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SACRAMENTO – The promoter of a yearly boat race at Folsom Lake was arrested Tuesday afternoon on charges of defrauding people out of hundreds of thousands of dollars.

A release from the Placer County Sheriff's Office stated Robert Richards Jr., 54, was arrested during a search warrant execution at his Folsom home.

According to the release, an investigation was launched into Richards after vendors from the 2013 Big Wake Weekend boat race reported they were not getting paid.

One man to whom Richards was indebted $200,000, was paid in checks that bounced. Throughout the investigation, it was learned that other vendors had also been defrauded by Richards, the report detailed.

Richards was booked into Placer County Jail and bailed out the same day.

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