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.