A Central Coast real estate executive hit with federal bribery charges has landed in hotter water, now facing additional allegations of swindling investors in a Texas development deal to the tune of $2 million. According to a statement from the Justice Department, Ryan Wright, 37, also known as "Ryan Petetit," was swept up in a new federal indictment that adds a litany of charges including wire fraud and attempted bank fraud. Previously indicted on October 30 for greasing the palms of a local county supervisor, Wright's latest legal troubles spell out a dark turn in his career.
Wright, who is cooling his heels in custody following a late October arrest, allegedly kept on pocketing investor cash for a luxury home project in Dripping Springs, Texas, even after it went belly-up last August. With his trial set for May 14, 2024, the real estate mogul now faces extra counts of wire fraud, and three jabs at bank fraud, among others, as of Wednesday's grand jury decision.
The indictment paints a picture of a man under pressure, diverting money meant for development into his pockets. While Wright was under the microscope regarding corruption, he was accused of funding his criminal defense and lavish lifestyle, including Beverly Hills digs, with investor funds.
The financial chicanery did not end with the project's collapse, as Wright is charged with seeking over $24 million in financing under false pretenses. The Justice Department states he beefed up a company account with transient funds, aiming to dupe lenders into thinking there was adequate cash for the project. Wright is also accused of using a business associate’s credit rating last year to rack up about $450,000 in charges on luxury goods and services.
The accusations against Wright include his attempts to derail the government's probe into the alleged bribery, with the Justice Department citing his efforts to concoct falsified business records. If convicted, the laundry list of charges against him could send him to federal prison for decades. Wright's legal team has not yet fronted the media following the new slate of charges, but the bigger picture of corruption emerging from this tale continues to unravel.
FBI and IRS Criminal Investigation units are taking the reins on this investigation, with Assistant United States Attorneys Daniel J. O'Brien and Thomas F. Rybarczyk leading the prosecution.
