AND TAX EVASION SCHEMES
 
Department:
 
District Attorney

Date:
5/27/2009
Contact:
James Clinchard or Bob Cosley

Phone:
(530) 621-6472

Richard R. Betchley – a former resident of El Dorado Hills, CA – was arrested today and charged with twenty-eight felony counts relating to various real estate fraud and securities fraud schemes over the past three years. 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 this morning. It is alleged that the defendant has 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 charges and allegations contained in the Complaint are merely accusations and the defendant is presumed innocent unless and until proven guilty.