By KAREN VELIE San Luis Obispo developer Ryan Wright is facing bank fraud and money laundering charges in addition to the 21 counts he is already
San Luis Obispo developer Ryan Wright is facing bank fraud and money laundering charges in addition to the 21 counts he is already fighting. He remains incarcerated in a federal jail in Los Angeles after losing another attempt to be released on bail, according to court documents.
After learning he was a target of a FBI corruption investigation in 2020, Wright began promoting a proposed development in Texas. He then solicited funds from investors with the promise the monies would be used to pay costs related to the acquisition and development of the property. Days before a bank located in California was scheduled to mail a $19 million check Wright secured for the proposed project, federal investigators informed the bank that they planned to arrest Wright, according to the loan officer who asked to remain anonymous. The bank did not send the check and FBI agents arrested Wright a few days later.
Judge Percy Anderson did not agree, noting Wright’s extensive foreign travel, failure to be candid about his assets and criminal history supported his pretrial incarceration.On July 30, the U.S. Court of Appeals for the Ninth Circuit found the district court “met its burden of showing, by a preponderance of the evidence, that ‘no condition or combination of conditions will reasonably assure Wright’s appearance,’ and that appellant therefore poses a risk of flight.
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