Los Angeles, California – San Luis Obispo-based real estate developer Ryan Wright, already indicted for bribing a county supervisor for nearly $100,000, is accused of conspiring to defraud investors through Texas real estate. They are named in a superseding indictment released Thursday. real estate project.
The superseding indictment adds 14 counts of wire fraud, three counts of attempted bank fraud, and one count of access device fraud, according to a Justice Department press release Thursday.
Ryan Wright, also known as “Ryan Pettity,” has a trial date scheduled for May 14, 2024 on the original indictment, but his arraignment in the superseding indictment at the Department of Justice has not been scheduled. Not yet.
The fraud scheme detailed in a superseding indictment announced Thursday involves a planned luxury housing development in Dripping Springs, Texas, a city west of Austin in Hays County, the U.S. Attorney’s Office said.
According to the U.S. Attorney’s Office, from October 2021 to October 2023, Wright solicited funds for real estate projects and used the funds to pay for criminal defense attorneys he hired in connection with his bribery investigation and for personal expenses. There is a suspicion that the money was spent.
The indictment alleges that Wright continued soliciting funds from investors even after the real estate deal fell through in August 2022, amassing approximately $2 million over the two-year period detailed above.
Wright is also charged with fraudulently soliciting more than $24 million in real estate transactions after the project fell through. This included opening accounts in the company’s name and temporarily inflating the accounts with funds not intended for the project, leading lenders to believe the company was providing the funds. The U.S. Attorney’s Office has more details on having enough cash to complete the loan.
According to the U.S. Attorney’s Office, the indictment further alleges that Wright fraudulently obtained lines of credit in 2023 by using the credit ratings of business partners to obtain access devices, in this case credit cards. .
Wright is suspected of having fraudulently accessed approximately $450,000 in this manner, some of which was spent on “Las Vegas hotel rooms, sporting events, plastic surgery, and criminal defense attorneys hired in connection with the government’s federal corruption investigation.” The money was used to make “payments to persons,” the indictment states. .
Corruption and obstruction charges from the first indictment remain in the superseded indictment, the U.S. Attorney’s Office said, adding that Wright defended his company’s projects while serving on the San Luis Obispo County Commission. The charges are related to more than $95,000 in bribes to a San Luis Obispo County supervisor. of the supervisor.
The first indictment also alleges that Mr. Wright attempted to obstruct the federal investigation into these bribery allegations, including by subpoenaing false business records submitted to the U.S. Attorney’s Office in response to a federal grand jury subpoena. It is alleged.
According to the U.S. Attorney’s Office, Wright was ordered into custody after his arrest in October and is currently in custody.
According to the U.S. Attorney’s Office, the corruption conspiracy charge carries a maximum penalty of five years in federal prison, the obstruction of justice charge carries a maximum penalty of 10 years, and the record falsification charge carries a maximum penalty of 20 years.
The U.S. Attorney’s Office details the priority charges: Wire Fraud carries a maximum statutory penalty of 20 years, Attempted Bank Fraud carries a statutory penalty of up to 30 years, and Access Device Fraud carries a statutory penalty of up to 10 years. did.