|

Betchley sentenced

By Cole Mayer

Richard Betchley, the man convicted of scamming Serrano investors out of hundreds of thousands of dollars, was sentenced Friday to one year in county jail with three years of felony probation.

Betchley, who swindled investors using fraudulent businesses he owned and property he defaulted on, pleaded no contest to three felonies — one count of grand theft, one count of securities fraud and one count of tax evasion covering four years of both personal and corporate taxes — said Deputy District Attorney Jim Clinchard. He also admitted to an aggravated white collar crime of stealing $750,000 from investors in Sacramento.

Betchley agreed to pay $200,000 up-front, before sentencing, as restitution to victims, Clinchard said, and at the hearing he agreed to pay $50,000 to cover the investigative costs of the Franchise Tax Board.

Short URL: http://www.villagelife.com/?p=18035

This story falls on page ""
Posted by on Mar 5 2012.
Last Login:
Filed under Featured Stories, News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments are closed

Recently Commented

  • Andrea Willis: My son attends Golden Hills School, and we love it! This Science Olympiad event was excellent, as is...
  • Ellen: I too sometimes wonder if people don’t care or if they just don’t know. The Planning Commission...
  • elizabeth: Is this the same guy? I wonder what Ronnie Lott and all his other supporters think now....
  • Richard Ross: Finally a voice on the Fire Board is lifting the curtain and exposing ‘EDH Fire Enterprise, Inc.”; a...
  • Leslie Davis: Interesting that the BOS say that they can’t do anything to stop this shooting range. Yes they...