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Feds raid Portland office of businessman Fred Rich

Posted at 3:44 PM, Jan 16, 2019
and last updated 2019-01-16 23:10:09-05

Fred Rich’s business office in Portland was raided this morning, by officers from 4 different agencies.
The raid was the result of a criminal investigation of Rich by the IRS, and was carried out with a search warrant.
Rich’s office is on Lange Road in Portland.

Officers with the IRS, FBI, Texas Department of Insurance, and Portland Police conducted the raid, which began before 9 a-m.
We are told Rich was not at the office when the raid was carried out, but some of his employees were.
No arrests were made.

The Troubleshooters first began reporting on Fred Rich in November 2017.
In fact in our report on November 8th, 2017, a woman named Coleen Walker, who claimed she was Rich’s accountant, told us “when I did his 2010 taxes, and he owed money, he went thru the roof ! Not paying it. Not doing it. I’ve never paid taxes. I’m not going to.”

It’s unclear if today’s raid is associated with an upcoming deadline Rich faces with the Texas Department of Savings and Mortgage Lending, which, according to the department, will quote “benefit certain homeowners in San Patrico and Nueces Counties.”

It’s anticipated that approximately 60 people who bought their homes from Rich will receive reductions in balances due or credits, for items including late fees, totalling a minimum of $200,000.00 cumulatively. Those credits had to be set out by Rich on or about February 28th.
TDSML Commissioner Caroline Jones said “so the list is for people who are currently making payments to him on loans he originated. And it doesn’t matter how far back that is.”
But first, Rich had to pay the department a $100,000.00 administrative penalty immediately.

If he doesn’t provide the credits, he will be assessed an additional $350,000.00 penalty.
Should Rich continues engaging in any more unlicensed residential loan activity on seller-financed homes over the next 3 years, he’ll face an additional penalty of more than half-a -million-dollars from the department.