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State agency orders Portland man to stop making real estate tran - KZTV10.com | Continuous News Coverage | Corpus Christi

State agency orders Portland man to stop making real estate transactions

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PORTLAND -

We have been reporting all month about Portland businessman, and convicted felon, Fred Rich, and his real estate dealings.  We can now report exclusively that the Texas Department of Savings and Mortgage Lending has issued Fred Rich a second Cease and Desist Order, plus a substantial fine. 

According to the order, Fred David Rich, his wife Valarie Ann Hughes, and his daughter Isabella Faith Rich, who the agency says are all unlicensed, must immediately cease and desist from any and all residential mortgage loan originator activities in Texas.  They've also been fined two-and-a-half-million- dollars.

The Department further writes the order will become final, and not appealable, unless they receive written notice of appeal by December 11th.  The Department issued Rich their first order in September 2015.

According to the agency, since the Rich's are not licensed, they are limited to five transactions a year.  The agency says their investigation found the Rich's made at least 30 transactions since the first order. 

We've reported that in 2006, Rich was convicted of fraud and money laundering and sentenced to 50 months in federal prison.  In reporting on Rich, the Troubleshooters have submitted Open Records Requests of several local, state, and federal agencies, including the IRS and FBI.

We'll have a full report on this latest development Monday, November 20th.  Then on Wednesday, we'll have the story of a couple who allege Rich forged one of their signatures.    

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