A former El Dorado Hills man is cooling his heels behind bars. Richard R. Betchley, a former resident of El Dorado Hills, was arrested today on suspicion of committing 28 felonies relating to real estate and securities fraud schemes over the past three years, according to the El Dorado County District Attorney's office. Officers served search warrants on Betchley’s home in Laguna Beach this morning. According to a statement released by the D.A.'s office, "It is alleged that Betchley has engaged in ongoing fraudulent conduct, whereby over the last several years he unlawfully and fraudulently obtained over $1,675,000, he committed multiple counts of felony grand theft and securities violations relating to real estate fraud, securities fraud, and bank fraud." The statement goes on to accuse Betchley of committing tax evasion on behalf of himself and his corporations, and allegedly stealing hundreds of thousands of dollars from at least 16 known victims. Betchley is being held on $5 million bail. The six-month investigation involved members of the county D.A., California Department of Corporations and Franchise Tax Board investigators.